Three tips on choosing new tools for your business

Which tools are right for you?

With all the marketing hype and material out there, it’s easy to get caught up in the latest software tools. Many of these tools can make a big difference in your business, streamlining processes and maybe even bringing in more revenue.

How does a busy business owner know whether or not a tool will help, or just drain the life out of your limited human resources trying to implement it? Here are three tips on how to evaluate a new software tool for your business.

Your strategic plan

Start by reviewing your strategic plan. You spent time thinking about this plan for a reason. How does this new tool fit into that plan? If you’re thinking about buying a new collaboration tool, try to link that tool to your end result. Will buying this tool play an active part in increasing sales or customer service? Is this tool different enough from what you have to really make a difference communicating between sales and accounting?

It can be very easy to get caught up in the sales hype around newly developed software tools. They can be very cool and do things you didn’t even know you needed. Try to get beneath the hype to the actual benefits.  Know exactly how this tool will affect your bottom line.

What pieces do you need for success?

So, you think you’ve found new accounting software you can’t live without. What else do you need to make this work? How do the accounts get moved from where you are currently tracking to this new software? How long will it take and who’s going to do it? Also, who’s paying for the transition? How do you know if the accounts that are moved to the new system are correct? Training? Lots of questions to ask.

If you’re thinking you want to run an email marketing campaign using some of the cool new software out there – do you have a list? Email marketing is not the same as direct, snail mail marketing. Buying an email list is problematic and building your own list takes time and dedication. What are you ready to invest?

Ask the questions before you buy. If you can, ask the company you’re buying from for a sample implementation plan. Read the plan and imagine your company implementing this project. You’d may be surprised at the commitments you’ll need to make in terms of time and resources.

What is the success criteria for this new tool?

If you’ve decided you can live with the implementation time and cost, as well as the cost of the tools themselves, it’s time to determine success. Once you put this time and money into this new software, how do you know if it’s a success? What is your time frame for success? Between implementation time and results can be several months to a year. How long do you wait to know whether you’ve received a return on your investment? Be clear with yourself and your staff. Every implementation is bumpy in its own way. Keep the faith. It might take time to see benefits.

There’s a time and place in every business for new tools and upgrading facilities and software. As a business grows, its needs change and sometimes you outgrow your tools. Be thoughtful when replacing that software and do your due diligence. You want to avoid the revolving wheel of euphoria about the latest tool only to discover you need to invest in six months of database scrubbing and preparation before you can even implement.

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There’s much more involved in selecting the right software tool for your business. How do you make sure you’re making the right decision?