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Fundamentals for Small Business Owners to Live By (Part 2)

March 12, 2020 by OSYB Staff

Tuesday’s blog, Fundamentals for Small Business Owners to Live By (Part 1), shared tips on how run a successful business. Here are some tools, software and processes that you can utilize to pursue your goals:

Finance tools are abundant in the marketplace and choices abound, it is important to be educated on the tools that are available. This will allow you to make the best choice that meets your business goals and helps you to evaluate whether you are running a profitable business. Here are some things that your tools should be able to perform:

  • reporting
  • data analysis
  • real-time updates
  • invoicing
  • bank integration
  • features that allow you to understand the current financial state of your business, how you got here, and where your headed given projected growth and spend.

Sales and marketing tools are also available for you to tap into:

  • Customer Relationship Management (CRM) software
    • allows you to dig into specific accounts
    • analyze granular details about the account and its contacts
    • add notes regarding customer feedback, and track their engagement with your company over time,
    • uncovers whether your sales team is solving customer problems or not.
  • Content Management System (CMS)
    • manages your messaging
    • allows you to easily reach a target group of people with a message tailored to their needs

Employment data offers tools too:

  • Human Resource Information Systems (HRIS)
    • look at employee-related data and its direct impact on the business
    • with this date engage employees to work together for company success
  • Talent Management Systems (TMS)
    • can be used for recruiting and hiring the best candidates
    • enables businesses to recruit for specific skill sets, levels of experience that the business needs

For full article: The golden rules of small business management

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