The Ultimate Guide to Small Business Tools in 2024

In the business landscape of 2024, small businesses are not just surviving, but thriving. They constitute a significant portion of the economy, contributing to job creation and economic growth. However, running a small business can be tough, especially in today’s fast-paced and competitive environment. To get an edge over the competition, small businesses need to leverage technology solutions that can help them fine-tune their operations, improve efficiency, and drive growth.

The small business landscape is constantly evolving, with new challenges and opportunities emerging every day. In 2024, small businesses will face a range of challenges, including increasing competition, varying customer expectations, and the need to adopt emerging technologies to stay ahead of the curve. There are approximately 33.2 million small businesses in the United States as of 2024, making up 99.9% of all U.S. businesses. This not only reflects the dominance of small enterprises in the business sector but also shows their significant role in generating employment and contributing to economic stability.

Technology solutions can help small businesses overcome these challenges by offering them the tools they need to streamline their operations, improve efficiency, and drive growth. From low-code and no-code platforms to productivity and project management tools, there are a range of solutions available that can help small businesses achieve their goals.

The right tools can make all the difference for small businesses, allowing them to work smarter, not harder. By utilizing the right tools, small businesses can improve their productivity, reduce costs, and drive growth. The global market for low-code no-code development platforms was valued at nearly $15 billion and is expected to quadruple in the next five years.

Small businesses are not just a significant contributor to the economy, they are the very backbone of it. Accounting for over 99% of all businesses in the US, they employ over 45.9% of the entire workforce. In fact, small businesses generate significant economic activity, contributing billions to the US economy.

In 2024, there are approximately 33.2 million small businesses in the United States. This not only reflects the dominance of small enterprises in the business sector but also shows their significant role in generating employment and contributing to economic peace.

Despite their immense impact, small businesses face a range of challenges. These include limited resources, increasing competition, and rapidly changing customer expectations. These challenges can make it tough for small businesses to grow and succeed in today’s dynamic business environment.

However, technology can help small businesses overcome these challenges. By leveraging technology solutions, small businesses can compete with larger businesses, improve their efficiency, reduce costs, and drive growth.

In the face of economic shifts and inflation, small businesses are particularly vulnerable. 50% of small businesses say inflation is their largest challenge. However, with the correct technology solutions, small businesses can navigate these challenges and translate them into opportunities for growth.

In the next sections, we will explore these technology solutions, providing actionable advice on how to choose and implement them effectively.

Low-code and no-code platforms are revolutionizing the way applications are built. These platforms provide a visual interface that allows users to create applications quickly and easily, even with minimal coding knowledge.

Low-code and no-code platforms are not just tools; they are game-changers in software development. They empower both developers and non-developers to create applications, thereby democratizing the process of software development.

These platforms provide a visual interface, often with drag-and-drop functionality, that allows users to create applications without the need for extensive coding. This means that even those without a background in programming can create functional and efficient applications.

The low-code/no-code market is experiencing rapid growth. It’s expected to reach $187 billion by 2030, driven by an increasing demand for software development solutions that can help businesses create applications quickly and easily.

By 2024, low-code application development will be used for more than 65% of application development activity. Moreover, 70% of new applications developed by organizations will use low-code or no-code technologies by 2025.

This growth highlights the rising popularity of these platforms and underscores their potential to transform the software development landscape.

A. Productivity & Project Management

While managing tasks and deadlines, productivity and project management tools like Asana and Trello bring are instrumental. These tools allow you to visualize project progress, assign tasks, collaborate seamlessly, and boost team efficiency. Organizations that use project management practices have a 92% success rate in meeting project objectives. Moreover, 85% of project managers tend to run multiple projects at the same time. This highlights the importance of these tools in enhancing team satisfaction and accelerating project completion.

Examples in this category include:

• Monday.com: Offers a highly customizable platform to manage projects, workflows, and team collaboration efficiently. Its visual project tracking and automation features streamline processes, enhancing productivity across various tasks.
• ClickUp: A versatile project management tool that combines task management, document sharing, and time tracking in one platform. ClickUp's flexibility allows teams to tailor its features to their specific needs, promoting better organization and efficiency.

B. Marketing & CRM

Marketing automation tools like HubSpot and email marketing platforms like Mailchimp help you attract, nurture, and delight your customers. These tools allow you to craft targeted campaigns, personalize customer interactions, and measure results effectively. The global CRM market is expected to reach $128.97 billion by 2028, highlighting the growing importance of customer-centric strategies. 76% of marketers with a CRM say it’s important to the success of their overall marketing strategy.

Examples of marketing and CRM tools include:

• Salesforce: A comprehensive CRM solution that offers a wide range of features for sales, customer service, marketing automation, and analytics. Salesforce is renowned for its scalability and customizability, catering to the diverse needs of businesses.
• Zoho CRM: Provides businesses with a robust set of features to manage sales, marketing, customer support, and inventory management in a single system. Zoho CRM's affordability and user-friendly interface make it a preferred choice for small businesses.

C. Accounting & Finance

Financial anxieties and errors are among the leading causes of mismanagement and delays in business operations. Accounting and finance tools like FreshBooks and Wave make managing finances a breeze. From tracking income and expenditures to creating invoices and gaining financial insights, these tools keep your financial house in order. A Fundera study revealed that 41% of small businesses prefer to take care of their accounting process, emphasizing the need for such solutions.

Examples for accounting and finance related tools include:

• QuickBooks: An industry-standard accounting software that offers comprehensive features for tracking expenses, payroll processing, invoice management, and tax preparation, suitable for businesses of various sizes.
• Xero: A cloud-based accounting software designed for small to medium-sized businesses, offering features such as invoicing, inventory management, and bank reconciliation. Xero's intuitive design and real-time financial reporting make financial management accessible and efficient

D. Data & Analytics

Data is the most critical aspect of any business. Tools like Google Analytics and Tableau transform website traffic and customer behavior into actionable insights. Use data to make informed decisions, personalize marketing campaigns, and optimize your offerings for maximum impact. By 2027, the global data analytics market is expected to reach $105.08 billion, reflecting the rising significance of data-driven decision-making.

The most commonly used data and analytics tools are:

• Microsoft Power BI: A business analytics tool that provides comprehensive data analysis and visualization capabilities, helping businesses to compile, manage, and analyze data from various sources for informed decision-making.
• Looker: Now part of Google Cloud, Looker supports data exploration and insights by providing an intuitive platform for data analysis, integration, and visualization, fostering a data-driven culture within organizations.

E. Communication & Collaboration

With the rise of remote work, fostering a connected and vibrant team culture has become more necessary than ever. Tools like Slack and Zoom break down geographical barriers and enable seamless communication, both synchronous and asynchronous. Whether your team is remote or co-located, these tools ensure information flows freely and collaboration thrives. In fact, nearly 80% of workers are using collaboration tools for work in 2021, up from just over half of workers in 2019. This highlights the need for better and more integrated solutions catering to collaboration among remote teams.

The preferred solutions for communication and collaboration are:

• Microsoft Teams: A platform that integrates chat, meetings, calls, and collaboration on Office documents within a single, secure application. It's designed to enhance productivity by consolidating all forms of collaboration.
• Google Workspace (formerly G Suite): Offers a suite of productivity and collaboration tools, including Gmail, Docs, Drive, and Meet, enabling teams to communicate and collaborate in real-time, irrespective of their location

ToolJet allows developers to build internal tools and applications to support businesses. With its easy-to-use interface, pre-built components 50+ integration options and workflow capabilities, ToolJet streamlines application development for businesses of all sizes.

ToolJet’s features translate to real-world impacts like time/cost savings, productivity boosts, flexibility, and scalability. Whether you’re a seasoned developer or a business professional, ToolJet stands out as a comprehensive solution to fast-track your internal tool development process. 

The platform also provides a range of features and capabilities including cloud-hosted solutions, collaboration tools, and powerful integration capabilities that make it an ideal solution for small businesses looking to streamline their operations and drive growth. Imagine rapidly creating all your required small business tools to suit your exact needs, all on a flexible and user-friendly platform.

ToolJet has been used by a range of small to medium-scale businesses to create custom internal tools quickly and easily, with less code and fewer resources. These businesses have reported significant improvements in their efficiency, productivity, and growth. 

Don't just take our word for it! Businesses across industries are experiencing remarkable success with ToolJet, and here's the proof:

• "We were looking for a low-code platform to migrate our team processes based on worksheets," says Francois Xavier Lecarpentier, Head of Research Production Management at Orange. " ToolJet not only significantly shortened design and development time but also enriched our tools' functionality. Their team's responsiveness and willingness to address our requests on the fly were exceptional."
• James Bender, Director of IT at BFKN, quotes this sentiment: "ToolJet has been a fantastic tool for our midsize firm. The lack of dedicated developers didn't stop us from building business-solving apps. Their continuous improvements, transparency with the roadmap, and overall vendor engagement have been outstanding."

In conclusion, small businesses need to leverage technology solutions to stay ahead of the competition and drive growth. From low-code and no-code platforms to productivity and project management tools, there are a range of solutions available that can help small businesses achieve their goals. 

By embracing the right technology solutions, like those mentioned in this blog, you can unlock efficiency, streamline operations, empower your team, and propel your business toward sustainable growth. By leveraging open-source low-code platforms like ToolJet and other technology solutions, small businesses can improve their efficiency, reduce costs, and drive growth in 2024 and beyond.