FIVE TOOLS FOR SMALL BUSINESS SUCCESS
Having the right tools and technology in place is an essential element that many entrepreneurs overlook
There’s no getting around the need for hard work to start a small business and keep it growing. But having the right tools and technologies in place is also an essential element that many entrepreneurs can over look.
Mitch Solway, vice-president of marketing for Fund Through, a fintech company that helps small businesses meet their cash flow needs, says when a new business is starting up, the founder tends to do everything — sales, marketing, accounting, hiring, supply chain— but as the firm grows, it’s impossible for one person to do it all, and the best wayto cope is to harness some of the many tools available.
While the needs of businesses in specific sectors will differ, Sol way says some support systems are essential to any company. Here are his top five:
1. CLOUD ACCOUNTING SOFTWARE
Your business runs through accounting software, so getting on to cloudbased services like Quick Books Online or Xero sooner is better. Importantly, these companies have massive app ecosystems that allowyou to instantly plug in hundreds of business applications that can help you even more as you scale. It’s definitely one of the first tools a small business startup should have.
2. ALTERNATIVE LENDERS
New and growing businesses need access to capital, and you are sure to hit cash flow hurdles along the way — it’s all part of growing up. You’ ll find out pretty quickly that the banks are not really designed to help at this stage. The good news is that there are different kinds of alternative lenders out there with great products and services designed specifically to help businesses as they start to accelerate. At Fund Though, for example, the company can help eliminate short-term cash flow gaps as you grow. Its customers are able to use their outstanding invoices that are due in 30-90 days and get those funds right away. They can then use this cash to drive growth rather than waiting on payments. Best of all, it takes two minutes of your time to set up. It also integrates with Quick Books Online to make funding that much faster and part of your workflow.
3. HIRING
As your business grows, so will your need for more employees. Hiring is hard work and massively timeconsuming. Fortunately, there are all kinds of online tools that can do everything from helping create a job description to getting it posted on all the major job boards with one click, to ranking and managing all the applicants digitally as they apply. Clearfit is a Canadian company that’s doing a great job in this space.
4.PAYROLL
Of course, with all those people comes an expanded payroll. Again, it’s all about starting early so that you’re not trying to find an automated payroll solution once you’re too far into your expansion. Plan early and you’ll scale faster. Services like Wage point and Ce rid ian are great examples of payroll companies and services that can help at any stage of your growth. They look after the deductions, compliance and all that “fun stuff” that is essential to get right, and ensures that you and your employees never have to worry about getting paid.
5.BOOKKEEPERS
You started your business because you are passionate about what you do, but like all entrepreneurs you quickly find out that the business of running your business is a lot of work. One of the best things you can do is find a great bookkeeper early on, and not someone who is just entering data but someone who is up to speed with cloud accounting software and the technologies that can help your business run faster and smarter. Theycan act as your adviser on anything from cash-flow management to taxes to payroll to expense tracking. Many of the cloud accounting services offer directories of accountants and bookkeepers who are experts at working with small business owners and who are certified on their software. Finding a great bookkeeper that you trust as an adviser early on will pay off huge rewards as you grow.