The Most Essential Software Tools To Must Have When Starting a Business

Starting a business can be a daunting task. There are so many things to consider, from finding the right location to hiring the right employees. One thing that is often overlooked, but is crucial to the success of any business, is the use of software tools. In this guide, we will discuss the most essential software tools that every business needs to have when starting out.

While there can be more specialized software required specific to the business you plan to start, there are certain software tools that are critical to have in place. These tools can help streamline your workflow, automate tasks, and keep track of important data. In fact, according to a survey by Capterra, 89% of small businesses use software to:

• Automate Business operations
• Improve Efficiency
• Reduce Manual Errors

According to a study conducted by Deloitte, small businesses that embrace digital technology have :

• 13% Lower business costs
• 38% Increase sales and revenue
• 31% Better brand awareness

According to a report by Grand View Research, the global software market size is expected to reach $507.2 billion by 2025 that clearly shows you can't run your business without these tools.

1. Word processing software
2. Accounting software
3. Time tracking software
4. Project management software
5. Inventory management system
6. Customer relationship management software
7. Communication software
8. Website building software
9. Payment transaction software
10. Sales, marketing, and PR software

Word processing software such as Microsoft Word or Google Docs is essential for creating documents, proposals, and business plans. It allows you to easily format and edit text, insert images, and collaborate with team members.

Benefits:

• Helps create professional-looking documents with formatting options
• Enables collaboration with team members by sharing and editing documents in real-time
• Provides templates for commonly used documents like invoices, receipts, and contracts

Accounting software such as QuickBooks or Xero is essential for managing your finances. It helps you keep track of your expenses, invoices, and payments. With accounting software, you can easily generate financial reports, track cash flow, and ensure compliance with tax regulations.

Benefits:

• Helps manage finances efficiently and accurately
• Provides real-time insights into financial performance
• Saves time by automating financial processes

Time tracking software such as Toggl or Harvest can help you keep track of the time spent on different tasks and projects. It allows you to identify areas where you can improve productivity, bill clients accurately, and manage your team's workload.

Benefits:

• Helps improve productivity by identifying time-wasting activities
• Provides insights into project timelines and helps meet deadlines
• Enables accurate billing and invoicing for clients

Project management software such as Asana or Trello can help you keep track of your projects, assign tasks, and collaborate with team members. It allows you to set deadlines, track progress, and communicate with your team in real-time.

Benefits:

• Improves project efficiency and productivity
• Provides real-time project status updates
• Enhances collaboration and communication
• Enables effective resource allocation and budgeting

Inventory management software such as Fishbowl or Cin7 can help you manage your inventory levels, track sales, and order products. It allows you to automate purchase orders, manage stock levels, and optimize your supply chain.

Benefits:

• Keep track of what products you have in stock and how much you have left
• Make better decisions about what products to order and when to reorder them
• Avoid stockouts and reduce the risk of lost sales
• Save time and reduce errors by automating inventory tracking and management
• Get insights into your inventory and sales trends to make informed decisions

Some of the images used in this article are Designed by Freepik

Customer Relationship Management software (CRM) such as HubSpot or Salesforce can help you manage your interactions with customers, track sales leads, and automate marketing campaigns. It allows you to track customer interactions, analyze customer data, and improve customer retention.

Benefits:

• Keep all customer information in one place, making it easy to access and update
• Improve customer service by tracking customer interactions and preferences
• Increase sales by identifying opportunities to upsell and cross-sell products
• Improve marketing by segmenting customers based on their interests and behaviors
• Streamline your sales process by tracking leads and opportunities

Communication software such as Slack or Zoom can help you stay in touch with your team, clients, and customers. It allows you to communicate in real-time, share files, and host virtual meetings.

Benefits:

• Make it easy for team members to collaborate and work together, even if they're in different locations
• Stay organized by keeping all communications in one place
• Reduce miscommunication and misunderstandings by using clear, written communication
• Stay connected with customers and suppliers, no matter where they are
• Save time and increase productivity by using features like video conferencing and screen sharing

Website building software such as WordPress or Wix can help you create and maintain your website. It allows you to design a website without coding knowledge, manage content, and optimize for search engines.

Benefits:

• Create a professional-looking website without needing to know how to code
• Customize your website to match your brand and style
• Improve your online presence and make it easier for customers to find you
• Sell products online with e-commerce features
• Track website traffic and user behavior to improve your website's performance

Payment transaction software such as PayPal or Stripe can help you process payments online. It allows you to accept credit card payments, manage refunds, and automate payment reminders.

Benefits:

• Accept a wide range of payment types, making it easy for customers to pay
• Reduce fraud and other risks by using secure payment processing
• Make it easy for customers to pay and reduce the risk of abandoned transactions
• Get insights into your payment activity and use that data to improve your business
• Save time by automating payment processing tasks

Sales, marketing, and PR software such as Hootsuite or Mailchimp can help you manage your marketing campaigns, track social media engagement, and measure the effectiveness of your PR efforts. It allows you to automate marketing tasks, track customer behavior, and optimize your campaigns for better results.

Benefits:

• Improve your marketing by targeting specific customer segments with personalized messages
• Make better decisions about your marketing spend by tracking your return on investment (ROI)
• Build your brand and reputation with public relations (PR) efforts
• Improve your sales process by tracking leads and opportunities
• Make it easier for customers to buy from you with online sales tools and e-commerce features