Jane Tweddle, financial services principal at SAP UKI highlights the importance of finance as a building block for growth, and what SMEs must consider in order to keep up with the rapidly changing landscape. Implementing the tools and technologies is a core starting point for SMEs, but thinking more strategically is fundamental.
Understanding your business
SMEs can experience rapid change within their business so need to be able to keep on top of their finances at all times. We’re increasingly seeing businesses enter new markets both locally and abroad, boosting the workforce and expanding infrastructure, so taking control of the finance function provides a basis for success.
Take a collaborative approach
One of the biggest challenges, particularly for an SME during periods of fast growth, is the need for finance to align more closely with other parts of the business. Taking a collaborative approach and utilising content from across the entire business ensures the smooth running of day-to-day operations.
Improve decision making
Through implementation of a planning and consolidation system, SMEs are able to better understand the needs of their entire business – both internally and externally – and as such, are better placed to be agile and adaptive in response to changing market demands. For any organisation, a wrong decision can have devastating effects on the business so making more informed decisions is key.
In a competitive environment, implementing the right technologies that provide a single view of financial and operational data, combined with a strategic thinking finance team, is fundamental. This allows organisations to streamline planning and reduce business risk. As the market landscape continues to remain highly competitive, SMEs need to remain at the forefront and become more resilient and equipped to handle future challenges and rapid growth.
Jane Tweddle, financial services principal, SAP UKI