When you own a small business, you have to spend every single penny wisely, as it is an essential resource to survive in this competitive era.
82% of businesses fail due to lack of money, and 55% of people in the industry consider cash flow as the biggest challenge in growing their business.
To cope with the cash flow management issues, you can purchase some custom invoicing software coming with features like AR & AP management about which you will read below in detail.
Moreover, there are helpful tools for small businesses that help you reach a wider audience, increase revenue, and run your day-to-day business operations quickly and comfortably.
The following question must strike your mind: What are the must-have tools for your small business growth, and how can they help you grow a small business?
Let us now find out the most needed technical tools for businesses and their roles in the blog below.
Top 5 Small Business Tools That Your Business Must Have
1. AR & AP Management Software
As mentioned above, cash is the most crucial resource to run a business. So, how can you maintain your company’s cash flow?
To maintain an uninterrupted eye on your business’s cash flow, invest in an AR & AP management software that is capable of automating. It is because this bespoke software will allow you to know how much you owe and spend, thus preventing you from spending too much.
Furthermore, according to research, automatic AP management can help you save $16 per bill or more, dependent on your company size.
It means that if you make 1000 bills per month, then it can help you save 1000*$16= $16000 per month & $192,000/year. Now it means some more savings. Interesting!
Suppose you are not financially strong to buy one. In that case, a custom billing software like Invoicera comes with features like AR & AP management, which generates invoices in less than 3 minutes and helps you track your accounts receivable and payable.
With an AR & AP software in place, you will be able to know the exact flow of your funds. This will enable you to make more precise decisions for your business and its future.
2. Social Media Tools
Today, every business is utilizing the power of social media to interact with its customers. If you are not, you are losing a golden opportunity to reach many potential and existing customers, thus unable to earn more.
As per 99Firms.com, social media turns out to be the second most used digital marketing medium, as 61% of small businesses use this platform to reach and engage customers.
Only being present on social media is not enough. Being present on social media platforms alone is not enough. As a brand, you need to constantly engage your customers with your regular communications, which can be anything topical, so as to know your consumers’ behavior and plan future launches on the basis of insights that you regularly generate.
For example, today WhatsApp has become the go-to tool to connect with your customers. It allows you to send documents at lightning speed, even during a call. It is equipped with multiple features like phone, video, and chat, allowing you to quickly connect with your potential and existing clients/customers.
This will bolster both of your relationships, and your customers will not move their eyeballs anywhere else. Therefore, it is the next must-have tool for businesses.
3. CRM
Without customers, your business is like a fish out of water, unable to survive for a long time. To keep your customers retained and satisfied, you need CRM software.
CRM software is a platform that can connect your different departments, from customer service to marketing to sales and the like, together.
It is a centralized location to store and find all the documents that are crucial to an organization. Every person using this can easily and directly access the client data they need within a short while.
Having a CRM system, you not only get superior coordination among your business’ different departments and teams, but you can also give your customers unquestionable service by having an exact idea of their requirements and expectations.
In a nutshell, a CRM system allows you to have definite coordination among your different departments and teams to handle your current and potential customers conveniently.
HubSpot is one of the most trusted CRM. it comes free with uncountable users, and no expiry date.
4. Staff Management System
One of the most demanded technology tools for business is a staff management system. It can make it possible for a businessman to know their employees’ capability, efficiency, and sincerity.
Invoicera, a renowned custom online invoice software system, comes with a staff management feature that can facilitate your employee presence and absence record check. Moreover, you can also access your employees’ records and assess their performance easily using this tool, thus knowing precisely who deserves what.
Having a clear idea of every employee’s actual value, you will assign them tasks after considering its size and complexity as per their capability and dedication. Thus, there will be no obstacle between your business and its growth.
5. Marketing Tools
Marketing tools have become an undeniable need for organizations. It will be almost impossible for you to create a strategy to reach your potential customers with a marketing tool.
Moreover, such tools will also make it possible for you to know precisely your conversion rate, current market conditions, and helpful digital metrics to make you capable of leaving your competitors behind.
For your better understanding, we give you an example of two renowned digital marketing tools: Ahrefs, Mailchimp, and SEMrush.
- Ahrefs: Using Ahrefs, you can quickly know where your competitors get traffic, where they rank for particular keywords in Google search, their backlink numbers, those who link to their websites, and so on.
- Mailchimp: Mailchimp is a famous software tool that can help you create and handle mailing lists, newsletters, automated campaigns, and the like. Using this tool, you can have full control over your email marketing activity from the beginning to the end.
- SEMrush: It is the most recommended SEO tool by SEO specialists for new business owners. It can allow you to have organic keyword research, keep track of competitors’ data, and build backlinks to take your business to the next level.
Let’s Sum Up:
We hope this blog to have familiarized you with five must-have tools to grow your business. Technological tools like CRM, staff management software, social media tools, AR & AP software are the most needed tools for small business growth.
Moreover, you shouldn’t forget that Invoicera, a custom billing software for business, comes with AR & AP management and staff management features.
Not only it makes it possible for you to generate invoices quickly, but it also allows you to keep track of your staff activities and your accounts payable and receivable easily. Thus, your small business management will no longer be a headache for you, and you can take it to your intended destination without any trouble.
