8 Business Management Tools to Help Modern Companies Thrive

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8 Business Management Tools to Help Modern Companies Thrive

A good business management system is important if you want to run your company properly and make sure you have access to all the data you need to make informed decisions. There are so many options on the market, though, that it can be tough to figure out which ones are worth paying for and which ones aren’t worth the time and money you’ll spend signing up. We’ve collected the most helpful business management tools from this year that every company should use, whether it’s just one person working from home or an international conglomerate with thousands of employees worldwide.

Business management tools are incredibly important to the success of modern companies. While it’s possible to run a successful business without them, you’ll find out that they can help you streamline some of your processes and make your life easier in the long run. In this article, I’m going to give you different business management tools that you can use to help manage your business efficiently and increase your productivity as an entrepreneur or small business owner. Let’s get started!

A business is only as successful as its management, and the most effective way to manage a business today involves a variety of tools to help the owners and managers keep track of the ins and outs of daily operations, from payroll to sales projections to stock prices. These 8 business management tools are designed specifically for modern companies, whether you’re an entrepreneur operating independently or you have dozens of employees in multiple locations worldwide.


1) Time tracking

Time tracking is a key component of many business management tools. If you need help understanding how much time you’re spending on projects, use a time-tracking tool (many are free online business management tools) to understand where your time goes. A time-tracking app can also help keep tasks organized and motivate you to stick with those goals. For example, Toggle offers users free online business management tools that allow them to track their progress toward daily goals. The tool tracks time spent on individual tasks or overall work time, so it’s easy to see if you’re making progress toward your weekly or monthly objectives. Additionally, Toggle allows users to set alerts for when they spend too much time working on one task or another so they can adjust accordingly.


2) Expense and payment tracking

Unless you’re running a business from your home, you need to keep track of expenses and payments. To ensure your employees don’t run amok with over-the-top spending, you can use an expense and payment tracking tool like Concur or Expensify. The best thing about these services is that they’re free. They can also help you understand what’s coming in (and going out) of your business at a glance. It’s not uncommon for companies to lose thousands of dollars each year due to poor record-keeping—these tools can help prevent that from happening.


3) Team communication apps

With its popularity comes to a host of new features, making it an essential tool for teams. Slack is a free online business management tool that helps teams work together more efficiently by making communication seamless and accessible from anywhere. It’s available in free, plus, and enterprise versions and integrates with other tools like Dropbox, Google Drive, Asana, JIRA, and more. With a simple setup process, you can get started quickly on all your devices. In addition to private chats, team members can share files or even create their own chat rooms called channels where they can post questions or information and collaborate with each other. These channels are also searchable so users don’t have to scroll through long lists of messages to find what they’re looking for. For example, if someone posts a photo from their trip last week, everyone else on that channel could comment on it.


4) Project management systems

Improving efficiency and productivity is a key part of business management, and one of our favorites is Basecamp. This web-based tool (which comes in free or premium paid versions) allows teams of collaborators and work teams to create tasks, break them down into sub-tasks, assign team members and keep everyone on track. It’s simple to use, yet powerful—and it even includes an iPhone app for times when you’re out of the office. Another great project management tool is Trello, which offers similar functionality but takes a slightly different approach by presenting your projects as cards laid out across virtual boards that can be easily rearranged as needed.


5) Customer relationship managers

Everything starts with customers, and customer relationship management (CRM) software is one of a few tools that help you keep tabs on what they need when they need it. CRM software helps you organize your contacts’ details so that no leads slip through your fingers. When properly integrated into your company’s business strategy, CRM tools can boost lead generation—you’ll be more likely to be aware of those opportunities and reach out to interested clients before anyone else does. The added bonus? By using CRM software to capture leads and monitor their progress through your sales funnel, you’re also creating an additional opportunity for cross-selling or upselling down the line. To learn more about how these systems work and which ones are best for your business, check out our ultimate guide to customer relationship management software.


6) Employee collaboration tools

The days of locking down your staff in a conference room for an all-hands meeting are long gone. Today, tech companies are building tools that keep employees informed and connected at all times. At Dropbox, for example, each team member’s phone is part of a virtual megaphone system: If someone has something important to say, they simply text it to their team. The message pops up on every employee’s screen and can be broadcasted instantly via video chat with just one click. And when people aren’t working, they have access to all company information through a mobile app that lets them check in on projects and stay updated on what everyone else is doing. In other words, you don’t need to call a meeting—the whole company is always together.


7) Recruitment tools

In today’s fast-paced, technology-driven business world, it’s vital that companies understand how to leverage new recruitment tools and techniques in order to attract and retain top talent. New advances in video conferencing, employee profiling software and smartphone/tablet technology are just a few examples of how recruitment is evolving—and these advances help companies better attract and hire talented candidates who are looking for new opportunities. With that said, be sure to keep an eye on emerging technologies as they emerge over time. While you might not have considered them previously, they could be valuable resources in your recruiting arsenal.



8) Virtual office support services

Virtual office service is a business services company that provides you with a physical address, toll-free telephone number, and mail forwarding. If you work from home or don’t want an expensive brick-and-mortar location, these services can help keep your professional image polished while saving money. Many virtual office support companies also provide additional services such as faxing and copying, event planning, and branding assistance. These can all be affordable options if you choose wisely. Here are some of our favorite virtual office providers • Vistaprint: Founded in 1997, Vistaprint has grown into one of North America’s largest online printers. It has won numerous awards for its customer service, including an Inc. 5000 ranking as one of America’s fastest-growing private companies for four years running (2008–2011). As part of its new focus on small businesses and startups, Vistaprint offers a variety of business services—from virtual offices to customized stationery—at affordable prices.



While some people may prefer one style of business management over another, there’s one thing nearly all successful companies have in common: they have a system. The 8 business management tools above are just a few of many you can use to build your own unique structure for success. No matter what type of business you’re running, it helps to keep things organized and efficient. Using these tools will help you do that. And as always, if you’re looking for more information on any of these topics or others related to business management, be sure to check out our resources page!


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