Opening a new business is not an easy task. There are a lot of moving parts to the process. So, it is all too easy to get things wrong.
One of the main problems is the fact that there is just so much to do. Often, new entrepreneurs underestimate how long everything is going to take them. Therefore, they end up not being able to get everything done properly in time for the opening of their new business.
In many cases, new entrepreneurs are trying to get their business going on a very tight budget. This means that they rarely invest in new technology at the start-up stage. Often, this turns out to be a false economy. Using the right tech can save you huge amounts of time and money, which makes it far easier to get your business venture off the ground.
Here, we look at the apps and tech that can save new entrepreneurs the most hassle.
New business planning apps
Planning is the first stage of any venture. You need to make sure that your idea is viable, put together a business plan, list out what needs to be done to get it up and running, and track the progress of these tasks.
For the research stage, using Note and a spreadsheet is still probably the best approach. You can keep track of the market research you do to evaluate demand, useful sources of information, and any thoughts you have. Use the spreadsheet to calculate whether your business idea is financially viable. You can get your hands on good start-up financial planning spreadsheet templates, here.
Project management apps
Keeping control of the process of setting up your business is essential. If you do not take that approach things soon get out of control. You forget important steps, for example, getting the necessary licenses and permits. Or you may get distracted and start the process of getting things like this done too late in the process.
Using a decent project management app will enable you to stay in control at all times. Not only will you have fewer problems and feel less stressed you will also save money. Fire fighting to try to catch up is always more expensive than doing things in an orderly fashion. There are a lot of project management apps available, but not all of them are suitable for a small business. This article will help you to choose one that is.
Keeping control of your finances from day one
Not understanding their finances and staying in control of cash flow is the biggest mistake the owners of fledgling businesses make. Surprisingly, 80% of the start-ups that fail within the first few years do so because they run out of cash. Even more surprisingly, in many cases, these businesses are viable. They just don ´t have the cash available at the right time to pay their staff or buy the materials to fulfill the large order they have just secured.
Investing in a decent accountancy app and feeding how much you are spending and receiving in the form of payments every single day is essential to success. Those entrepreneurs that do it from the point where they start spending money to get their business started tend to be more successful. You can take a look at some of the accounting apps that have been designed with start-ups in mind, by clicking here.
How to identify what technology could benefit your start-up
The above is by no means a comprehensive list of technology that new business owners can use. It is there to give you a taste of what is possible. To identify what tech could benefit you, make a list of the tasks you will need to accomplish and take a look at the tech that is available to help you to achieve it. You can also explore various companies that can provide tools and resources to help you grow your business; it could be acquiring more funds, getting new investors, or you starting up another franchise of your business.
Getting the most out of your start-up technology
Once you have bought the tech, learn how to use it properly. We are all guilty of buying stuff and never opening the box or underutilizing it. Take, for example, the digital screens most retail outlets now use to promote products and services to their customers. Very few business owners familiarise themselves with all of the digital signage features. As a result, they miss the fact that they have campaign analysis software built-in, so you can see which style of adverts convert into more sales and which ones barely work.
Investing a little time into learning how to use the technology you have will save you a lot of money. It will also teach you invaluable skills that will help to increase your chances of running a successful business.