It’s no secret our post-COVID economy is troubled, and this growing uncertainty in the marketplace may feel like huge dark waves threatening to overtake the ship of your small business. Fortunately, there is a light in the dark: a rich array of business management software platforms designed to help you organize every facet of your small business, filled with advanced productivity features designed to herd the many cats that make up your business. But which software to pick?
Any business management software has a dizzying host of capabilities such as finance management, scheduling tools, remote work solutions, and a sweep of data analytics to assist your daily decision-making process. However, only the best business software can synergize and optimize its features into something you and your employees can work with day in and day out. We’ll take a quick glance at some of these features to explain why your business needs them.
Small Business Management Software Features To Look For
Money, Money, Money
Business revenue, expenses, and cash flow need continuous oversight, and you need software tools that have your back in those areas. To date, the majority of small businesses still trust their accounting to Intuit’s QuickBooks accounting software. It’s no secret that QuickBooks enjoys the lion’s share of the accounting software market among small businesses across all industries. As a result of that dominance, the evolution of Intuit’s software development has become “one size fits most,” which means you must adjust your accounting processes—and reporting requirements—to fit their framework, regardless of your own business’ growth requirements.
Now, a thought about cash flow. No matter the size of your business, or which accounting software you employ, EVERY business will benefit from a speedier collection of its receivables. (Thank you, Captain Obvious!) One of the best tools out there is a customer payment portal. Think of this as an immediate, 24/7 window into your system that’s available anywhere, on any device. This level of accessibility makes it more timely for customers to receive, approve, and pay invoices.
Custom(er) Relationship Management
Customers are the lifeblood of any business, and you naturally want to keep the client-facing side of your business organized and professional. Customer Relationship Management software is more than just a spreadsheet database of your customers. Today’s CRM is the cornerstone of integrated business management software that allows you to make more informed decisions throughout the entire lead generation, sales, and customer retention pipeline.
Look for services that help streamline quoting and billing to better facilitate the customer’s and/or vendor’s experience with your company. By connecting sales and accounting data, you’ll streamline your back-end processes and get all team members on the same page. Utilize sales marketing tools like automated email workflows to create opportunities and increase your response rate.
A Better Customer Experience
I don’t know about you, but I’ve come to have low expectations of today’s customer service experience. So many large businesses have outsourced their customer service overseas. Credit cards, telecomm, broadband providers—it’s a big list. I have learned to expect long wait times, sub-par language skills, and infuriating dropped calls. Lackluster customer service has become the “new normal.”
It’s said there are only two things that employees may be struggling with: (#1) change, and (#2) the way things are. So, once you’ve resolved that your business will benefit from business management software, please exercise your due diligence with respect to the total cost of the solution. Perhaps you’ll find (as I did) that many ERP software vendors charge an additional fee for implementation. Many have a separate fee structure for subsequent support. Some, like NetSuite, Microsoft, and Salesforce, have outsourced implementation and support to independent, 3rd-party implementation specialists. Do you see a pattern here?
All Together, Now
Finally, and most importantly, you’ll want to look for integrated business management software that combines all of your business operations requirements into a single, easy-to-manage platform. Using outdated, unconnected, or limited software inhibits your growth, decision-making ability, and workforce productivity. If you’re looking for a remarkably useful list of signs that your business needs integrated business management software, look no further than checking out this comprehensive breakdown.
Whatever your industry, business elements such as Accounting, CRM, HR, Operations, Task Management, Reporting, Inventory, Supply Chain Management, and Remote Work Productivity—every aspect of your business—are vital and require equal oversight. Ideally, look for software that balances a universe of features and digital options with something that helps you cater to the specifics of what your business needs.
Continue to shape your precise vision of how you want your business to operate, while at the same time making it easy for yourself and your employees.
