From YEC
The right technology tools can make the difference between a successful business or just surviving.
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In the competitive world of small business, having the right technology tools in place can mean the difference between thriving and simply surviving. We asked YEC members to share the key technology tools they think they need to run their companies. Consider their advice to move your business forward.
What technology tools are essential to running a small business?
1.Microsoft Excel
One of the essential technology tools for running a small business is Microsoft Excel. Excel may not be the flashiest option, but it’s still an essential tool for organizing all your data, tracking your finances, and managing many aspects of your business operations. Its versatility allows you to create detailed spreadsheets for budgeting, inventory management, and even project planning. All of these are important for maintaining control and making informed decisions. Getting started with Excel provides a solid foundation for understanding data management and analysis.
As your business grows, you may move to more advanced tools, but Excel’s flexibility and widespread use make it a reliable choice in the early stages. Embrace the utility of Excel and learn how to take advantage of its powerful features. This provides a stepping stone to mastering more advanced technology as your business evolves. —Alfredo Atanacio, Uassist.ME
2. Accounting software
I can’t stress enough how important it is to have good accounting tools for your business. Personally, I use QuickBooks, but there are many other options. I remember when I first started my business I was tracking everything myself and frankly I was overwhelmed.
Now you can easily track your income and expenses, create invoices, and manage your payroll. It will save you a lot of time and help you make an informed choice. If you’re starting a small business or struggling to keep your books organized, invest in a solid accounting program. It will make your life so much easier and give you the peace of mind you’ve been craving. —Josh Kohlbach, Wholesale Suite
3. Online meeting
One of the essential technology tools to help your small business run effortlessly is an online conferencing solution. There are many alternatives to choose from, including Zoom, Google Meet, and Microsoft Teams. These solutions foster team collaboration and help you stay in touch with your team from anywhere in the world.
Physical availability is no longer an issue as you can communicate, brainstorm ideas, share files, present reports, and more without having to commute to a specific location. These tools save time, ensure effective communication, and minimize obstacles encountered when trying to keep the needle moving. —Stephanie Wells, Formidable Forms
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4. Cloud storage solution
For small businesses, organizing your storage can literally save you hundreds of hours of time. As your company grows from small to medium-sized, it can be difficult to move back and forth between storage and software solutions. This can waste time and hinder sales and marketing. Businesses need to have affordable and organized storage solutions and processes between material repeats, contract repeats, and more.
As you continue to grow and need a variety of software solutions, think ahead and choose a cloud storage provider with bundled options. This provides additional savings and helps control growth costs. The last thing you want is to move from one location to another multiple times and risk losing time or worse, data. —Matthew Capala, Alphametic
5. Messaging apps
One of the most important technology tools you’ll need when running a small business is a way for everyone to stay in touch. You don’t want to end up in a situation where your employees barely talk to each other. This situation can lead to miscommunication, delays, and other problems. Team messaging apps like Slack keep everyone on the same page, ensuring business runs smoothly and projects are completed on time. —Daman Jeet Singh, FunnelKit
6. Project management tools
A comprehensive project management tool is an essential resource for any small business. With so many moving parts, priorities changing frequently, and even employees having to wear multiple hats, project management tools help keep things organized, organized, prioritized, and accountable. can be made clear. —Samuel Saxton, ConsumerRating.org
7. Robust CRM
Good CRM! Sales are the lifeblood of your business, and a good CRM is essential to track and measure its effectiveness. We use HubSpot, which is critical to our success. Centralize customer information and automate tasks so your sales team can focus on growth. It also integrates with our marketing platform to further increase efficiency. —Jack Perkins, CFO Hub
About the author
The Young Entrepreneur Council (YEC) is an invitation-only organization comprised of the world’s most successful young entrepreneurs.
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