5 Top Tips When Considering ERP Technology

Allowing a small business to expand, without keeping a close eye on how efficiently it is run, is a common error made by small business owners. As more staff are hired, and departments start getting bigger, tasks that used to need a few spread-sheets and a filing cabinet suddenly seem disorganised. ERP (Enterprise Resource Planning) systems are becoming the preferred method for many growing businesses when this situation arises, so here are 5 tips to consider when making the move to ERP:

  1. ERP systems allow every department in a business to access and update a common database and every department has a unique ‘module’ to access the database with. By having each department using a system that is the same, data is more easily transferred between departments and efficiency is improved. Now, while this sounds great, there is the thorny issue of information security. It may be the case that you do not want your general staff to have access to the some of the information your accounts people do and so on… So make sure you check with your ERP vendor that certain security checks can be put in place before implementation. Also ask about data encryption if you have customer bank details that you want staff to have limited access to.
  2. An advantage to having one ERP system in all departments of your business is an end to duplicate information. When a common database is available to all, data only has to be entered once. This improves response time right through the business. That said, it is imperative that this saved time is used wisely. It can often be the case that a business with new found time on its hands will bog itself down in pointless “busy work” like meetings and presentations that aren’t really necessary. Once the ERP is having its desired effect, check to see how this improved efficiency can be passed onto to your customers. If your current customers are being satisfied quicker, the time saved should be spent finding new business opportunities. This is the true value of ERP.
  3. Check if your external suppliers can be integrated into your ERP system. It is often the case that other companies your business deals with will be using a similar ERP system. Having quicker access to your suppliers services will improve efficiency further.
  4. It is worth remembering that ERP systems require training. They are usually simple to use but, when each department of your business has been used to doing things their own way, a complete system overhaul can take a bit of getting used to. Businesses with a high staff turnover may also want to consider the cost of constant training of new staff. ERP systems vary throughout the industry and there is no guarantee that someone with previous experience in your field will have had access to your specific ERP system.
  5. ERPs are, on the whole, sophisticated pieces of software so make sure your technological infrastructure is modern enough to handle it. It may also be wise to make sure there is someone with a good tech-head at your business if there are ever any problems. ERP systems are generally reliable, and tech-support can be outsourced, but having someone in-house will save several business hours in the event of a problem.

ERP systems are a good way to streamline a growing business. By following these tips you can make sure that the system you invest in is the right one for you.

This guest post is by Kevin Ball, an SEO Executive for Search Laboratory, Leeds, England. Kevin has been writing professional online content on business related topics since graduating from Manchester Metropolitan University with an honours degree in Creative Writing.

Advice for Business Leaders Who Need a Surety Bond in 2012

Depending on your line of work and how it’s regulated, you might have to renew your business license at some point this year. As such, many business owners, especially those who provide services to consumers, will have to file a surety bond along with license renewal forms. Others will be expected to file a surety bond for the first time as a result of new laws that require bonding. No matter why you might need a surety bond in 2012, you should take a few minutes to learn the story behind these crucial risk mitigation tools.

If you don’t know much about bonding, you might view it as just one more annoying legal requirement you must fulfill to maintain your business license. But understanding the reasoning behind surety bond requirements can help you better understand industry regulations and customer expectations of those who work in your industry. Knowledge is power, and the following advice will help prepare you for when you need a surety bond.

Know how surety bonds work.

Generally speaking, government agencies require business owners to purchase surety bond insurance as a way to regulate industries and keep consumers from losing money. However, surety bond policies do not work as do other forms of insurance. Whereas insurance policies protect the policyholder, surety bonds protect consumers. As the bond’s principal, you do not purchase your bond to protect yourself and your finances. You purchase the bond as a financial guarantee of your ability to do your job according to industry regulations. If you fail to do so, consumers and/or government agencies can make a claim on your bond to gain reparation.

Make sure you understand the bond’s contractual terms.

Surety bonds are legally binding contracts that require business owners to do their jobs according to certain laws. As such, you should know the contractual terms you’re agreeing to before buying the bond. Failing to uphold the bond’s contractual terms, even accidentally, could result in penalties such as fines, license revocation and legal action. The legal language found on most bonds typically reinforces existing industry regulations, but you should always be sure to check for potential implications.

Appreciate that industry regulations hold business owners accountable.

The surety bond process holds business owners to higher industry standards. Because each surety bond issued could potentially result in a claim, surety providers use extreme discretion before issuing a bond. Unqualified individuals will not be issued a bond and thus cannot gain access to professions in certain industries. For example, if a mortgage broker has been convicted of fraud or other wrongdoing, renewing their bond or getting a new one would be nearly impossible in the future. Without filing a bond, the individual would be unable to carry a mortgage broker license, and future consumers would not be exposed to the risks of working with such an individual.

Use your bond to reinforce relationships with customers.

Even if you don’t know much about bonding, you’ve likely heard businesses advertise their businesses as being licensed in bonded. This lets customers know that a business is in compliance with licensing regulations. Clients feel reassured knowing that a licensed and bonded business has their best interests in mind. For example, business service bonds are used to protect clients if employees they be convicted of theft or damage. As such, marketing the bonded status of your business is a great way increase confidence and build stronger relationships with your clients.

Understanding your profession’s surety bond policy and then using it to your advantage will allow you to improve your enterprise in 2012.

This guest post is by Danielle Rodabaugh, the editor of the Surety Bonds Insider, an online publication that explores trends in the surety industry and explains them to consumers. Danielle is also a marketing specialist for SuretyBonds.com, a nationwide surety bond producer that helps entrepreneurs open for business as quickly as possible.

Is Your Smart Phone Putting Your Small Business At Risk?

Yep, I get it. You can’t live without your smartphone. I know. I’m in the same boat. If I forget my phone when I go out of the house (which I rarely do), I feel like I’ve left half my brain behind.

We are all so mobile these days. And its so cool that we can take our business with us in our back pocket. But there’s a problem with that too. It’s easy to forget how much sensitive data our phones have access to. Losing it could put your business at a huge risk.

In a news release from Deluxe Corporation, they said nearly 40 million Americans currently access bank accounts and financial records through mobile devices, such as smartphones and tablets, according to Consumer Reports. But, unlike most computers and laptops, mobile devices rarely feature security software. Recognizing this weakness, hackers are increasingly preying on small business owners, accessing mobile devices to steal sensitive data and commit acts of fraud.

So they called in identity theft expert John Sileo who conducted a webinar to teach small business owners to better control sensitive information in today’s increasingly mobile society. The webinar “Cyber Attack: Data Defense for Your Mobile Office” discussed how to:

  • Protect smartphones and tablets from common attacks.
  • Weigh the pros and cons of cloud computing (Gmail®, SalesForce®, online billing).
  • Lock down Wi-Fi data leakage in the office and on the road.
  • Protect their traveling office in hotel rooms, airports and beyond.

Sileo is not “just an expert.” He personally experienced a problem.

“My business identity was stolen and nearly a half-million dollars was embezzled from my clients,” Sileo said. “I lost my livelihood, reputation – and nearly my freedom. Had I understood the topics we’ll cover in the Cyber Attack webinar, I would have recognized the fraudulent activities and business threats that were right under my nose.”

While identity theft through mobile devices is becoming more common, these devices are equipped with security features to help users to protect themselves – but it’s up to the you to activate them. Here are a few things you can do to protect your business.

  1.  Turn on password protection and auto-lock feature on all smart phone, tablet and laptop devices. If your phone is lost or stolen, this is an extra measure to protect your information. By password protecting your device and activating an auto-lock feature, users can control the number of password attempts before the device locks itself.
  2.  Enable remote tracking and wiping capabilities. Remote tracking allows users to physically track the location of the phone, while remote wiping allows you to clear all data if your phone goes missing.
  3. Expect the best, plan for the worst. While there are extra precautions that can reduce the likelihood that you or your business might become a victim of fraud, there is no failsafe. Dealing with the effects of fraud and identity theft can cause massive disruptions to your business. Put plans in place so that if you become a victim, you can resume business as quickly as possible.

Are you scared yet? You should be. Losing your phone could literally put you out of business. That’s another business disaster you have to worry about. And it might be a good idea to watch the entire webinar. You can access the recording here.

 

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