In the United Kingdom, there are over 5.9 million small businesses, which make up 99.9% of all businesses in the country. However, only 41% of UK small businesses survive beyond their fifth year of operation, with financial mismanagement being a common cause of failure.

In fact, a study by the UK's Office for National Statistics found that 42% of small businesses cited cash flow as a major challenge, while 29% reported difficulty in accessing finance. These challenges can be particularly acute for startups and businesses in sectors with high upfront costs or slow payment cycles. Effective financial management is therefore crucial for small businesses to survive and thrive. But, that is just one of the key aspects of a business.

Running a small business can be a challenging task. With limited resources and a tight budget, it can be difficult to manage all aspects of your business efficiently. Fortunately, there are several business tools that can help small business owners to streamline their operations, improve their productivity, and ultimately grow their business.

To help small business owners overcome these challenges, we have compiled a list of 15 must-have business tools that can make a significant difference in the success of your business.

1. Accounting software:

One of the most important tools for small business owners is accounting software. This tool can help you keep track of your finances, manage invoices, and generate financial reports. Examples of accounting software include QuickBooks, Xero, and FreshBooks.

2. Customer relationship management (CRM) software:

CRM software can help you manage your interactions with customers, track leads, and analyze customer data. Examples of CRM software include Pipedrive, Salesforce, HubSpot, and ZohoCRM.

3. Email marketing software:

Email marketing is an effective way to communicate with your customers and promote your business. Email marketing software can help you create and send email campaigns, track email performance, and manage your email list. Examples of email marketing software include Mailchimp, Constant Contact, and AWeber.

4. Project management software:

Project management software can help you organize your tasks, collaborate with team members, and track project progress. Examples of project management software include Asana, Trello, and Backlog.

5. Social media management software:

Social media is a crucial component of modern marketing. Social media management software can help you manage your social media accounts, schedule posts, and track social media performance. Examples of social media management software include SocialPilot, Hootsuite, and Buffer.

6. Website builder:

A professional website is essential for any business, and website builders can make it easy for small business owners to create a website without the need for technical expertise. Examples of website builders include Wix, Squarespace, and WordPress.

7. Video conferencing software:

Remote work has become more common in recent years, and video conferencing software can help you communicate with team members and clients no matter where they are located. Examples of video conferencing software include Zoom, Skype, and Google Meet.

8. Cloud storage:

Cloud storage can help you keep your files and data secure and easily accessible from anywhere. Examples of cloud storage services include Dropbox, Google Drive, and OneDrive.

9. Payment processing software:

Payment processing software can help you manage transactions, accept payments online, and invoice customers. Examples of payment processing software include PayPal, Square, and Stripe.

10. Human resources software:

Human resources software can help you manage employee information, track time and attendance, and process payroll. Examples of human resources software include Gusto, Zenefits, and BambooHR.

11. Online appointment scheduling software:

Online appointment scheduling software can help you schedule appointments with customers, manage your calendar, and send automated reminders. Examples of appointment scheduling software include Appointlet, Acuity Scheduling, Calendly, and Bookafy.

12. Inventory management software:

Inventory management software can help you track inventory levels, manage stock, and automate purchase orders. Examples of inventory management software include Fishbowl, Zoho Inventory, and TradeGecko.

13. Virtual phone system:

A virtual phone system can provide you with a professional phone number and call routing features, without the need for a physical phone system. Examples of virtual phone systems include Grasshopper, RingCentral, and Vonage.

14. Time tracking software:

Time tracking software can help you monitor your team's hours, track billable hours, and generate accurate timesheets. Examples of time-tracking software include DeskTime, Toggl, Harvest, and RescueTime.

15. E-commerce platform:

An e-commerce platform can help you sell your products online, manage your store, and process payments. Examples of e-commerce platforms include Shopify, WooCommerce, and BigCommerce.

Conclusion:

Small business owners face many challenges, but with the right tools, they can overcome these obstacles and thrive. The 15 business tools mentioned in this article can help you manage your finances, communicate with customers and team members, and streamline your operations.

Investing in the right tools can help small business owners to save time, reduce costs, and improve their operations. With so many options available, it's important to choose tools that are tailored to your specific needs and goals. By using these tools effectively, small business owners can increase their chances of success and build a strong foundation for growth.