Small business owners are used to doing a lot on their own. The preparation and startup phases of your business probably required a lot of legwork on your part. However, it doesn’t have to—nor should it—stay that way. When it comes to your limited hours, you’ll want to spend those building your business instead of handling administrative tasks.
Evolutions in technology have made it easier to streamline things like bookkeeping and customer retention. As you prepare your small business for growth, consider investing in these three important tools.
1. Accounting program
Small business owners are usually business-minded and financially savvy, but that doesn’t mean you can’t use some help! Rather than maintain hand-written ledgers and manage your business finances on your own, consider investing in software designed to assist small businesses with bookkeeping and accounting.
Today’s accounting software is detailed, with integrated invoicing, expense tracking, inventory management and tax preparation capabilities. Invest in a program that meets your business’s needs and make sure it’s set up correctly to get you off on the right foot.
Investing in accounting software is only one piece of the puzzle, however. Small business owners might do well to hire an accountant, financial advisor and/or tax professional to review your books regularly and keep you on the right track.
2. CRM software
Customer Relationship Management (CRM) software is an important investment for small businesses that have an established pool of leads and existing clients. CRMs provide robust data to businesses because they track, manage and measure all the touchpoints between your company and its customers. This can help you improve customer relationships for higher retention rates.
CRMs are also useful because they can remind you of former and prospective clients who could be tapped for new sales. Using a CRM can organize and streamline customer interactions, increase your sales and improve efficiency throughout your business.
3. Communication tools
Today’s business world is digital, and owners need to keep up with the communication demands involved with that. There are a ton of tools you can use both internally and externally to streamline your business’s marketing and communications.
On the external side, consider investing in automated email and social media marketing tools. These help you communicate with your customers, share information and build your brand online—without wasting hours scrolling or sending individual emails.
Internally, you’ll want to give your team the tools they need to communicate effectively. Messaging, email and file sharing tools will improve your business’s internal communications, meaning less time on the phone and faster collaboration.
Today’s investments will pay off tomorrow
Time is money in business. Investing in these types of tools can save you and your team time on a day-to-day basis. With fewer administrative tasks, you’ll have the freedom to really influence and scale your small business.
Of course, each of these tools costs money. Don’t be afraid to spend a little on a tool that will have big payoffs down the road! Investing early will allow you to focus on navigating the startup and growth phases as well as avoid clunky transition periods later. Build the cost of business tech into your startup budget to ensure it is accounted for. At Tenet Financial Group, we help small business owners get the capital they need to launch and grow their own companies. Contact us to learn more about our financial products and services.