When you own a small business, you have to spend every single penny wisely, as it is the most important resource to survive in this competitive era.
82% of businesses fail due to lack of money, and 55% of businessmen 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 also some other helpful tools for small businesses that can assist you in reaching a wider range of audience, increasing revenue, and running your day-to-day business operations quickly and comfortably.
Now, the following question must strike your mind: what are the must-have tools for your small business growth, and how can they help you in growing small business?
Let’s know such technological tools for business and their roles in its prosperity and growth one by one.
Five must-have tools to grow your small business
- AR & AP management software
As mentioned above, cash is the most important resource to run a business. So, how can you maintain your company’s cash flow?
The answer to this question lies in choosing an ideal custom AR & AP management software. 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 some 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..
If you are not financially strong to buy one, then some custom billing software tools like Invoicera comes with features like AR & AP management feature which only generates invoices in less than 3 minutes, but also helps you keep an eye on your accounts receivable and payable.
Having so, you will exactly know your accounts payable and receivable, which will also help make plans and take risks for your business betterment and growth after having a clear idea of your company’s financial condition at a particular time.
- Social media tools
Almost all businesses engage with their customers on social media, if you are not, then you are losing a golden opportunity to reach a large number of potential and existing customers, thus being unable to earn more from them.
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. To earn your customers’ loyalty, your company needs to be in touch with your customers, talk to them about their interests and needs to prepare your services or products according to that, make them feel that they are not merely a source of earning money for you, and the like.
To meet your purpose, let’s take an example of the famous social media platform Skype. It allows you to send documents at a lightning speed, even during a call. It comes with multi tools like phone, video, and chat allowing you to come closer to your potential and existing clients/customers.
This will bolster the relationship between both of you, and your customers will not move their eyeballs anywhere else. So, it deserves a place in the list of must have tools for business.
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.
The CRM software is a platform which can connect your different departments, from customer service to marketing to sales, and the like together.
Moreover, it can organize their notes, activities, and metrics into a system. And, 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 unbeatable coordination among your business different departments and teams, but you are also able to give your customers unquestionable service due to having an exact idea of their requirements and expectations by knowing their details very well.
In a nutshell, a CRM system allows you to have indubitable coordination among your different departments and teams to handle your current and potential customers conveniently.
One of the most trusted CRMs is HubSpot CRM, which is free with uncountable users and no expiry date.
- Staff management system
One of the most demanded technology tools for business is staff management system, as it can make possible for a businessman to know their employees’ capability, efficiency, and sincerity.
Invoicera, a renowned custom invoice software system comes with 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 exactly who deserves what.
Having a clear idea of every employee’s actual value, you will be able to 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.
- Marketing tools
Marketing tools are a boon to small business owners. Using them, you can manage data insights, digital and content marketing. With a marketing tool, it will be almost impossible for you create a strategy to reach your potential customers.
Moreover, such tools will also make possible for you to know exactly 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 easily 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, AP and AR software and the like are regarded as the best tools for small business growth.
Moreover, you shouldn’t forget that Invoicera, a custom billing software system for business comes with features like AR & AP management and staff management.
Not only it makes 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 be no longer a headache for you, and you can take it to your intended destination without any trouble.