So, your promising concept has developed into an actual business and you’ve received significant Series B funding – congratulations! But what’s next? Series B funding is all about scaling, and from an investor’s point of view – rapidly.
Series B Funding – Scaling
By the time Series B funding comes around your product or service has likely gained momentum and the market is well understood – a combination that should be generating promising growth and revenues. Series B funding in the UK is typically an investment of £10m+, allowing a company to significantly scale up expansion plans, engineering/production, sales and marketing.
What about your Business Systems?
Alongside key considerations such as hiring seasoned executives and expertise, another factor affording you the ability to scale quickly is ensuring you have the right systems in place to facilitate rapid growth. Whilst your existing systems might have served you well during the early days of your start-up, that’s unlikely to continue as you begin to scale. Common problems further down the line include high operating costs; limited functionality; poor scalability for higher volumes; little support for internationalisation; restricted access to information; system downtime; security issues and outdated software/hardware.
Increasingly, high growth companies are moving their core business systems to the cloud with NetSuite, and it is easy to understand why:
- An entry-level ERP system will restrict growth and development, whilst a fully integrated cloud solution allows you the freedom to concentrate on developing your business and will grow with you. A system like NetSuite is designed to scale with companies ranging from 10-10,000+ employees, so it won’t be restrictive as you continue to expand all the way to IPO and beyond.
- Operating on multiple different bespoke and legacy systems is a costly business to run, maintain and upgrade. With a cloud-based system, those costs are included in your subscription and the burden of responsibility is on the software vendor, freeing up capital to develop your business.
- As you grow, security will become a greater priority. The bank-grade security offered by cloud-based systems gives you peace of mind and protection from security breaches.
- Many in-house IT teams avoid updating legacy systems altogether for fear of disrupting customisations. With cloud-based ERP systems, these upgrades are undertaken automatically by the vendor, freeing your IT & development teams to focus on other projects.
- As your business expands into new overseas markets, the ever-growing list of regulations and best-practice requirements can be daunting. Regulations such as tax calculations for overseas territories can be built into a cloud-based ERP system like NetSuite, giving your accounts team fewer headaches to treat.
At Elevate2 we have proven experience in delivering small and large projects across a broad range of industries. So, if you are at the Series B funding stage, or simply feel like your systems are becoming restrictive, get in touch with us today and we will help you to realise your full potential:
☎️ +44 (0) 203 733 2110