Technology is an important part of any business, but it often comes at a price. Carefully choosing the technology programs that are most beneficial for your business can help you control costs in case of a recession. Here are the most important recession-proof IT programs to consider for your business.
Customer Response Management (CRM)
Maintaining an easy, efficient method of managing customers and responding to common inquiries is a requirement. CRMs are especially beneficial for smaller businesses that are more likely to have smaller teams. Some features to consider when choosing a customer response management service include access to sales data, the ability to share and sync data, and chat integrations. Smaller businesses may find it beneficial to integrate a CRM that allows them to scale in case they eventually require additional services.
Cloud services can be a cost-effective way to manage data. In a public cloud, multiple businesses share resources, making the service more affordable. Cloud computing also makes data more accessible by automatically syncing it, which can help keep track of information in companies with high turnover rates. Easy backups and a shared database of data also make collaboration and customer data access easier for remote employees. Check out getgsi.com for expert cloud-based consultation and automation services.
Microsoft offers a variety of free programs that can improve employee productivity and efficiency. Microsoft Excel can help track accounting and budgeting projects. Microsoft Teams give team members a collaborative place to share ideas and collaborate together on projects. Microsoft PowerPoint is an excellent program for creating client presentations and proposals.
Workplaces that prefer Google programs will also find many of these features on Google Documents or Google Sheets.
Accounting software is also a must in any business. Choosing the right accounting software programs makes it easier for you to track revenue and expenses. This same software is also beneficial when it comes time to file your taxes. If you employ employees, you’ll want accounting software that also handles payroll. A separate bookkeeping program may be necessary, depending on how granular or detailed you want your accounting books to be.
Project Management Programs
Project management programs also benefit most organizations because they increase productivity and efficiency. It can also help business owners identify where and when their resources are used most, helping them make any necessary budget cuts during a recession. Consider available features, like how well your teams can collaborate with each other and what other IT integrations are available. Depending on the size of your business, you may also want a project management program that allows you to assign different roles and permissions within the system.
Time Tracking Programs
Some businesses may also benefit from time-tracking programs. These programs can help small businesses track employee hours or the number of hours spent with different clients who may be on a fluctuating pay scale. Companies working with freelancers or contractors may also benefit from a time-tracking program to better understand how often they utilize exterior resources. Finally, work teams with salaried, remote employees may prefer using a time-tracking app or program to measure how many hours different employees are working each day or throughout a work quarter.
Payment Transaction Processor
A payment transaction processor may also be necessary if your customers or clients pay virtually. Carefully comparing different available transaction processors before implementing them can help you manage costs so that you don’t have to switch providers when and if a recession occurs. Most payment transaction processors charge a fee, which may be monthly or per transaction. Considering how you earn and how this may change in the future is essential for choosing the right payment processor now.
Security is an essential consideration when choosing the best payment transaction processors. While small businesses may try to control costs by choosing smaller payment processors, this can put you at risk of data loss and breaches, which often results in expensive fines and penalties.
Marketing software will also become even more important during a recession. As customers spend less, you’ll rely on your marketing strategies and software programs to reach them. Email marketing software is an easy way to keep in touch with your most loyal customers. Email and text messaging marketing software programs can also help you boost sales in the short term through last-minute sales or promotions.
Important things to consider when choosing the best recession-proof marketing software include automation ability, access to data analytics, and security. Keeping your customer data secure is crucial, even with email and phone numbers.
Technology will continue to be an important tool, even during a recession. In fact, many of these tools can help you maintain stable income and customer satisfaction when you need it most.