If you’ve decided to take the plunge and set up your own business, then one of the biggest issues you’ll need to address is what kind of technology and tools you need and which software to invest in.
In the analog era, not only did you need products, services, premises, customers and staff, but you also had to make your own arrangements for supply chain and inventory management, accounting, tax, payroll and all the other administrative burdens of entrepreneurship. There were no off-the-shelf solutions and no shortcuts.
In the digital age, startups can take advantage of a huge variety of digital resources that just plug in and go. This class of software is designed to maximize the efficiency of new and small businesses by streamlining and automating processes, keeping costs down while freeing business owners to focus on the important activities including marketing, product development and growth.
Affordable programs offer a wide range of payment options, management support, communication and record-keeping as well as enhanced in-store capabilities for retail businesses.
There are hundreds of software providers competing for the custom of new and small businesses and not every enterprise will have the same needs. Increasingly, these solutions are cloud-based, operating on a subscription model, but there are also downloadable packages. It can be hard to identify priorities but we’ve looked at the kind of programs on offer that could make the biggest difference across a range of industries.
Point of Sale Software (POS)
According to a recent study by Grand View Research, the size of the POS system market was $9.3 billion in 2020 and is expected to grow to over £18 billion by 2027 [1]. Instore retail has been transformed by point-of-sale software. Not only does it give retailers multiple options for accepting payments, but it allows you to keep track of sales and inventory, manage employees in real-time and feed data directly into integrated financial packages.
Inventory Management (IM)
For retailers, it’s vital to keep track of products and parts throughout the supply chain, all the way from manufacturer and wholesaler to assembly, storage and the point of sale. An IM system properly integrated with POS can keep goods moving, costs down and admin to a minimum.
Retail Store Resources
While many digital tools are associated with ecommerce, clearly they can be just as useful in the bricks and mortar context. Then there is software that is specifically designed for use in a physical retail setting. The best example is probably digital signage software which can transform the customer’s store visit into a hi-tech experience.
It’s a centrally controlled content distribution platform which can share digital content instantly to one or several screens. It’s far more versatile than the analog alternatives, allowing you instantly to communicate details of special offers, adverts, endorsements, even live news and social media feeds. The capacity of digital signage is limited only by your imagination.
In choosing a digital signage system you should look out for certain features, including the option for local or cloud content delivery, 4K resolution, scheduling and calendar support, drag and drop user interface and content interactivity. You can choose to keep it simple or go for something that has every option imaginable.
Accounting Software
This is essential for every business. It’s an easy technology for monitoring cashflow, expenditure and IRS filing as well as fulfilling your obligations under corporate law. Keeping your books accurate and looking after the numbers is integral to the success of any enterprise.
Payroll Software
Another time-onsuming back-room chore dealt with: process payroll, pay slips, bonuses and superannuation payments with streamlined automation. You can make sure employees, freelancers and contractors are paid on time while keeping admin costs to a minimum.
Tax Software
Fulfilment of your tax obligations is a duty you can’t afford to get wrong. It can be complicated enough if you’re operating in only one tax jurisdiction but if there is any cross-border element to your trading then complexities multiply swiftly. There are plenty of software programs available to simplify even complex processes.
Marketing Software and Customer Relationship Management (CRM) Systems
All the software you use generates tremendous quantities of data which is highly valuable for marketing purposes but impossible to process manually. A CRM system matched with a software marketing package is the only feasible answer. Turn leads into sales, sales into repeats and target customers that are otherwise hard to reach.
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