Despite economic obstacles triggered by geopolitical risks, inflation, and labor shortages, worldwide software spending will continue to increase. According to Gartner’s latest forecast, global IT spending will reach $4.5 trillion in 2023, with software spending reaching $856,029 from $783,462 in 2022. The wave of inflation, layoffs, and consumers cutting spending, managing a startup, has become more complex than ever.
However, the current market downturn shouldn’t stop you from establishing and expanding your small business. All you need to do is develop a game plan, including choosing several types of software your business needs to stay afloat. With the right software and apps, you can improve workflow management and boost productivity without overspending. Below are must-have software and apps to build and grow a startup.
Data Analytics Software
Using data analytics in your small business is vital to identify market trends and consumer behavior. Access to accurate customer data can help you develop or improve your products to meet the unique needs of consumers, which is key to attracting high traffic. To enjoy the benefits of data analytics, you need to collect data in a structured way. Then, analyze it consistently to get a better understanding of your audience.
When shopping for data analytics tools, consider Google Analytics, Tableau, Google Search Console, Microsoft Power BI, and Retool. Each tool has unique features for collecting and analyzing data. For example, Tableau supports different data sources and features informative dashboards that allow startups to visualize and understand data to make informed decisions. Meanwhile, Google Analytics provides free tools to gather and analyze data, including your demographic, traffic sources, online customer behavior, and consumer expectations.
Apps for Boosting Productivity
One of the best ways to improve your team’s productivity levels is by integrating the right productivity software. Apps designed to boost workplace productivity simplify communication and collaboration between team members. They help automate day-to-day business processes to enhance efficiencies. Examples of productivity tools worth investing in are Asana, Slack, Monday.com, Notion, Trello, Google Workplace, Microsoft Teams, and Wrike.
Outlook is another must-have productivity tool, as it boosts email management and productivity. With Outlook, you can snooze emails, set automatic replies, and schedule meetings using the built-in calendar. However, to make the most of Outlook, you need to learn a few tricks. For instance, let’s say you receive a lot of emails during a holiday break and would like to let clients know you can’t respond to them immediately. The right move would be to set up replies for out of office in Outlook online. Setting automatic replies in Outlook helps you enhance internal and external communications and efficiency.
While there’s nothing wrong with hiring professional accountants to handle your startup’s finances, it pays to integrate accounting software into the process. In this digital age, when many businesses complete transactions online, it’s crucial to have tools that help manage finances with zero errors. The best accounting software every startup should consider includes FreshBooks, Zoho Books, QuickBooks Online, Wave, and Xero. Remember, the accounting app you choose will depend on the size of your startup, industry, and personal preferences.
The importance of software is something businesses across all industries cannot overlook. Enterprise software helps automate different tasks within an organization, thus improving productivity, communication, customer services, and reducing errors in accounting processes. For any startup looking to grow, it’s essential to have all of the must-have software, such as productivity software, data analytic tools, accounting software, and communication apps.