Overview: Organizing a Small Business
As your company starts to grow, things might start to move a bit too fast. What can you do to keep your company focused? Get organized. There are many different types of software designed for organizing small businesses and to keep tabs on what is going on. Many of these are free with an option to get premium add-ons to tailor to your companies’ needs.
Tip #1: Utilize a CRM System
A Customer Relationship Management (CRM) system helps businesses organize their leads. Many large companies integrate CRM systems into their email lists apps such as MailChimp or GSuite to keep track of their leads. For example, on your website, you may have a “Request a Call Back” type of form. After the lead submits their inquiry, the integrated CRM system will automatically send their inquiry to a representative who will reach out to them. CRM systems are a great way to centralize all client information. Too often companies lose out on potential sales because the information on a lead or client gets lost by getting buried in emails. CRM systems are also an excellent way to organize small businesses by helping them reconnect with past clients. Here, at Solutionarian Marketing, we utilize CRM systems to stay connected. Here are some popular CRM’s.
According to Salesforce’s website, customers who utilize their CRM system report 44% more leads as well as 37% increase in sales revenue. Keep in mind, different businesses yield different results. Salesforce CRM starts at $25 a month billed annually. This is one software to consider as for organizing small businesses.
AgileCRM does have a free option for small businesses with up to 10 free users. In the free plan, your CRM is allowed up to 1,000 contacts and 5,000 branded emails. More sophisticated plans range from 8.99 to 47.99 billed yearly.
Tip #2: Invoicing/Ticketing System
Nothing is more frustrating than not receiving payment for a service or product for a business. Nothing is more frustrating for a client is receiving the wrong invoice or ticket or receiving an old bill in the mail. Having an invoicing system is one of the most important items to have in your company. As small businesses start to grow, more people are hired. Having a reliable invoicing/ticketing system is the key to organizing any small business. How can anyone keep up with the billing and tracking of clients he or she works with? Software developers made it easy to have all the invoicing or ticketing all in one system, usually paperless. Not only can you send invoices and proposals/quotes, but you can also track company spending. Many popular companies that offer invoicing systems also have payroll integrations, so all financial documents in one spot. This kind of software makes it easier to have all the necessary paperwork when it comes to internal company audits. Here are some popular invoicing/ticketing systems that small businesses use according to Entrepreneur.com.
Due is a free invoicing system. It allows business to know when invoices are paid in real time. There is an option to process payments online through credit cards, Due will charge a 2.8% fee per transaction. Due also offers Global Payments and Time Tracking addons.
Zoho does offer a free service but it is limited. On their free plan, business owners get one user and the ability to invoice up to 5 customers with customizable invoice templates. They have access to time and expense tracking. They do offer paid plans that allow more invoices and more users.
Tip #3: Know Your Budget
According to Business Insider, the top reason why small businesses fail is due to cash flow problems. To start this New Year on the right foot, conduct a company audit. Discover where you are putting too much money in and where you can cut back. Be careful when you do this because unnecessary cuts can create discontent employees and might damage the company. So, think twice before you cut out the office’s coffee budget. If your finances are starting to become an issue, meet with a local financial risk and asset manager. Here are very common cash flow problems.
Invoices aren’t getting paid.
Before doing work for a client, establish an invoice grace period in their contact. Quite similar to Tip #2, having an invoicing system is great but following up on past due invoices/tickets doesn't hurt. Be sure to not wait too long to follow up with them. It is a shame when we see companies get a bad reputation for performing great services but are bad at invoicing. Invoices that are not paid on time can create a fiscal deficit in your company’s finances.
Too Much Inventory
More is not always necessarily better. Excessive inventory, especially in the restaurant business can be very counterproductive. To avoid this kind of situation, it is best to know the different factors that affect your business. After you take inventory and ready to request your next order, consider the following:
- Does the timing align with the peak of the season?
- How much storage do you have for your merchandise?
- How accurate is your inventory count to its projected numbers?
- How much did we sell this product in comparison to last year?
Meet with the Experts
Whether it is a flyer we are designing or a website we are making, we try to educate all our clients on what they need to do to get their business rolling. If you need any additional resources on organizing your small business, feel free to schedule a meeting. Here at Solutionarian Marketing, we believe that establishing a great client relationship is built on the foundations of trust, transparency, and knowledge. Click here to schedule a meeting.