Starting your own business can be an exciting but scary venture. You have the benefits of being your own boss, hiring your own staff and of course, making your own money. However, the responsibilities associated with running a business can be daunting, especially if you’re new to the game. All businesses started somewhere and the ability to adapt is key to making sure your company continues to thrive well into the future.
Preparing your company for the future early on is a good idea if you don’t want to just be another start-up that fails in its first year. Adapting to change is something many companies struggle with, but keeping on top of software advancements and more importantly, taking advantage of them, will go a long way to help your business not only survive, but thrive and grow.
Below, we briefly explore what different types of software can do to improve business efficiency. You can read this detailed post for more info once you’ve got the basics.
What Software Can Do For You:
- Accounting and finance – Management systems have the ability to take care of all your balance sheets, including your revenue stream, profit, outgoing costs and even taxes. You’ll still need to be diligent in checking the figures given that you will be liable for any mistakes in taxes, but a computer system takes a lot of the pain out of accounting.
- CRM – Software has the ability to store information about your customers, including buying trends and product interests. This means you could jump on a cross-selling opportunity to earn a little extra cash, or simply let your customer know that you care about their loyalty buy being able to use computer-stored notes to ask questions about how pleased they were with their last purchase.
- Automated marketing – If you have customer contact details stored on a database, many software systems have the ability to send SMS or email messages directly to everybody on your contact list. This could be for promotions, general news or it could be tailored to individuals to remind them a product they bought a year ago might be due a check-up.
Desktop based or Web hosted?
It can be confusing learning the difference between desktop and web-based solutions, but understanding the basics is enough to help you make a decision. In layman terms, software installed on your PC is all controlled by you. You might get more functionality, but the drawbacks include being responsible for all mechanisms and the need to learn how the software works extensively. You’ll also have to keep on-site hardware safe as if that gets damaged, you’ll potentially have lost all business transactions. Web hosted software stores data in a secure, off-site location. You’ll possibly get more limited functionality, but your management operations can be up and running almost instantly in the case of an emergency as everything you do will be stored on secure servers in a remote, safe location.