Alyssa Futterer, Senior Marketing Technology Manager at Blytheco, has over 12 years of digital, communications and content marketing experience with 5 years in software tech specializing in the ERP, EDI, and SaaS space. Alyssa leverages her relevant experience to create content that educates and informs customers and industry professionals, and helps to improve their businesses through innovative software technologies. Connect with Alyssa on Linkedin.
5 Types of Software Every Startup Business Needs
Establishing and running a successful startup business requires sweat and commitment as well as tools that enable capable people to be their best. Almost every startup business hopes to grow into a mid-size company and, possibly, into a large corporation. This process does not happen by accident, nor does it happen overnight. It happens, instead, with a clear vision, precise planning, and capable software designed to make good teams even better. As a result, startup and quickly growing businesses need five types of software to be successful.
Startup Business Software Needs by Industry
Multiple industries dot the commercial landscape. These industries contain various types of startup and quickly growing businesses, and their needs can be very different.
For example, the software needs of a startup manufacturer will be very different from the software needs of an advertising agency. Though there may be similarities regarding the specific outcomes obtained by these software options, each is designed to provide specific solutions based on the industry it was created for.
Companies that manufacture products, whether toys or industrial parts, require software designed to help manage inventory, cost of goods, staffing levels for production, and distribution. ERP and accounting software are ideal solutions to help these types of businesses operate at peak efficiency.
Advertising and Marketing
Organizations that provide advertising and marketing solutions utilize software such as CRM, marketing automation, and tools for social media management. Unlike manufacturers, advertising and marketing organizations don’t produce hard goods. Instead, they implement processes and services designed to promote one’s business and engage a target audience to bring them into a marketing funnel. This process then leads to a buying decision and, ultimately, revenue.
For media companies, software designed to manage video production, advertising time or space, and enable retrieval of digital assets are beneficial tools. These tasks can be handled by media plugins or additional components added to ERP solutions, marketing automation, or CRM software.
Healthcare organizations utilize CRM solutions that are tailored to the medical industry. In addition, a variety of ERP solutions are available for healthcare organizations, helping them track and process payments, ensure HIPAA compliance, manage accounting processes, and oversee patient engagement.
Companies that focus on distribution as their core business benefit significantly from ERP and accounting solutions. These tools can handle everything from financials, commerce, inventory management, and other components of the supply chain.
5 Types of Software Every Startup Business Needs
Startup businesses can benefit greatly from accounting software designed to help them expertly manage income and expenses as well as a variety of other areas. Startup and quickly growing companies must properly manage invoicing and payment receipts, produce reports, estimate taxes, and promote overall financial accuracy.
In addition to expertly managing a business’s financials, most accounting software can integrate successfully with other solutions, such as CRM, ERP, and marketing automation software. Utilizing capable accounting software is a baseline that any startup business should have.
Every startup business can utilize the options offered by a capable ERP solution. In addition to helping executives make fact-based decisions, an ERP system allows organizations to foster accountability, transparency, increased efficiency, and gain a competitive advantage. Furthermore, a capable ERP solution can easily integrate with other software or can welcome additional modules designed to maximize their capability.
There are many ERP solutions to choose from, and one size does not fit all. Startup businesses must select the right ERP solution for their business type, industry, and size. Also, quickly growing businesses must consider an ERP solution that can quickly scale as the operation grows.
Successfully engaging customers is a vital component of a growing business. Cultivating prospects and converting them into buying customers who make repeat purchases is the primary objective of a customer relationship management (CRM) solution. Whether utilized by a single department or by various stakeholders across multiple departments, a robust CRM is essential for every business that wants to leverage customer information for continued revenue and growth.
4. Time Tracking
Tracking time is necessary for businesses where billing is tied to the number of hours staff spends on projects. This is inherently true for law firms, advertising agencies, and companies where time is money. Software designed to keep track of staff activities helps businesses with accurate billing. It also enables organizations to determine how efficient their operation is and whether adjustments are required regarding how staff spends their time.
5. Payment Transactions
Businesses must keep track of all transactions related to invoicing, payments, cash applications, and other areas that contribute to the balance sheet. Companies committed to efficiency and reducing waste must track every dollar that comes into the organization and associate that revenue with a particular project, employee, or deliverable. While income generated by the business is good, knowing where and how that income should be tracked and applied is better.
How Blytheco Can Help
For decades, startup businesses have come to rely on software designed to help them manage everything from accounting to customer relationships. There are many software solutions to choose from, but not every solution is best for every business. Making sense of the available choices is where Blytheco can help. Contact one of our startup business experts and allow us to help you choose the right solution for your unique business needs.