23 Apr 2019

Useful Software for Business Management

Strategy is an important part of devising any workable business model. This can be a tall order, but there are luckily a number of software tools that will aid up-and-comers in the world of business in creating a business plan that works for them. This can help in the organisation of a viable plan that will ensure healthy growth and high levels of function in any business.

The primary purpose of creating useful strategies for the implementation of a functional business model is to lay out on paper the specific goals and mission statement that will define a company’s operations. This is important for creating organisational structures as well as calculating the revenues needed to keep a company on its feet. This also helps in the prediction of potential problems that might arise in the future, allowing business owners to plot out solutions before they become necessary.

The sheer truth of the matter is that businesses who do not plan ahead are often prone to become dismal failures within just a few years of their inception. The leading cause of failure for new businesses is the loss of funding, an issue which usually arises from their ability to strategize well ahead of time. Had these businesses utilised any number of tools to assist in the prediction of their financial future, then they likely would have avoided such failures. Instead, they were mired in the present, blissfully unaware of their need to plan for a time when funding might run short.

While there are a number of software tools aimed at helping entrepreneurs prevent this type of failure, those which are deemed most useful generally cover a couple of basics. First of all, they help in the formation of long-term goals. Not only do they help managers and business owners to plan what these goals will be, but they help them figure out how to keep track of their progress so that they know whether or not they will reach their goals in the desired amount of time. They also help entrepreneurs figure out what they will need to acquire if these goals are to be achieved.

In addition, useful software tools should help in the prediction of a company’s financial future. There is a standardized method for this type of prediction, generally predicting a company’s cash-flow by one month at a time for the first twelve months and then switching to quarterly predictions after that. Software is extremely helpful in this endeavour, especially when the business owner in question lacks the requisite skills in accounting to devise such predictions on their own. They are able to fill in basic information, such as their standard rates of costs and revenue, and then the software takes over the rest of the calculations. This can help a business to see how long it may take for them to start losing money on a particular cost if revenue is not increased by a certain amount of time.

The follower software tools should assist business owners in all of the above concerns.

1. BizPlan.com

This online software has been awarded for its ease of use, catering to all business owners regardless of their accounting skills. Co-workers can easily be provided access to the company’s information, making this a very viable tool for those who work in partnerships.

The primary service that this software offers is the use of basic templates that can be incredibly helpful in the formation of financial predictions. Space is provided for a wide range of data, and these templates can be adjusted to include any additional information as the user sees fit. Since the interface is entirely online, it is easy for the developers to provide updates. They are already planning some major additions, such as the integration of other online corporate resources. This will allow users to create much more detailed business strategies. These strategies can be organised to achieve the desired appearance, making it easy to supply potential investors with your financial plans if you so choose.

2. Biz Plan Builder

Similar to BizPlan.com, this software allows users to provide online collaborators with their information by hosting their data online. One of the main features of this software is its customizability, allowing for the creation of plans that take a number of varying factors into account. This means that plans can be changed to suit the needs of any potential stakeholders. Plans can also be tailored to incorporate specific decisions that the company may be considering, such as major mergers and acquisitions.

Basic financial models and analytical software tools make it easy for users to quickly create viable financial predictions. This can help users to not only plan for their general future but also to plug in the information for planned changes and how they might affect the economic structure of the company. Rather than give a simple prediction, this software will go into detail on whether or not the company’s budget grants any degree of viability to certain decisions. Biz Plan Builder will also calculate the best-case and worst-case scenarios for a business’s future.

A number of business tools are provided that lie outside the realm of financial forecasts. This software also provides templates for basic contracts and résumés. Other provided templates include those for basic financial statements, press releases, and the general small print that most businesses will include on their paperwork. Biz Plan Builder will also help users to keep track of stock options.

The developers are well aware that not everyone will be adept at using such software. As such, they have included an online workshop as well as a number of referrals that will help users to grow accustomed to business planning in general. They have also included guides that show users how to navigate and manipulate the software itself, making it so that anyone can pick up and use the tools they have provided.

3. Business Plan Pro

This may be the highest-rated software on this list. Not only is this software designed to be highly accessible to the average user, but a number of features are included so that users can create the best business strategies possible. With literally hundreds of sample plans for users to study as well as a number of free e-books, the basic edition of Business Plan Pro is a valuable tool. There is also a slightly more costly edition, which allows the software to be used in conjunction with other tools such as Excel or QuickBooks. This edition also adds a number of tools to help businesses calculate their finances as well as their overall value propositions.

The features listed above are only the tip of the iceberg. Business Plan Pro will also enable users to figure out what particular template best suits the financial plan they need. Costs of marketing, utilities, and other expenditures can easily be added and viewed in the form of a simple yet comprehensive chart. These charts can be easily created by simply dragging information and dropping it where it belongs. On the off-chance anyone might need help using this prediction tool (or any other features), a number of video guides are included with the software that will elaborate all of the basic features and how to use them.

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