Many business leaders are so invested in getting through the day they may not have the time to dream about or plan for the future. Whether you’ve got someone chomping at the bit to buy your company, hoping to receive a windfall to start your next venture, or are completely satisfied to stay in your corner of the world, it is always prudent to be ready for the next stage of your business.
An owners’ first thought might be to get financial statements in order when preparing for a sale. However, the processes, procedures and IT systems that feed and support those financial statements are ever more important.
There is Always a Next Step
Whether you plan for it or not, there will always be an opportunity, roadblock, or lateral change needed in the future. Those who consider selling their business now or down the road need to think about how to secure the best price and smooth the way for an orderly and efficient transition.
Standardized processes, data, and cloud-enabled technology will make the integration phase of the merger or acquisition smoother and cleaner. Cleaner processes that can integrate with your buyers’ systems with ease can mean more money in your pocket. Better systems equate to more confidence from your buyer which equates to a higher offer price.
Are you thinking of selling your business? Depending on your timeline this next step might surprise you. Consider moving to the cloud.
And if you’re in the “I’m good where I am” camp, you’re not invincible to forces of nature, economic shifts, or family emergencies that could come your way. If none of those occur, retirement and preparing your business for a successor may be a more concrete transition step. Furthermore, there are many benefits of cloud technology to consider even if you are not looking to sell in the short term. These include enabling advanced analytics, machine learning, AI and promoting scalability and integration.
Why Cloud Transformation?
Today’s virtual environment offers a cost-effective option that can be accessed and managed from anywhere there is an internet connection.
Beyond simply moving applications from physical servers in your office (that must be cooled, maintained, and updated), cloud transformation elevates that transition by examining your business needs and aligning new processes to be implemented to enable efficient, effective maintenance and control.
The decision to move to the cloud should be one that aligns with the long-term goals of your business whether you are selling or not. It will be important to understand your “why”. Are you looking for ease of transition on sale? Do you have limited IT resources? Are you looking to improve your ability for advanced analytics, machine learning, or AI? Is your former ERP and key systems difficult to manage, slow, or not meeting your needs?
Once you know the why, plan what you need to achieve it and lay it out on a roadmap. Success in a cloud transformation starts with planning.
More Cloud Benefits
While it may seem like it would take herculean efforts to change the infrastructure of your business, it is a completely doable process with many benefits.
- Enhances system security and redundancy – Automated backups, high-level encryption, and no risk of physical damage to specific servers or computers
- Creates transparency – Remote access by authorized users allow easier analysis and assistance
- Increases efficiency and error reduction – Integrated cloud applications transmit data, reducing the risk of human error and automation abilities
- Uplevels your analytics – Cloud-level data in dashboards can provide new insights and new metrics and ESG traits (environmental, social, and governance) can be integrated into your KPIs and highlight your impact on the world
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Our Digital Advisory team can evaluate your situation, create a roadmap for your tech stack, and help you navigate the process for completing a cloud transformation. Contact us today for more information.