HOW TO CHOOSE THE SUITABLE BUSINESS MANAGEMENT SOFTWARE FOR YOUR BUSINES

One thing you should bear in mind when looking for suitable software for your business is that you are only automating your operations and processes and not changing them.

E.g if you allow customers to buy on credit, you are only looking for a software that will allow you to do that without any restriction.

You can't stop selling on credit because you got software that will not permit you to do that.

Just know that there are many types of software you can use such as ERP business solutions, Inventory software, Accounting software, Invoicing software, etc

Therefore the BEST SOFTWARE for your business is the one whose FEATURES align with the NEEDS of your business.

How to know the one that the features aligns with your business needs:

1. Your type of business: Are you into production, or trading(buy and sell). Or you do both.
Or you offer just services.

E.g if you are into production, you need software that can track your raw materials, your output against your input.

2. The business operations you want to configure: Is it your products, raw materials, sales, expenses, Accounting, staff management, customers, suppliers, etc.

Your choice of operations to automate will determine the type of software you should go for.

3. The business Processes you want to automate: e.g your mode of payment, sales channels, do you accept returns from customers, do you give commission, etc. How do you run your business in general.

4. Your business size and future projection: Do you have multiple branches, warehouses, departments, staffs, etc. Would you soon grow to have such. Always choose software that can accommodate your growth.

5. Your most risk areas: e.g if you do the bulk of your transactions with cash, then you need a software that will help track your cash movement.

If your products expires easily, you might need a software that will help you track products expiry dates.

It is better you know what you want but decide to go for an alternative than going for something that should have been your alternative out of ignorance.

The second thing you should consider before choosing any software is COST.

Yes you might see very good and suitable Software for your business but the cost will be more than what your business can afford.

What to consider in Cost include:

1. The yearly or monthly subscription: the initial setup cost might be high depending on the type of software and the expert doing the deployment.

But always focus on the yearly or monthly fee

2. Mode of payment: will the subscription be made in foreign currency or your country's currency. Ensure you can cope with any option.

FREE SOFTWARE:
I know you love free things 🤠. But the truth is that you can never get any free software that can solve all your needs.

Free software offer limited functions.

You might need to a combination of software if you are keen on using free software.

This may not be healthy for a business with large inventory.

In fact if proper inventory management, and Business reports is very crucial to you, please avoid free software.

Free software can be used by businesses; offering only services, just starting at a very low level, have limited inventory, only interested in sales and expenses.

SOFTWARE TO AVOID:
1. Any software available only on your phone or laptop. Please avoid any software you cannot login from any other internet enabled device and access your business information.

Before you download any software, ensure that it is cloud based. Meaning you can log in from anywhere and with any internet device.

When you travel, you need to know what is going on in your business.

2. Spreadsheet is limited and can be very tedious in reconciling many transactions.

Once you alter the formula, you are in for big confusion.

Please avoid spreadsheet if you have more than 20 different products you want to track and manage.

Therefore discuss extensively with your Accountant before choosing any software.

If you desire Accounting and Financial Report and reconciliation in a software, ensure you employ an Accountant to deploy suitable Software for you.

But be sure, the features of the software aligns with your business realities.

Remember: You are only Automating and not Changing the Operations of your business.

Questions, inquiries and more suggestions are appreciated.