When it comes to running a small business, there are a lot of moving parts. Keeping track of tasks, financials, and the various other aspects of running your business can be overwhelming if you’re not on top of things. While there are many business owners who are happy to manage things using old school methods such as pencil and paper, there’s something to be said for implementing (and benefitting from) technology. 

Over the past decade or so, helpful tech tools for small businesses have grown in number and popularity. There’s tools to help make nearly every aspect of your business easier, from bookkeeping and accounting to supply chain management, email marketing, and more. When looking to streamline your processes to increase productivity and growth, here are 8 of the best tech tools for small businesses. 

Benefits of Tech Tools for Small Businesses

Before we dive into the various helpful tech tools for small businesses, let’s first take a look at how they are helpful and why investing in tech tools for your small business is a smart move.

Saves time 

The first benefit of tech tools is that they help save time. This frees you up to focus on what matters the most in your businesses, rather than tedious tasks that can be automated or synced. This is really key when it comes to things such as data entry and invoicing, which can take hours of your time each week when that effort could be better spent working on strategic endeavours aimed at growing your business. 

Saves money

When you factor in the opportunity cost of not only spending time on those manual tasks, but also missed opportunities for growth, you can’t afford to not implement tech tools into your business. Additionally, implementing a product such as a customer relationship management (CRM) tool can help you be able to automatically identify where you might be “leaving money on the table” with particular customers. 

Another example is that by using an accounting software, you might be able to gain insights that highlight that you’re overpaying on taxes (or maybe not setting enough aside). Implementing automatic backup software means you won’t lose data or experience downtime that could lead your business to miss out on potential revenue-generating opportunities. Project management software can help ensure you stay on top of all your deadlines, and avoid any penalties. 

Finally, tech tools allow you to provide the online service and convenience that customers have come to expect as a result of the COVID-19 pandemic. As the pandemic halted physical movement, sellers and buyers both needed ways to connect remotely to continue doing business. Consequently, businesses of all kinds saw both the frequency of online transactions and the average transaction size rise dramatically. Add to that the fact that Gen Z, Gen X and Millennials make up the majority of online spenders. This group doesn’t want to handle transactions the traditional way, they want – and expect – the speed and ease of digital experiences. Implementing tech tools for your business helps streamline the buying process and increase sales.

Using the Right Tech Tools for Your Small Business

It’s clear that the thoughtful use of technology within your business is not only beneficial for you but also your customers. Here are some options to consider (many with free or trial versions!) 

Customer Relationship Management (CRM) software

CRM software is an essential tool for any business. It lets you easily keep track of all aspects of your customer touchpoints and interactions in one convenient place. CRM software can give you important data to help grow your business, including who is visiting your website, who is reading your emails, and when the last time you reached out to a high value customer was. 

Some popular CRM tools include Hubspot, Salesforce, Zendesk, and Zoho. 

Project management tools

Project management tools are a must for any business owner or team juggling multiple projects at once. These tools let you easily keep track of appointments, tasks, and deadlines in a centralized place. You can organize tasks by customer or project, or whatever makes the most sense for your business. You can even set things up to receive reminders ahead of deadlines to keep you on track with deliverables. 

Some popular project management tools include Trello, Asana, and ClickUp.

Bookkeeping and accounting software

Another key tech tool for growing small businesses is bookkeeping and accounting software. This type of DIY option lets you easily perform the tasks that a bookkeeper or accountant would normally do, without having to pay their salary. Software like QuickBooks makes it easy to keep track of income and expenses, handle invoicing, and generate reports. If you need a little extra support, our experts are just a click or phone call away to help with various tasks. As an added bonus, QuickBooks easily integrates with various apps and services through the QuickBooks App Store, including with our invoice funding partner, FundThrough. 

Communication and collaboration tools

Communication and collaboration is key for any successful business, and having the right tools in place can help streamline teamwork. Gone are the days of old school telephone calls and interoffice mails. Today's teams make use of technology to improve their productivity and processes. Whether you’re looking for company-branded email, secure file sharing, or video meetings, there are a number of communication and collaboration tools to choose from. 

Some popular communication and collaboration tools include: Google Workspace, Microsoft 365, and Slack.

E-Signature tools

Signing contracts and agreements can be a real pain in the behind, with all that printing and scanning back and forth. E-signature tools make it easy to create and send paperless documents with ease (and plenty of bank-grade encryption!) Set deadlines and reminders, and customize groups for specific tasks. Not only are e-signature tools an eco-friendly option, but they are also a great way to take your business global. 

Some popular e-signature tools include HelloSign, DocuSign, and PandaDoc. 

Email marketing software

Marketing is important for your business as it gets people interested in your products or services. However, not every business has capital for marketing. Utilizing an email marketing software to create targeted marketing campaigns for your customers allows you to reach out to them in a meaningful and relevant way, without the big spend of a traditional marketing campaign. It also allows for highly targeted user segmentation and A/B testing, and provides detailed campaign metrics and analytics reporting so you can continually improve upon your strategy.

The market leader in terms of email marketing software is MailChimp.

Password management tools

With an increasing amount of technology for businesses comes an increasing number of passwords to remember. Take the hassle out of this task by investing in a password management tool. Not only does it eliminate the need to remember multiple passwords, it makes them nearly impossible to guess so your accounts are more secure. You can also sync across multiple devices for added convenience. 

Some popular password management tools include 1Password, LastPass, Bitwarden, and NordPass.

Data backup tools

As mentioned previously, having an automatic data backup tool in place can help ensure you won’t lose data or experience downtime that could lead your business to miss out on potential revenue-generating opportunities. While many of these tech tools have their own backup systems in place, they aren’t always accessible to the consumer. By backing up your data yourself, you retain full control and immediate access to anything critical for your business operations. 

Some popular data backup tools include Carbonite, Rewind, Veeam, and CrashPlan.

One Final Note

This list of tech tools isn’t meant to be exhaustive, but it shows you that there are many digital tools available to help you better manage and grow your business. Some may not be relevant for your situation, and that’s perfectly fine. If there’s something on our list that sounds appealing as a way to streamline processes or free up your time, consider giving it a try for a few months and see how it goes. Many tech tools for businesses have free or trial versions so you don’t have to fully invest without giving it a try first.

About FundThrough

FundThrough is a leading fintech company accelerating cash flow and enabling growth for small and medium businesses. Based in Toronto, FundThrough’s AI-powered invoice funding platform gives B2B businesses fast, customized funding offers to get their invoices paid in a few days - rather than a few months - and get quick access to cash that’s already theirs. For more information, go to http://www.fundthrough.com. To learn about FundThrough’s partnership with Intuit QuickBooks and how you can fund an invoice, click here. If you’re ready to create a free, QuickBooks integrated account, get started here.