Topic – Best 5 Management Tools for Your Startup
Startup companies are altogether different than conventional businesses. For example, investors who bankroll them have very different profit expectations than your average business investor. The unique pressures associated with managing newly created businesses in this digital age call for an altogether new set of tools and methods to get them launched. Fledgling industrialists today will benefit from looking deeper into these five types of startup management tools.
Foundation ware: Your “Startup as a Service” App
Foundation ware is a term used to characterize dedicated platforms and software that incorporate a suite of tools that are either indispensable or very useful to developmental-stage entrepreneurs. One can think of foundation were as a “startup as a service” package that may reside on the cloud or online. Startup founders regard these tasks as tedious grunt work that simply can’t be delegated. The challenges that software services resolve may include new product ideation, brainstorming, investor relationship management (for capital-raising functions), public relations management, competition/competitor monitoring, contract generation and management, joint partnership identification and location, investor pitch preparation, and investor update reporting. Foundation ware helps new startup entrepreneurs launch, manage, and ultimately grow new companies more quickly and more efficiently.
Essential Social Media Tools
Customer relationship management is about maximizing customer retention using the smallest possible investment in time and human resources. Social media management is about supporting your organization’s brand so it remains healthy and relevant in the eyes of social media consumers who represent your future prospects and customers. Connect online and try to find the platforms where you will reach your most niche group. Advanced social media management tools generate instant Internet traffic and sales revenue, and when utilized properly, they drive consumer engagement and build brand equity.
Invoicing and Accounting
The primary issue to understand when it comes to startups is they tend to grow fast. This means that management simply does not have the time to invest in climbing the steep learning curves inherent to conventional bookkeeping solutions. Startups need highly efficient invoicing programs that are able to process workflows and tasks presented. Fresh new accounting and bookkeeping software solutions can do a lot for you when you need it most. They provide paperless accounts reconciliation, plain language financial reporting, bank-level security, personalized check printing, investor equity analysis, and tax time support. Some companies allow you to order checks online and will help monitor and account for all the ones you write.
Meeting, Conference, and Seminar Management Tools
Web conferences are a way to efficiently propagate critical information to a select group. Web meetings and conferences require sophisticated tools that enable you to handoff to alternative speakers during a live event. Remote team meetings have proven to be highly effective at informing large audiences in real-time, and web conferences work because they combine the best elements of traditional conference calls and slide show presentations.
Media Monitoring
If your organization or brand has been mentioned anywhere on the internet in almost any language, you will know of it if you know enough to deploy modern media monitoring tools. In-house media monitoring applications supplant those outdated “clipping services” that 20th-Century enterprise relied on for so many decades. Media monitoring is essential for demonstrating your market penetration abilities to your early-stage angel investors. The very best media monitoring tools can talk to your social media management tools, and let you react to media mentions in real-time whenever they happen.
If you were blessed with enough resources, you could do what most established businesses do, and hire the necessary talent and buy the tools you need to plan and execute the many tasks which circumscribe your startup’s core mission. Regrettably, the startup economy works differently. As a developmental-stage entity, you won’t be granted a budget on par with an establishment enterprise. You must assess that the above-named startup management tools won’t involve a massive outlay of capital, and will put you firmly on track to achieve your most optimistic business objectives.
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