Three tools every business needs

Doing business in today’s landscape still has its challenges, but with signs that we are returning to some form of normal life, it’s time to focus on setting yourself up for success. Here are the three business tools every business should invest in this year.

#1 A fit-for-purpose CRM

A client relationship management (CRM) system is vital to ensure you have a single source of truth when it comes to your clients and prospects. Whether you have a large, dedicated sales team or a small team that runs the entire business, having visibility over opportunities, contacts and prospects is a must. It’s a worthwhile investment to help you plan, close more deals and report on your sales pipeline. But with so many options out there, it’s essential to get the right one for you.

Many online providers, such as HubSpot, offer cost-effective software-as-a-service models that allow you to start simple and easily add additional functionality as you need it. Many of these providers even offer very basic functionality for free. If you are just starting out on your journey with a CRM, these solutions can be a great way to get started and have a system that scales quickly with you.

You may also want to look at industry-specific options, such as Applicant Tracking Systems in the recruitment space. These can add significant value by automating much of the repetitive work specific to your industry.

From a simple repository of customer information to automating your entire customer journey, CRMs today can do almost anything. The key to finding a fit-for-purpose CRM is understanding what problem you want it to solve before speaking to providers.

#2 A clear sales and marketing strategy

If you haven’t revisited your sales and marketing strategy in some time (or you don’t have one at all!), it’s critical to put some time into your plan now. As we enter a new phase of the pandemic and a new economic cycle simultaneously, consumer habits are changing, and it’s important to have a strategy for the current landscape.

We’ve shared our tips for more effective small business marketing here, and this is a great place to start to consider how you will put your best foot forward this year.

#3 Cash flow management tools

Healthy cash flow is vital in today’s economic climate, marked by the double whammy of a pandemic and rising inflation. Some simple tools to keep track of and improve your cash flow include:

  • Accounting software with real-time reporting, so you know where you stand at any given point.
  • Financial forecasting and planning tools to understand where you are going, such as Plan Guru or Pulse.
  • Cash flow solutions that support healthy cash flow on both sides of the equation. Selectpay’s business-to-business buy now, pay later and selective invoice financing solutions are great tools to grow your business, build a healthy cash flow and support your clients to thrive. Find out more at selectpay.com.au.

No matter your industry or business size, the right tools are vital to help your business thrive in today’s landscape. We’d love to hear your thoughts, so drop us an email or connect with us on LinkedIn to share the tools you’re loving right now.