Do you have the right business tools for your business?

Do you have the right business tools for your business?

Whether you are just starting a business or have been in business for many years, having the right set of business tools is important to allow you to scale and grow your business.

Often the first business tool which you will look at is an accounting system which will allow you to issue invoices to your customers, record your supplier’s bills, pay your staff, reconcile your bank account and lodge your GST returns with the Tax Office.

Whilst your accounting system is a great start, what are some other business tools which will work in your business?

If you are a wholesaler, having a dedicated inventory management system is critical as it allows you accurately keep track of the amount of stock you have on hand as well as providing an accurate cost of the product which will allow for accurate sales reporting.

If you are a manufacturer, having a dedicated inventory management system is also critical as it allows you to accurately manage the component products which you use to produce your final product.

If you are in a professional services business which sells time, having a job management system is a critical tool for your business. You need to be able to accurately schedule in client work, allocating your staff to work on different jobs at the right time so that you deliver an exceptional customer experience. You also need to be able to accurately assess how profitable every job is so that your business is profitable. 

If you are a retailer which has a “bricks and mortar” store, your cash register is your key tool for sales information. You will use it for adding up your total sales for each day as well as determining what products are popular and which ones are not. You also need to have a way of tracking your inventory levels so that you can also have sufficient inventory in the store for your customers to buy.

If you run a trade business like an electrician or plumber, having a job management system is a critical tool for your business. It allows you to accurately quote a job, schedule in the job with the customer, track the time and materials which you have used and review the job profitability.

All business owners need a tool for storing their customer information as your customers are one of the biggest assets to your business. Often this information is stored in multiple places across the various business tools which you have that makes it hard to use. Storing your customer information in a central database called a customer relationship management (CRM) system allows the business owner to get a complete picture of the interactions which a customer has with their business and to use this information to better market their products and services to each customer.

The true power of these business tools comes when they are integrated together allowing for automation which streamlines the operations of the business. Once the business systems are in place and the business processes are automated this allows for the business to scale and grow at a much faster rate.

Does your business have the right set of tools to scale and grow? If you are not sure, book an initial free consultation with us to discuss your current tools and what you would like to achieve.