Are you an ambitious entrepreneur who have a creative idea that can change the market? Have you started working on building your own company? Are trying to compete with hundreds of already existing rivals?
We have been there already and know how can starting a business in the UAE be challenging. Do not get us wrong, we are not here to break your confidence, it is quite the opposite. As a company that have started fresh and became a leading player in the market we want to help others follow our lead by introducing them to the equipment that allowed us to get this far, the Custom ERP system.
Why Start-ups should use Custom ERP System?
While ERP Systems can be beneficals all companies,start-ups can gain more benefits of using an ero system to manage their operations.
Start-Ups Failure in dubai
Start-ups in dubai can face challenges and failures. The reasons fo start-ups failure in dubai can vary. Apart fro reason and solutions, here are some numbers and facts.
Start-up Failure Rates
- 90% startups fail in the market
- 1 out of 10 startups fail during the first year.
- 70% of startup fail
- Chances of failure drops to 50% in the 5 years
Reasons why startups fail.
Knowing the mailn reasons that cause start-ups to fail is essential to avoid failure. Understanding these reasons can help enterpreneurs identify potential challenges and take steps to migrate them.
Misprediction of the market demand
42% of the time, start-ups fail due to reading the market signs wrong. Demand changes all the time for a cariety of reasons like prices, taste change, the ecomnomy. Business fail when they ignore market indexes or refuse to act accordingly.
Running out of funds
Funds drain either because the business overspends money, or fails to generate revenue due to many factors including inefficiency at work, lack of sales, aand poor marketing strategies.
Hiring Worng employess
23% of the failed businesses have recruited the wrong people. Hiring incompetent employees loses you customers, and increase the margin for mistakes.
How can Odoo Custom ERP System save startups from failure?
Odoo Custom ERP Software can make business management easier for startups by providing various beneficial tools to both management and employess.
ERP software provides access to all business’s data in the real time. Reports and statistics are generated easily moments. More data enhances the chances to read the market and predict the demand.
Build Strong Connections with Customers
Following up with the customers, having all their data organizedm keep the customer satisfied. Customer satisfaction translate into loyalty.
Good Connection with customers, and acquiring more market data are keys to the marketing strategy. Better marketing translates into more sales, therefore sales increase.
Maintain the Supply Chain
Maintaining the supply chain is the pillar for the business. With enough stocks in the inventory, you can stick to deadlines, seize every opportunity, and keep the customers happy.
Increase Recruitment Efficiency
An organized recruitment process results in qualified employess. ERP Software for HR Management helps to provide the right tools to recruitment.