In the competitive world of small business, implementing the right tech tools can be the difference between thriving and merely surviving. We asked YEC members to share a key technology tool they consider necessary for running their companies. Consider their advice to propel your business forward.
What is one essential technology tool for running a small business?
1. Microsoft Excel
One essential technology tool for running a small business is Microsoft Excel. While it might not be the flashiest option, Excel remains an indispensable tool for organizing all your data, tracking finances, and managing various aspects of your business operations. Its versatility allows you to create detailed spreadsheets for budgeting, inventory management, and even project planning, all of which are crucial for maintaining control and making informed decisions. Starting with Excel equips you with a solid foundation for understanding data management and analysis.
As your business grows, you may transition to more advanced tools, but Excel’s flexibility and widespread use make it a reliable choice in the early stages. Embrace Excel for its practicality and learn to leverage its powerful features. It's a stepping stone to mastering more sophisticated technologies as your business evolves. —Alfredo Atanacio, Uassist.ME2. Accounting software
I can't stress enough how important it is to have a good accounting tool for your business. Personally, I use QuickBooks, but there are a ton of other options out there to choose from. I remember when I first started my business, I was tracking everything myself and it was frankly overwhelming.
Now, I can easily track income and expenses, create invoices, and manage payroll. It saves me tons of time and helps me make informed choices. If you're starting a small business or struggling to keep your books in order, invest in a solid accounting program. It'll make your life so much easier and give you some much-needed peace of mind. —Josh Kohlbach, Wholesale Suite3. Online conferencing
One essential technology tool for running a small business effortlessly is an online conferencing solution. There are many alternatives out there that you can choose from, such as Zoom, Google Meet, Microsoft Teams, and so on. These solutions facilitate team collaboration and help you stay in touch with your team from anywhere in the world.
Physical availability isn't an issue anymore, as you can communicate, brainstorm ideas, share files, present reports, and do so much more without having to commute to a certain place. These tools save time and ensure effective communication, minimizing the roadblocks you encounter when trying to keep the needle moving. —Stephanie Wells, Formidable Forms
4. Cloud storage solutions
As a small business, organizing your storage will literally save you hundreds of hours. Moving back and forth between storage and software solutions is not straightforward when a company grows from small to midsize. This can hemorrhage time and stifle sales and marketing. Between various iterations of materials, iterations of contracts, and much more, a company must have an affordable and organized storage solution and process.
As you continue to grow and need different software solutions, think ahead and choose a cloud storage provider with bundling options. This will offer additional savings and help curb growth costs. The last thing you want to do is move many times from one place to another and risk losing time, or worse, data. —Matthew Capala, Alphametic5. Messaging apps
One of the most important tech tools you need when running a small business is a way for everyone to stay in touch. You don't want to end up in a position where your employees are barely talking to one another. This situation will lead to miscommunications, delays, and other problems. A team messaging app like Slack will help keep everyone on the same page, which ensures your business runs smoothly and projects are completed on time. —Daman Jeet Singh, FunnelKit
6. Project management tools
A comprehensive project management tool is an essential resource for any small business. With so many moving parts and frequently changing priorities, plus employees having to wear multiple hats, a project management tool can keep things clean and organized so priorities and responsibilities are clear. —Samuel Saxton, ConsumerRating.org
7. Robust CRM
A good CRM! Sales are the lifeblood of a business, and a good CRM is critical for tracking and measuring its effectiveness. We use HubSpot, which has been essential to our success. It centralizes customer information and automates tasks, allowing us to keep our sales team focused on growth. It also integrates with our marketing platforms, which further improves efficiency. —Jack Perkins, CFO Hub
