During this incredibly challenging time, those with a fully primed at-home business can pat themselves on the back, for setting up their livelihood to be fully self-sustaining. They can work and even thrive from home, while others will be taking a hit to their finances.
If you are a business owner that wants to make their at-home business stronger, you will need certain things. The most important is always based in software as you must be able to reach out to your suppliers, distributors, partnerships, customers and financial services while sitting in your dining room.
Of all the software you need at this time, three elements stand out the most.
Choosing an IMS
Inventory Management Software (IMS) will allow you to track the amount of stock you have, so you can make proper decisions regarding sales.
There are quite a number of software options, especially for those that work from home.
Zoho Inventory can be used to link e-commerce websites such as eBay, Amazon and Etsy. You sign up for a monthly subscription plan so you can back out at any point. It’s a cloud-based management solution, so there’s nothing you need to download or save onto your computer. It has an in-built shipping estimate, you can track your items and send invoices attached to each sale.
Another option you may want to explore is Katana. If you are selling unique products that you make yourself, track the number of finished products, storage quantity and sales. Additionally, it will also track the number of raw materials you have, so you know when you can expect a slow down of production.
Controlling Your Finances
Above all else, you need to live within your financial limits. Large businesses hire professional accountants to do all the hard work for them. As a small business owner, working from home, you need online accounting software which has features that will do most of the work on your behalf.
Whether you’re a novice and have just opened a business, a seasoned business owner or one looking to financially expand their business, this is the type of accounting software that will rise to the challenge.
Track sales and profits, so, in turn, you know how much money you have to spend on expenses. There are no limits to the number of invoices you can send. Manage your sales tax on the fly, by using the software on your mobile.
Crucially, your data is backed up automatically. If you choose the most advanced plan, you will also be able to trade in multiple currencies; vitally important if you are in the import and export market.
A Lockdown Helper
While in lockdown, some businesses will also be carrying on. A virtual assistant company is sure to be using this time to increase their client base.
For someone who works from home, you will be needing a virtual assistant to keep on top of your communication and schedule. Now is the time to invest in this type of software, so you can work doubly efficiently to get ahead.
The lockdown could continue for many months, no one really knows. There is a silver lining to this as now you can design your internal infrastructure to really thrive while working from home.
What’s your favourite type of software to keep your business alive in lockdown and will it help it thrive?