Every retail industry in the world relies heavily on small businesses. Hundreds of thousands of small stores can be found in every retail market, from underdeveloped African nations to developed and flourishing European nations! These small businesses are the forerunners of large corporations that will dominate the global market. With ERP for small business, the process of expansion can be simplified and completed quickly.
Small businesses make up the majority of the business industry in Pakistan. They can be found on almost every commercial street in the country! These small businesses grow to become the world’s largest corporations!
Imtiaz SuperStore and Javed Nihari are the best retail examples for growth. Both of these brands began as small stores in a single location. What did they do that was so appealing and efficient that they dominated the Pakistani retail market?
The answer is that they were market competitors. Both brands aspired to provide better customer satisfaction and product quality than any other existing brand. They managed their business accordingly and generated productive decision making.
Existing businesses today follow the same pattern. The company that processes analytical decisions and ensures innovation in its service is at the top of the market! This can be greatly aided by ERP for small businesses.
The Retail Environment Of Pakistan Without ERP For Small Business
When it comes to retail profitability and sales volume, Pakistan is one of the highest-grossing countries in the world (including restaurants). This is largely due to the country’s large population of constantly demanding customers who enjoy shopping!
However, this is no longer good news for existing businesses. To meet such high demand, many new stores opened in the same industry, increasing competition among small businesses more than ever! Foreign brands that specialise in retail and restaurant services have also entered the market to win customers!
This sparked a race among hundreds of retailers. Now, the most customer-friendly store wins the competition and succeeds! Small stores that have recently opened are under even more pressure, and it is expected that they will either be driven out of the market or continue to operate at the same scale for many years.
Why Aren’t Small Stores Expanding in Pakistan?
The main reason for this is the lack of technological efficiency. Small stores in Pakistan are seen as failing to plan ahead, invest, and adapt to market changes.
Large stores and foreign companies are seen to be technologically equipped, employing the best ERP software and other tools to help them remain competitive. Small businesses continue to view technological advancements, such as ERP for small business, as an optional extra that is not required.
ERP is now required for survival. Customers now expect the dependability, verifiability, and efficiency of ERP software, and they prefer small stores that have ERP.
How To Achieve Better Profitability, Control, and Productivity with ERP for Small Business
ERP for small business enables owners of small businesses to have better control over the business. This control is needed if any business owner needs to aim forward and execute good growth for their business. Without good control, planning or expansion is impossible and very risky.
With a good ERP, small businesses are given financial, management, and analytical control over the business. This is the core of the business that needs to be properly analyzed.
This is done with 4 main Core ERP for small business modules: Accounting Module, Inventory Module, Payroll Module, and Reporting Module.
The Accounting Module makes sure each penny that enters or exits the business is tracked, and all its effect is properly recorded. The Accounting Module offers many aspects including General Ledger, Fixed Assets, Purchasing, Sales, Accounts Receivables/Payables, and more.
Analysing the accounts of a business provides better profitable opportunities to the owner. They can see on which activities the business gets the most money and ways on how to limit Cash Outflows.
The Inventory Module and Payroll Module helps a business have better control over the business. As the smallest of businesses in any market deal with hundreds of inventory items, which may be purchased for resale or manufactured, these items need to be properly accounted for including their costs and physical availability. Available inventory always provides profitable opportunities to the business.
ERP for small business ensures inventory is tracked completely. Inventory can be easily reordered, and all Inventory related notes can easily be generated through the software.
On the other hand, the Payroll Module of ERP for small business helps ensure control over the labour involved in a business. The smallest of businesses may have a couple more staff hired to manage the day to day operations. ERP payroll can easily track the personnel’s wages, time, and efficiency to create productive opportunities for the business.
Last, but not least, the Reporting Module is the most useful ERP for small business modules. With tens of reporting options, your small store can be analysed in-depth for its profitability, weakness, strengths, and more! Proper reporting ensures better planning, control, and decision making for the business to grow!
Cheapest ERP For Small Business 2021
The cost of ERP remains the most significant barrier for small businesses. Even if it guarantees 100% success, small businesses are hesitant to invest large sums of money to improve their business.