We sat down with Simon Jupe, Managing Director of Fishbowl Inventory Asia Pacific, he explains there is a better way:
A comment I once heard at an event run by Business and Wealth Coach, Brad Sugars – has always stuck with me, it was:
“The goal of an entrepreneur is to build a business that operates successfully without YOU”.
Like many entrepreneurs, I have always had a passion for business. That inbuilt drive to create a successful business, one that delivers outstanding products and services to customers while being a rewarding place for a team to work, has always been the flame that ignites my entrepreneurial spirit.
Over the past 20 years of implementing software into businesses as an Accountant and Business Consultant, it has always fascinated me how the majority of inventory and manufacturing companies I have met build their operational business systems based on their accounting system, instead of putting the focus on meeting their customers’ needs. To me it always seemed around the wrong way around.
Surely, if you focus on consistently meeting the needs of your customers first, you will build a successful business!
I have come to realise that the driver for this is that many businesses start off with their most trusted advisor – their company Accountant or Bookkeeper. Now don’t get me wrong, I AM an accountant. Having a close relationship with your financial advisor and a good Accounting system is critical for success in business.
But is the decision whether you use Xero, QuickBooks or MYOB going to drive the success of your business?
When you break it down, accounting is accounting. Whether you are a Distributor, Hairdresser, Manufacturer or an Architect, every business ends up with a Profit & Loss and Balance Sheet.
In the same way that a restaurant doesn’t run their front counter with Xero or Excel spreadsheets, but instead uses a specific POS software that manages their table-seating and kitchen orders. Or a Hotel uses a reservation booking system to manage their client reservations; why would a company that manages stock in a warehouse or manufactures a product, try to run their business with an accounting system?
Are you still using your accounting software as operational software?
If so, pause and ask yourself “why?”
Since first hearing that comment of Brad Sugars, many of the decisions that my team have helped a lot of our clients make over the years, have been based around building a business that operates successfully and achieves its goals without relying on them, or their accountant day to day.
Now I am not for a second saying that your accounting system is not important. The Accounting software a company uses is very important and is a necessary part of every business. But your Accounting software should be just that, a tool to manage your business transactions and finances.
It’s a tool that should be used at the end of your workflow, not at the beginning.
This is how inventory and manufacturing systems such as Fishbowl help companies reach their potential and successfully grow to the next level. They help stock-based businesses to know what stock they should be holding, and to ensure they deliver to their customers in full and on time.
Most of all, they help you build a business that operates successfully, even without YOU!
Managing Director, Fishbowl Inventory Asia Pacific