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If you want to launch your own business, you’ll need a great idea to start. But what else do you need to keep your business going once you’ve brought that idea to life? While every small business is unique, they all need a core set of essentials to run operations smoothly. Read on for a checklist of the resources small businesses need to succeed, from tech stack to strategic partnerships.
No matter what field you do business in, you need a way to track revenue and expenses accurately. High-quality accounting software allows you to create client invoices, track cash flow and forecast finances. It also helps to keep all your financial records organized for tax season.
There are plenty of software platforms designed to help organizations streamline their accounting practices, such as the widely popular platform Intuit QuickBooks. The right accounting software for your business should be cost-efficient, user-friendly and automate manual tasks, so your team can focus on growing the bottom line.
Every business houses some type of sensitive data, whether that’s employees’ personal information, financial records or login credentials. Take precautions to keep these details out of the hands of bad actors. If you’re not sure where to get started, conducting a cybersecurity risk assessment helps you identify areas where your organization is most vulnerable.
Enforcing cybersecurity protection often requires a multipronged approach. For instance, while you’ll want software that continuously monitors your network for threats, you should also look into programs that offer encryption services. Buying cybersecurity insurance may also be a good idea.
Once you know where your business needs protection and the type of protection you need, work with your team to develop a robust cybersecurity plan. The Federal Communications Commission offers tips for small businesses in the process of creating a cybersecurity plan, including recommendations for which types of software are most important, such as antivirus software.
The adage that you have to spend money to make money remains true. Whether you’re ready to start a business or your current organization needs cash to grow, access to additional funding resources is essential. Many small businesses start by “bootstrapping,” or self-funding, as well as approaching friends and family for small investments.
However, you should also consider more formal sources of funding as well, such as banks and alternative lenders. Familiarize yourself with organizations that provide small business loans, such as the United States Small Business Administration (SBA), which offers favorable terms to small businesses that need support getting started.
If you’re looking for funding that you won’t need to repay, visit resources like Grants.gov to search for small business grants that may apply to you.
Payroll software does more than help you pay your team. These software platforms also handle tax withholdings, track time off and illness absences and ensure you’re staying compliant with local and federal labor laws. Choosing the right payroll software starts with assessing both your payroll needs and team bandwidth. You can opt for do-it-yourself software or go with a full-service payroll provider, a third-party entity that will do the hard work for you.
Keeping a pipeline of potential clients is nonnegotiable if you want your business to thrive. Many organizations choose to use a CRM system to organize incoming leads and track them from prospect to conversion. Remember, though, that CRM software is one piece of the puzzle when it comes to sales pipeline management. A robust marketing strategy is a must for cultivating strong leads, too.
It’s impossible to develop an effective marketing strategy if you don’t know the lay of the land. Marketing research can help give you a sense of what your target audience is looking for. Organizations like the SBA offer tools for crafting a market research strategy that asks the right questions.
Conducting an analysis of your competitors is important too. Evaluating your competition, along with their marketing strengths, gives you valuable insight that informs messaging most likely to get your future customers’ attention.
Monitoring the deadlines and deliverables you and your team are responsible for can get very messy, very fast if you’re not careful. That’s where project management software comes in. Software platforms, such as Asana, Monday or Trello help you keep track of due dates, assign tasks to your team and automate reminders for upcoming deadlines. From collaborating on internal presentations to launching a new product, project management software keeps everything tidy.
Even if your company doesn’t yet have its own dedicated human resources (HR) team, you’ll still need a way to administer the benefits you offer to your full-time and part-time employees. The best HR outsourcing services handle the bulk of the work for you. Platforms, such as TriNet and Gusto, can help small businesses with tasks ranging from time and attendance tracking to tax compliance.
Organizations that want outside HR assistance with a more hands-on approach might opt instead for a professional employer organization (PEO) service. PEOs offer benefits that include creating full-scale benefits packages for your team members. With a PEO, you can offer attractive benefits like healthcare and life insurance, commuting assistance and tuition reimbursement — and at a price your growing business can afford.
Once you’ve launched a well-designed website detailing your products and services, it’s important to analyze which marketing efforts are working and which are not. Web analytics tools help you see how many visitors come to your site and which pages are getting the most clicks.
Popular services like Google Analytics make it simple to track and visualize this important body of data, so you can apply these insights to your marketing strategy. For instance, let’s say you’ve got a “free trial” sign-up button that isn’t drawing enough attention. Web analytics tools can verify if your concerns are accurate.
If you truly want to stand out from your competitors, providing top-notch customer service is one of the best ways to set your business apart. But when you’re running a small operation, it can get difficult to handle that support all on your own.
There are a multitude of tools out there to help you advise customers and answer their questions. Platforms, such as Zendesk, offer features for small and medium-sized businesses to streamline customer and client interactions, including email support, live chat and phone operator services. Even simplifying daily tasks, such as implementing email automation, can make it easier to give customers the care and attention they deserve.
Successful business owners can’t do it all alone. You need a network of support from those who understand the challenges you face as an entrepreneur.
There are plenty of avenues to tap into existing networks and support systems. Your local Chamber of Commerce is generally a good place to start if you want to meet leaders like yourself. The SBA also hosts Small Business Development Centers where you can ask expert counselors all your burning business questions, from financial management to operations and strategy. The business landscape can feel treacherous at times, but with the right network, you’re never stuck navigating its challenges all by yourself.
Running your business requires more than just offering the right product or service. Fill your toolbox with all of the resources you need, from financial support to the best tech platforms, to keep operations running efficiently. By investing in the right resources early, you’ll save yourself valuable time and money in the long run, so you can focus on what matters most — keeping your clients happy.