The odds, it seems, are stacked against small businesses. According to U.S. Small Business Organization, only about half of new businesses survive in five years, and only one-third make it to the tenth year.
So what’s an entrepreneur got to do to survive?
Technology may be a light that small business owners can hold onto in the grim world that is running one’s own business.
According to Entrepreneur: “Small business owners today have access to better technology to help them operate their companies than those in business for themselves had 30-plus years ago. Today’s small business owners have computers, point-of-sale terminals, inventory and financial management software, and many other tools that weren’t available three decades ago. These tools make them both more efficient and more effective at managing their companies. As a result, a smaller fraction of company owners are making business-ending mistakes today than did so 35 years ago.”
With the surfeit of tech tools out there both paid and free, entrepreneurs have a fighting chance to build their businesses while saving time and money. Below, we’ve shortlisted some of the best tech tools you can use for your business:
Running a store? Here’s one great way to manage your inventories and track payments, using your Apple or Android device. Square is the evolution of the point-of-sale (POS) system. It allows you not only to manage multiple retail locations, but also to see key analytics to assess your business’s performance.
If you’re not in the loop yet, Slack is a revolutionary messaging platform for this generation whose attention spans have been stretched to its limits. Available on your desktop or mobile device, the platform makes it easy to navigate across various channels, making conversations with different teams easier and more seamless. Sending files? No need to go back to your email: you can drag and drop spreadsheets, documents, and PDFs.
Remember that time when you can’t remember where you put that file you packed in a box somewhere in your basement, with the rest of your prized stuff and bric-a-brac? BoxMeUp helps you keep track of all your important things using your Android device. Whether you’re an obsessive-compulsive organizer or a scatterbrained stuff collector, this makes it easier for you to find the things you need, when you need them.
If expense reports are giving you a headache, Abacus makes it easy for your employees and team members to provide you with expense reports in real-time. This allows entrepreneurs a bird’s-eye view on company expenditures, immediately -- saving time one usually spends on poring over long reports and tracking costs incurred.
If you need a freelancer to help you with just about anything (whether for design, accounting, or software development work), Freelancer.com can help you tap into a large network of online freelancers ready to do the work for you. Navigate the website on your desktop or mobile, and chat with your freelancer on the go. Now, you don’t need to have a physical office to form work teams ready to do your tasks.