Must-Have Resources for Small Business Owners in 2024

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After years of struggle since the economic collapse of 2008, small businesses are finally making a comeback. The biggest challenge entrepreneurs face is finding the resources to build momentum. That’s why we’ve put together this list of the must-have resources for small business owners in 2024, so you can spend less time worrying and more time building your empire.

First, let’s look at some industry-specific resources. Whether you own a restaurant or a consulting firm, having industry-specific tools and resources can give you acompetitive edge in the ever-changing business landscape.

For restaurants specifically, Square Online and Upserve are novel programs that help restaurants manage inventory and sales, and even provide hiring support. Square Online offers a powerful online ordering system which can be customized to reflect the look and feel of your restaurant’s brand identity, and with no hidden fees, it’s a great way to help streamline operations and boost revenue. Meanwhile, Upserve provides robust menu engineering insights, using artificial intelligence to suggest optimal pricing and specials, based on which dishes are selling best. If you’re in the hospitality business, these tech tools are a must-have.

Even the best-laid plans can be derailed by a lack of cash flow though, and as all small business owners know, managing finances is critical. From tracking expenses to sending invoices and collecting payments, here are some fintech tools to help you make wiser decisions about your business finances:

Wave Financial offers an incredible 100% free small business accounting software that is both easy to use and extensive. Instead of charging for software usage, they instead provide paid services like bookkeeping and payroll, which you can opt into at your own discretion. If you’re just starting, it’s a great way to track your finances without committing to expensive long-term contracts, giving you the flexibility to focus on what matters most for your business.

In addition to accounting software, having a robust customer relationship management (CRM) system is crucial for keeping track of your customer database and sales pipeline. HubSpot offers a free CRM platform with extensive features that are scalable as your business grows, integrating seamlessly with many other apps and services, and it’s a top choice for startups and small businesses. With built-in sales analytics, lead and deal tracking, as well as efficient email management systems, you’ll have all your customer data in one intuitive dashboard.

While these resources will definitely help get your business off the ground, one area where many small business owners need support is with marketing and advertising. After all, if no one knows about your business, generating sales can be an uphill struggle. Instead of sinking your budget into traditional advertising which is increasingly losing its relevance, here are some smarter and more innovative ways to get your brand noticed:

First, Google My Business is a free and easy way to manage your company’s online presence across all of Google’s platforms, including Maps and Search. It allows you to update your business info, like opening hours and contact details, and provides easy access to post updates and respond to customer reviews, which is crucial for maintaining a positive brand image.

Next, if you’re targeting a local market, optimizing your Google My Business listing will allow you to appear on Google Maps, which is a great way to boost foot traffic to your business. This is especially relevant for small retail stores and restaurants, who can benefit from the handy “direction” feature, which helps customers navigate to your business.

Social media is a powerful tool for businesses to connect with their target audience. Especially with the rising popularity of Gen Z-dominated platforms like TikTok and Instagram Reels, small businesses need to pivot to these platforms to reach their audience. Hiring a savvy young graduate who is up-to-speed with the latest trends can be a more cost-effective option than hiring a social media agency, and can yield great results if managed effectively.

In order to thrive, small businesses need to be agile and pivot quickly, which can be challenging given the current climate. But with the right tools and a bit of ingenuity, anything is possible. From industry-specific resources to financial management and marketing tools, having the right supports in place empowers small business owners to focus on what they do best.

By harnessing the power of these essential resources, you’ll be well on your way to building a successful business. Remember, resilience and a forward-thinking mindset are key to survival in the small business world, and the companies that can adapt to changing circumstances are often the ones that thrive in the long term.