How Software Solutions have Empowered Start-ups to Taste Success A remarkable business plan coupled with right software solutions can actually make businesses grow by leaps and bounds
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
The success stories of start-ups are not only booming the entrepreneurial ecosystem but also encouraging entrepreneurial minds to explore opportunities, innovate, and change the world. From the resounding popularity of Flipkart, PayTM, Swiggy, Nykaa, Ola and many more, it is evident how technology has supported businesses to reach the zenith of success.
A remarkable business plan coupled with right software solutions can actually make businesses grow by leaps and bounds. These software solutions can be the partner of growth stories as they share the onus of operational and administrative works such as maintaining accounts, managing staff and employees, payroll activities, managing customer engagement etc. These tasks are highly time-consuming and are more prone to errors, if handled manually.
The various challenges faced by start-ups in terms of market competitiveness, limited budget, struggles to build a loyal customer base, hurdles in setting up an effective work force make it difficult for them to sustain. And, investing in software is the last thought that comes to the mind as they are perceived to be expensive. However, the phase when only high-priced software solutions by multinational corporate were present in the market that were affordable only to billion-dollar companies has faded away. With advancements in technology, a plethora of powerful yet budget friendly software have paved their way into the market to empower start-ups
To name a few software, which can efficiently manage basic business operations are -
Accounting Software- Starting a new business can be a thrilling, but maintaining the accounts and ledger books can be extremely tricky and time consuming. This is where accounting software comes into play. To name some popular accounting software are - Zoho books, IDos, Marg, Busy, ProfitBooks, Tally.
Human Resource and Payroll Management Software–It's difficult in the initial phase for a Start-up to hire a team of HR professionals. Therefore, Human Resource and Payroll Management Software can help a business manage various HR operations. Some of the popular HRM software includes, Marg HR and GreytHR.
Sales and Customer Relationship Management Software – Sales is an integral part of any business and to increase sales having a healthy customer relationship is important. However, start-ups have their own limitations which can act as hindrance in maintaining a healthy customer relationship. And, this as a result can impact the sales. There are software like Nextsky, Zoho and Agile, which can help a business maintain sales and customer relationship.
GST Software – The introduction of GST has changed the entire market scenario, impacting all businesses — small, medium or large. With software like GST Filing, GSTJockey and VG GST Services start-ups can easily file GST returns without any hassle. Many SMEs and software have taking assistance from GSTJockey to save on lot of time and money.
Apart from these, there are several software solutions available in the market which is specific to industries. These software are capable of handling various business operations. In addition, SAAS technology under cloud computing has enabled users to leverage the power of technology, making it all the more cost-effective.
Moreover, cloud-based software ensures secure login, easy accessibility, and no or lesser risk of data threat. It has also eliminated the need of setting up high-end IT infrastructure, such as setting up a server room or having a huge IT team. Considering the unforeseen situations associated with businesses, especially start-ups, these software can be used on Pay-per-Use policy.
It has therefore, dusted off the worries related to perpetual licensing costs. For Example if a business has to cut down on its employee count from 100 to 70, it need not worry about the payment subscription of software. All a business needs to pay is the subscription cost of actual users. Thus, helping start-ups face various challenges.