In a world where technological advancements seem to happen overnight, software solutions have emerged as a way for all types of organizations to streamline their workflows and improve efficiency—for example, nonprofits invest in fundraising software and associations purchase membership management tools.
For-profit companies also use software, though their needs differ. And, there’s not just one solution that can help. There are many different options you can choose from, which can be overwhelming, especially for smaller businesses.
In this guide, we’ll outline the five most helpful types of software your small business can benefit from using. By the end, you’ll have a better understanding of what solutions would work best for your unique needs. Let’s get started!
Business-Specific Software
While many businesses have some overlap in their day-to-day work, each is unique and has distinct workflows. The most beneficial type of software a small business can invest in is software that caters to its specific needs—after all, a coffee shop operates entirely differently than a pet grooming service.
Let’s consider a massage business as an example. Unlike most other businesses, its operations revolve around therapists giving massages to their clients. This means that they need a solution that allows them to book massage appointments. They might also want a solution that allows them to send out intake forms, create SOAP notes, and keep electronic health records to improve their care.
To help you identify your business’s specific needs, ask yourself these questions:
- What are my business’s unique goals and objectives?
- What does my day-to-day workflow look like?
- What specific challenges does my business face that aren’t common for other businesses?
- Do we have any unique sourcing or supply chain needs?
- Where is my business most inefficient?
- What areas of my business could most benefit from automation or efficiency-boosting?
The answers to these questions will help you pinpoint the gaps in your processes that software can fill. Alternatively, you can look for software specifically designed for your type of business—a massage practice could look for massage software, a dance studio could look for dance studio software, and so on.
Inventory Management Software
Inventory management is an essential part of running a small business, especially if you sell products rather than services. However, it can be time-consuming to keep track of your current inventory, let alone anticipate your future inventory needs.
That’s where inventory management software comes into play. Here are a few capabilities that these solutions provide small businesses:
- Real-time inventory tracking
- Barcode scanning
- Order management
- Integrations with point-of-sale systems
Even if your business doesn’t sell products, inventory management software can still keep your operations organized and running. For instance, let’s say that you run a hair salon. You’ll need to keep track of materials and products used in your daily operations, such as scissors, hair dryers, shampoo, hair dye, and more, ensuring that you always have enough supplies on hand to perform the services you sell.
Accounting and Financial Software
Financial management is one of the less fun parts of running a small business, but it’s essential for growing your company and reaching greater heights of profitability. Accounting and financial software make your finances less opaque by offering the following features:
- Expense tracking
- Invoicing and billing
- Budgeting and forecasting
- Financial reporting
- Tax preparation
Luckily, many business software solutions include financial management features, which is a great benefit for small companies that might not have the largest budget to spend on multiple software solutions. Other software will integrate with dedicated accounting and finance software, ensuring all your tools are interoperable and providing you with an accurate picture of your financial state.
Customer Relationship Management Software
Aside from streamlining your administrative work, software can also help you acquire new customers and retain existing ones. Customer relationship management software is built to help you do just that with these features:
- Customer records. Keep detailed customer records, including details like names, birthdays, and demographics. This will give you a detailed picture of your audience groups.
- Customer interaction history. Track customer interactions with your business, such as making a purchase, interacting with your social media, and more. This gives you insight into their engagement with your business and helps you assess how many customers may make another purchase.
- Customer segmentation. Tatango recommends tailoring your marketing messages to your audience to ensure relevance and boost interest. With customer segmentation, group customers together based on shared characteristics to ensure that your marketing messages make an impact.
A robust solution will help you strengthen relationships with your customers by giving you a complete understanding of the audiences that patronize your store. Then, you can tailor your products, services, and marketing to boost engagement.
Marketing and Communications Software
Once you have a better understanding of the audience your business attracts, strengthen relationships with them with dedicated marketing and communications software. These solutions streamline your promotional efforts to keep your business top-of-mind for existing customers and help you connect with new customers.
According to MassageBook, a few of the most important marketing channels for small businesses include:
- Direct mail
- Text message
- Social media
A complete marketing solution enables you to manage all your marketing efforts in one place, even if you promote your business through multiple channels. You can automate your social media posts and email newsletters, allowing you to set it and forget it, which is a great help for busy small business owners who manage every part of their business.
Additionally, marketing and communications software offers analytics and reporting capabilities, providing you with key insights into the performance of your marketing efforts. Through the right solution, you can track customer engagement, including key metrics like open rate, likes, shares, and more. With a robust tool, you can easily build up your small business’s community, acquire more customers, and grow your business.
And there you have it—the five most helpful types of software for your small business. If you’re interested in purchasing any of these types of solutions, start by establishing a budget and determining your must-have features. Then, research the top solutions on sites such as G2 and Capterra. Once you’ve narrowed down your list, check out reviews, testimonials, and book demos before you make your choice!