Are you still using basic accounting tools while trying to run a small to medium-sized enterprise (SME)? If your answer is YES, followed by the reason that “it works”, then you’re most probably right. After all, it’s how you started out and it had always been that way since. Unfortunately, this type of mindset is your SME’s surest reason for failure.
What is an SME’s Top Reason for Failure?
Ask yourself – when will you feel the need to transition?
When you finally lose sales?
Lose track of inventory stocks?
Customers receive wrong product orders, or if they don’t receive any ordered product at all?
If any business set goals to scale up, then the “it works” mindset needs to go out the window.
“Without continual growth and progress, such words as improvement, achievement, and success have no meaning. “
– Benjamin Franklin
Singapore SMEs’ Main Focus this 2020
If scalability is one of your company’s goals, then you also need to level up on your tools to prepare for the change. Transitioning at a later stage will prove to be extremely challenging for you and your staff.
The Business Times penned an article that gave eye-opening statistics pertaining to the statuses of Singapore’s SMEs. Here are a few points worth going over:
- 51% of surveys from over 615 SMEs said their top priority is implementing productivity measures. They plan on achieving this by increasing investments in technology to help improve efficiency and enhance long-term competitiveness.
- 88% of SMEs plan to increase electronic payment usage this year.
- Retail and Wholesale sectors experienced negative growth in 2019, giving them a less positive outlook
With these points in mind, we should somehow gain insight not only on what is bound to fail but also on what we can do to achieve success: By investing in the right technology.