About 17 million new businesses are expected to launch in 2022. People got the entrepreneurial bug since the onset of the pandemic.
They’re starting up businesses to have more flexibility and control over their lives.
Are you one of them? You’re probably realizing that it takes a small army to run a business. You have to handle marketing, customer service, accounting, sales, product development, and IT.
You can take the pressure off of yourself by investing in startup tools. The right tools provide startup help so you can do more with fewer resources.
That sets the stage for new business growth and profitability. If you’re ready to grow, keep reading to learn the top startup tools for your new business.
- Accounting Tools
Out of the 17 million startups that launch this year, 20% of them will close in the first year. That means 3.4 million businesses will close before they celebrate their first anniversary.
Cash flow is a common reason why these businesses will close. As painful and confusing as it is to manage small business finances, your survival depends on it.
That’s why your top priority is to invest in accounting tools for small businesses. You can create and send invoices, generate financial reports, and automate bookkeeping tasks.
QuickBooks is one of the top brands in accounting software. Zoho and Wave are other solutions to help you manage your small business financials.
- Customer Management Tools
New businesses are just figuring out how long the sales cycle is. You can assume that for small products or services that don’t cost a lot, it’s a short sales cycle.
People might use your products or service as an impulse buy. These are generally under $100.
For products and services that cost more, it could take months to seal the deal. You have to stay connected with your customers and follow up with them.
That’s what a customer relationship management (CRM) tool helps you do.
Think of CRM as a database that contains information about leads and customers. You can manage every aspect of the relationship.
You’ll know when it’s time to reach out to wish a customer a happy birthday and when you need to ask for a contract renewal.
The most important feature of a CRM is the follow-up reminder. Most sales get lost because business owners and salespeople don’t follow up with leads.
It takes between five and eight contacts to get a decision. Use a CRM system to make sure leads don’t fall through the cracks.
- Reporting Tools
Most of the tools mentioned here have some kind of reporting feature. Reporting features are critical because you have to have data to make smart management decisions.
The problem that small business owners face is that there’s too much data spread out across systems.
Reporting tools help you make sense of data across different systems. These are also called business intelligence tools.
You can get a single report instead of logging into five different systems to get the same information. Microsoft Azure, ProWorkflow, Workday Adaptive, and Hive are a few business intelligence tools to consider.
- Market Research Tools
Have you heard new business tips telling you that you have to research your target market? You have to validate your ideas before you invest a lot of money in them.
You’ll end up making a very expensive mistake chasing a market that doesn’t need your product or service.
Market research tools include Google Trends, BuzzSumo, and Answer the Public.
If you want to expand your startup and get investors, you have to provide proof of concept. It’s not enough to have a few logos of magazines you appeared in.
There are companies that vet your startup and match you with the right corporate partners and investors. This builds trust because your partners get the entire story about your new business.
You can get a full explanation at https://www.entrapeer.com/blog/innovation-is-easier-with-evidence.
- Marketing Software Tools
You can provide world-class products and services. If people don’t know about your new business, it doesn’t really exist.
Marketing tells the world all about your new business. The marketing tools you need depend largely on your marketing strategies.
For instance, if you rely on social media, you need a graphic design tool and social media scheduling tool. An SEO marketing strategy needs a keyword research tool and content management tool.
Are you going to get into video marketing? Then you need editing tools.
Create a marketing plan for your business first. You’ll learn which startup tools your business needs. That step will help you avoid spending money on tools that you don’t use or need.
- Communications Tools
The pandemic changed a lot about how we conduct business. While we’re back to in-person networking meetings and industry events, many associations continue to take a hybrid approach.
Companies are more comfortable with hiring remote workers and contractors.
This opens the door to new business opportunities outside of your geographic area. You can use communications tools to provide better customer service, stay connected to leads, and keep in touch with employees and contractors.
What communications tools should you invest in first? Video conferencing software is a must.
Zoom is the go-to, but the free plan only offers a 40-minute limit. Google Meet and Skype are good alternatives if you want to bootstrap it.
If you do business in Europe, WhatsApp is a must for customer service and client calls. No one uses text messaging because of limited data plans, so they turn to WhatsApp for texting and calls.
You can also use a chatbot on your website to answer questions from prospective customers. A quick response can increase conversions.
Do you have remote workers across the globe? set them up on Slack. It helps with project management and internal communications.
Get the Best Startup Tools for Your New Business
These new business tips showed you which startup tools you need. You’ll be able to get more done in less time. That leads to new business growth.
For more startup help, check out the Business section of the blog.
Hemant Kumar is a project manager at Tridindia with more than nine years of commendable experience in writing about LMS, translation, and IT. His unmatched talent and passion for digital marketing gave him the opportunity to work as a multi-tasking project manager at TridIndia’s sister company, Link Building Corp. Today, he contributes to the world by imparting knowledge on SEO, link building and internet marketing etc., that helps business owners grow their online business.