7 business management Tools Every Enterprise Needs

Apr 01, 2019 Web Developer Business Growth 0

The right tool can make or mar your business. No matter the industry you work in or the position you hold at your workplace, you need the right kit to function efficiently.

As a professional, you encounter numerous task and make important decisions daily. From hiring new employees, planning an event, bookkeeping, following social media trends. There is so much you can achieve in 24 hours.

According to McKinsey report, 74% of employees waste more than 1 hour/day searching for information. In order to keep up with these activities, you lose more time and achieve less. These challenges can be solved by having the necessary business management tools. These tools will simplify your daily activities and help you achieve more in less time.

Here are the important business management tools you should use for your business.

Customer Relationship Management (CRM)

According to Bain & Co. study, CRM is the number 1 tool used for many businesses. This is not surprising, as CRM helps you manage business efficiently from your seat. This management tool helps you track, engage and manage business deals with your customers. From the point of purchase to the final delivery.

Key features of a CRM tool should include

Profiles of all your customers
Track previous purchase of your customers
Predictive insights for better sales by giving you a better view of the weakness and strength of your business.
Analysis of your businesses’ close rates, acquisition costs, and other metrics
Model the process of your business
Potential business deals and other activities in your company.

Accounting Tool/ Electronic Invoicing Management tools

As important as analyzing a company’s finance is, most people struggle with it. Handling invoice could be stressful and time-consuming. The best way to get to make your book-keeping easier is to get an accounting software tool.

This tool accurately manages a company’s financial operations. It eliminates redundant task and makes auditing process shorter. Some of these tools provide insights into your cash flow and expenses. An electronic Invoicing Management tool handles the accounts payable process, allows customers to send payments directly to your payment system, and show you outstanding invoices.

This tool can be used on any of your devices. It saves cost compared to printing and delivering bills manually.

There are different types of accounting tools. No matter the size of your business, there is a tool for you. It is essential to choose a management tool that is cloud-based.

The best accounting tool should have some of these features.

Create and send invoices automatically
Track income and expense
Privacy protection and security
Classify your financial transactions
Generate reports and balance sheets

Cloud Collaboration

The best for your business is to have your documents in the cloud. It is easier, cheaper and tidier. Studies have shown that collaboration tools increases productivity by 20%, and documents are drafted faster. Another advantage of this tool is that it gives your team easy access to a project.

With cloud collaboration, you can save hours of sending several emails and information to your team. There are numerous cloud tools such as Google drive, Dropbox, Jira and BlueJeans. You need to get a cloud collaboration tool with easy interface and flexibility.

Social Media Management Tool

This is one essential tool every business needs. With the numerous activities you engage in, you might easily neglect your company’s social media platforms. A social media management tool is needed in order to target new customers, and prevent disconnection with existing customers. This tool will help you schedule post, plan contents and create calendar across different platforms.

There many social media management tool. You need to choose one that has social engagement, RSS integration, analytics reporting, platform integration and scheduling. You can check www.discountdomains.co.nz/web-hosting to connect with the right people at the right time.

Project Management Tool

You need the right tool to successfully manage a project/team. Project management tool helps an expert organize and manage tasks/team. The tool allows you to distribute tasks, monitor resources and view the progress of the tasks.

The features of Project Management Tool should include:

Budget management and tracking
Resource management
Planning and scheduling of task
Collaboration within the team to aid communication and file sharing
Automated reporting
Risk calculation and monitoring

Customer Support Tool

It takes more than selling a good product to retain a customer. The Harvard Business Review reports that getting a new customer is about 25 times more expensive than retaining an existing one. Since it’s more expensive to acquire new customers, it is best to build customer loyalty. Customer Support Tool helps businesses manage their existing customer base effectively. It tracks and responds to all customers query faster, and route all requests to the right personnel.

There are numerous customer support tools. A good support tool should have

A system for managing inquiries
Function on multiple platforms (email, phone, live chat, and social media)
Automatic reminders
Personalised calls and email to customers.
Analytics to make a better decision regards your customers.

Specific business management Tools

The tools mentioned above can be used for every kind of business. However, there are specific tools for each industry. One advantage of having an industry-specific tool is having the relevant module and ability to scale. For example, if you manage an IT firm, you would need a tool to help you manage your servers and applications. You need to get tools that are specific to your business, efficient and conserves time.

Conclusion

Time is one essential every professional needs, but does not have in excess. With the right tool to manage your business, employees and customers, you can do more with less time. There are numerous business management tool. And each tool has its weakness and strength.

You need to search for the right tool, and be sure they have all the basic features mentioned above. Any tool you get should save you time and help you become more productive. For useful tips on how to stay ahead of your competition, subscribe to our weekly updates.