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When you’re running a small business, it can seem like there are never enough hours in the day. Fortunately, with the right tools and software technology, you can begin to get more out of every minute – and boost your bottom line.
Financial management software can help track sales and expenses, monitor inventory purchases, manage cash flow, monitor payroll, track receivables, and other purposes. Spreadsheets can be a valuable tool to help manage your business finances, whether for regular daily needs or for doing ad hoc analysis. Businesses with more sophisticated financial needs may need specialized financial accounting or other packages.
Online banking services, such as Business Online Banking, provide a convenient way to manage your accounts, pay invoices and bills, transfer funds, and serve other needs. With the advances in mobile technology, managing your business finances on the go is much simpler than it used to be. Mobile banking lets you monitor your accounts, so that you can easily see your current balances, check which deposits have posted, and identify whether checks have cleared. Even if you don’t own a smart phone, text banking can help you take care of business when you can’t get to a computer.
Customer relationship management (CRM) software lets you mine the customer data you already have to discover untapped business opportunities. These insights can tell you who your best customers are, which sales and marketing techniques are most successful, and where you could improve your customer service. Common benefits of using CRM software include increased sales revenues, shorter sales cycles, higher lead conversion rates, increased customer retention, and decreased sales and marketing costs.
Online technology can play an important in the marketing of your business. A website can serve as an online brochure to communicate with customers about your business and its product and services. More robust websites can allow your customers to place orders, schedule appointments, ask questions, and conduct other activities. Email campaigns and newsletters, as well as marketing on third party sites, can broaden awareness about your company, promote offers, and engage with customers.
Cloud computing lets you store information or applications on a remote server that can be accessed by authorized people who can create, view, and share data. This can help facilitate a variety of tasks, such as file sharing, virtual meetings, banking, and website hosting.
While these tools are a great place to start, these are just a few of the technological solutions that can benefit your business. Specialty businesses may require unique software tailored to the business type. Talking with an expert can help you make smart technology investments that will carry your business into the future.
Information and views are general in nature for your consideration and are not legal, tax, or investment advice. Wells Fargo makes no warranties as to accuracy or completeness of information, does not endorse any non-Wells Fargo companies, products, or services described here, and takes no liability for your use of this information. Information and suggestions regarding business risk management and safeguards do not necessarily represent Wells Fargo's business practices or experience. Please contact your own legal, tax, or financial advisors regarding your specific business needs before taking any action based upon this information.
Wells Fargo & Company or its affiliates do not provide tax advice. Please see your tax advisor to determine how this information may apply to your own situation.