Growing from a small business to a medium-sized business takes passion, motivation, and the right business management tools. Entrepreneurs wear many hats in the early stages of a business and spend most of their time handling daily tasks and dedicating their remaining time to long-term goals, strategic planning, and other essential tasks that help the business grow. There are countless business management tools and software platforms designed to help entrepreneurs tackle business tasks that will drive growth. Take a look at some of the essential management tools that every medium-sized business should be using.
Business Accounting and Budgeting Software Tools
A business is only as strong as its accounting and budgeting practices, which is why you need to utilize software tools that streamline budgets and keep clear, legible accounts. Scoro is a software platform that combines tools for project management, CRM, and budgeting. It features a user-friendly interface that makes accessing financial data simple by showing you financial reports and analyses, as well as budget planning and financing on one financial KPI dashboard.
Using a business accounting tool such as Maxiplan offers a cost-effective budgeting solution. The software tool provides a profit and loss and cash flow forecast that allows you to effectively plan for and better gauge your business’s financial performance. Accounting by Wave is budget-friendly accounting software that offers basic tools that support bookkeeping.
Cutting checks regularly is a time-consuming and tedious task that can be streamlined with cloud-based software that automates payments. Utilizing an online check printing service puts everything you need for online check writing, payment processing, invoicing, and mailing in one place. Smart Payables simplifies online check payments by allowing you to write, print, mail bulk checks, and send automated payments from any device by integrating into your business operations with an API. The software tool allows business users on-demand access to bank accounts, payments, and reports while saving time, money, and resources by automating payment processes.
Storage and Organization Tools
Most businesses outgrow their original office as they become successful and will need to upgrade their space. Instead of working in a cluttered office and struggling to stay organized, you can utilize a self-storage unit to make some extra room until you find a larger office. US Storage Units helps you compare, find, and reserve self-storage units in cities across the U.S. Simply search by zip code, type of storage unit, size, and price to find hundreds of local self-storage facilities. For example, you can search for Irvine storage units based on amenities such as climate control, security, and 24-hour access. Once you find the perfect storage unit for your business needs, you can reserve it online for free and move in on your schedule.
Sales and Marketing Software Tools
One of the most tedious and time-consuming tasks a medium-sized business faces is sales and marketing tasks. Using the right software tool can automate and streamline the process. InfusionSoft is a software that’s changing the automation of online-marketing with unique features such as customer-relation management and marketing automation. Social media and social campaigns are essential to brand awareness and business visibility. Buffer is a social media automation tool that provides valuable analytics-data and can manage social media posts for up to three social media accounts. Effective email marketing goes a long way toward the growth of a business, and with an email marketing tool such as MailChimp, you can streamline the process of designing emails and maintaining an accurate mailing list.
Automating routine business tasks frees up your time and attention to focus on essential business operations processes. Even though automated workflows create operational efficiencies, you need to ensure that your team members are utilizing their extra time wisely. The best way to ensure your team members are working toward results that align with business strategies is to use an OKR software solution. WorkBoard OKRs allows you to align, localize, and measure OKRs and strategic priorities across the business to gain visibility on outcomes. You can automate ops reviews and smart meeting agendas, see a continuous plan versus actual visibility, and make focus easy for remote teams. You also have access to coaching and enablement from expert OKR and WFH coaches. WorkBoard helps you achieve the best possible results essential for business growth with deep alignment, focus, and transparency.
Human Resources and Operations Software Tools
Your business needs the right qualified candidates who can perform their job functions and contribute to the success of the business. Using the right human resources and operations software tools help you track employee progress and manage human resources tasks. Deputy is a human resource management tool capable of employee-shift scheduling, managing tasks, and making company announcements. QuickBooks integrates payroll and accounting into one software solution and features income and expense tracking, capturing and organizing receipts, maximizing tax deductions, managing bills, and tracking profitability.
As a business owner, you either have or will need to rely on investors to help fund your business. Smart investors have a thorough understanding of the stock market and the companies they invest in because they want to know precisely what they’re investing in. Staying on top of your accounting is essential when it comes to seeking investors. One number that every business owner must know is their times interest earned ratio.
According to Stanziq, a TIE ratio is a measure of a company’s ability to handle its debt obligations, and it gives an understanding of a business’s solvency potential. The higher the ratio, the less susceptible to solvency, while the lower the ratio, the less likely a business has sufficient funds to cover its debt. A smart business owner always knows the TIE ratio, especially when there’s no reason for a profitable business to carry debt.
Advice for Entrepreneurs
Sometimes the best tool for success is sound advice from fellow entrepreneurs. Samuel Ramey is a French-Australian entrepreneur and lifestyle enthusiast who shares his business experience and life lessons through engaging content and blog posts. From business and lifestyle to tech and health and fitness, Sam Ramey offers his entrepreneurial tips and expertise through expertly crafted articles with entrepreneurs in mind.
Using the right business management tools will help you grow your medium-sized business into a large enterprise in no time.