Running a small business can be extremely difficult. Market forces, strong competition, consumer trends, and many other issues can make staying profitable seem like a herculean task. Still, many small businesses are able to prosper even in tough climates. You may be wondering exactly how those companies managed to get an edge. For one, using the right tools can certainly help. Below are four tools that can give your small business an edge.
Today, the internet makes a huge difference in nearly every industry. Even if you don’t have an online store at all, the internet still determines how successful you are to a large extent. Most consumers now use their smartphones to determine what businesses they want to patronize. As such, search engine optimization is vitally important. Use SEO software tools to track your rankings on Google and other search engines.
Enterprise Resource Planning Software:
One kind of software you should invest in to give your small business a strategic edge is Enterprise Resource Planning (ERP) software. Oracle NetSuite Cloud ERP and other software can automate a multitude of different business processes in a company. This includes things as different as manufacturing processes and work performed by your human resources department. Choose a cloud ERP provider to make implementing this software into your company as easy and efficient as possible.
Data Analytics Software:
“Big data” is a business strategy that doesn’t only apply to huge multinational corporations. Small businesses can take advantage of it as well. Business analytics software can help you do this. If you record and store data regarding different business processes, this software can crunch the numbers and help forecast trends. You can then utilize that information for your long-term planning. For example, you may discover that certain products only sell well at certain times of the year.
Tracking expenses accounts receivable, and other accounts can also be quite a challenge for small business owners. If you don’t do it properly, you may end up in the red when you assumed you were making a profit. You could even run afoul of the IRS. Overall, you need to invest in accounting software so your books are as accurate as possible. This software can also allow you to easily examine the numbers whenever you need to get direct and real-time insight into your finances.
Running a small business is hard. However, it is indeed possible to achieve long term success and make your entrepreneurial dreams a reality. One way you can increase your chances is by investing in the right tools. Software used to improve your SEO, business processes, strategic positioning, and accounting practices can do just that.