Small and Medium-sized Enterprises (SME) are companies that are independently owned and managed with less than 250 employees in their ranks and bringing in less than 50 million euros per year. The fact is, these companies make up 95% of the OECD (Organisation for Economic Co-operation and Development) and in most countries, they provide 60-70% of jobs for the working population. These stats are impressive and as such, the place SMEs hold in the global economy should be revered.
Being an SME can be daunting when dealing with the big boys in the global market, however no matter what the risk is, the influence they have globally cannot be underestimated. Here are some points to consider when considering how SMEs can increase their reach on a global scale.
Globalization is increasing more everyday as the far flung corners of the globe are connected by the internet. In fact, never has the world seemed so small, and as it ‘shrinks’ its connectivity grows. A key component of having a global presence is to establish an online portfolio, be it simply a blog, information page or shop, or all three wrapped up into one captivating and tidy website. Often, the first place potential clients or consumers will go is the internet to research the service or product they are after. Therefore, investing in a good website that is updated regularly and ensuring that all your software programs are integrated to support it, is essential to being ‘seen’ and taken seriously.
Remote accessibility is also a key component to global growth as it quite literally allows accessibility of the company’s systems remotely. So, for example, management staff could be at a conference or setting up a new branch in another location, yet they are still able to have access to the company and keep a finger on the pulse so-to-speak. Essentially it allows staff to be in several places at once so that more is achieved in a shorter time. This is made possible through use of the cloud, which can store all company data in a common digital location, accessible from anywhere with an internet connection. Doing business in this manner also promotes transparency, which is fundamental to the smooth running of a company.
It is self-explanatory but one method of global growth is to introduce branches in multiple countries. This not only is the epitome of global growth but also means perhaps if one branch was to suffer from an unstable economy, then other branches, which may be thriving in prosperous economies, can help shoulder some of the financial load. Essentially, the company’s eggs are not only in one basket.
Now, these three aspects described are rather difficult to achieve without some sort of management system that has remote accessibility and is capable of recording multiple things from multiple locations simultaneously. This is where a stellar inventory management software system will be of huge benefit. They can be custom-designed to accommodate for all your company’s inventory needs and significantly reduce confusion and errors arising from poor inventory management. Their complete remote accessibility allows for accurate reporting and buying of stock even if no physical count is possible at the given time.
Inventory management software is not the only solution out there that will make global growth, despite more competition than ever before, a distinct possibility. There are several other packages available for different aspects of a company’s operations, and it is essential to do due diligence in researching them and take advantage of every opportunity as an SME.
Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. Melanie has been writing about inventory management for the past three years. When not writing about inventory management, you can find her eating her way through Auckland.