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Adopting new technologies is no longer a choice for small businesses—it’s essential. As discussed in our previous post Leveraging Technology for Leadership Success, implementing the right tech tools at the right time enables leaders to stay ahead of the competition, streamline processes, and foster better collaboration. Leveraging technology also empowers leaders to make data-driven decisions, respond to changes swiftly, and build more efficient teams.
The benefits of technology for small businesses extend even further. According to 2023 data from the U.S. Chamber of Commerce, 95% of small businesses in the country use at least one technology platform. Increased adoption of high-tech solutions is correlated with improvements in sales, employment, and profits.
Furthermore, Forbes notes that small and medium-sized businesses (SMBs) are increasingly relying on cloud-based services such as SaaS (Software as a Service) and IaaS (Infrastructure as a Service) to supercharge their growth. A survey from AppDirect also shows that 56% of SMBs are using five or more cloud-based applications to run their companies. Here’s a closer look at some of these software solutions and how they can drive small business expansion.
Customer relationship management software
Small businesses face unique challenges when managing customer relationships due to limited resources and tight budgets. That’s where customer relationship management (CRM) software comes into play. CRM software simplifies all customer interactions and helps businesses stay organized, a Forbes article highlights. It allows companies to track sales leads, manage customer data, and automate marketing efforts. Having a centralized system improves workflow and boosts customer satisfaction, allowing businesses to offer better service and increase sales without overburdening their team. According to Zippia, companies that prioritize customer experience see up to an 80% increase in revenue and 60% higher profits.
One CRM software that meets the needs of small businesses is Zoho CRM. Its customizable features allow businesses to tailor the software to their processes without the need for coding. Zoho integrates with widely-used tools such as Microsoft 365, Google Workspace, and telephony apps. The platform is also highly secure, with features like two-factor authentication and encryption. Zoho CRM can automate sales workflows, track customer interactions across multiple channels, and generate intuitive reports, making it an ideal solution for small businesses.
Consumption billing software
Research from Manifesto Growth Architects shows that 70% of businesses believe membership and subscription models are key to future commercial growth. This approach has already proven beneficial for analytics firm Domo, where consumption billing has provided more upsell opportunities. By partnering with other businesses and leveraging consumption billing models, Domo has expanded its joint deals with cloud-based data warehouses from zero to 60 in just one year.
For small businesses looking to improve cash flow, consumption-based billing software can be an invaluable tool. Automated billing ensures that all billing-related data inputs, often from disparate sources, are accurately reflected in invoices, reducing errors and improving cash flow management. A platform that small businesses can consider is SOFTRAX’s consumption and usage-based billing software. SOFTRAX simplifies usage-based billing as it has tiered and cumulative pricing models, allowing businesses to charge based on metric quantities or incurred costs. With flexible pricing strategies that support flat fee, transaction-based, and usage-based billing, SOFTRAX enables small businesses to cater to diverse customer needs while improving revenue streams.
Project management software
Project management software is essential for any business aiming to stay organized and keep track of various moving parts. The rise of hybrid and remote teams has made project management software even more vital. Yet, per Wellingtone, 25% of businesses lack the necessary technology for team collaboration on informal projects, despite these tasks making up 20% of work time. The US Chamber of Commerce stresses that project management software helps refine project workflows. It organizes tasks, manages schedules, and provides collaboration tools. For small businesses, this software can be particularly useful in coordinating activities for client projects or executing internal operations efficiently.
Nifty is a project management platform that addresses these challenges. It features a centralized inbox where users can view all project tasks, messages, and comments in one place. Nifty’s improved team chat functionality ensures faster and smoother communication, while its unified interface provides a clear view of all project updates. These features make Nifty an excellent solution for small businesses looking to improve collaboration and project visibility.
