Running a startup is a tough job, and until and unless one does it in person, they cannot fathom the hard work, anxiety, and difficulty associated with it. This is especially true for startups in a high-growth environment.
A high-growth startup essentially refers to any startup with a business model that is scalable and repeatable. Entrepreneurs find themselves constantly worrying about one thing or another trying to meet the ever-changing demands of the market.
To successfully lead their high-growth startup to success, there are certain tools that entrepreneurs can use to make their processes increasingly efficient and streamlined. Given below are four such tools and software that high-growth startups need to adapt ASAP:
1. Data Rooms: Firmex
High-growth startups often find themselves in situations where they require investment to grow and scale further, and hence look towards pitching their startup idea to venture capitalists and other investors.
When a VC firm takes interest in your startup, they are likely to ask you to present your financials and other confidential data before arriving at an investment decision.
While you want to get the investment you are looking for, you would also not want your data to be compromised.
In such situations, virtual data rooms such as Firmex are a great solution for being able to remotely share required information with investors and also track the usage of that information for future reference. Learn about Firmex’s Data Room and its use for your business.
2. Project Management Tools: Asana
Project management tools are a necessity for big and small teams alike to handle the workflow of pertaining projects. High-growth startups in particular will find themselves on the line for managing multiple projects with limited and all-rounding team members. This makes the use of project management tools such as Asana essential.
Asana is a comprehensive and user-friendly project management tool that helps teams organize and track their workload. Asana essentially handles all tasks related to project management such as designing and structuring workflows, assigning tasks, and communicating with teams.
It is cloud-based and is customizable, meaning that managers can divide projects into phases and tasks, and assign clear expectations for each task.
3. Data Analytics Tools: Google Analytics & Tableau
Companies incur a ton of data on an everyday basis from different sources. This could include customer demographics, behavior, internet usage patterns, website traffic, incoming sources, etc. However, all of this data will be useless if companies generate insights from it.
To generate insights, high-growth startups need to use data analytics tools such as Google Analytics and Tableau.
Google Analytics essentially helps startups get familiar with their customers by analyzing traffic sources and website visitor demographics. It is a powerful tool that can help start-ups take decisions in multiple realms such as marketing, procurement, and finances.
Tableau, on the other hand, is a great tool to visualize data and create charts, tables, graphs, and maps using the same.
4. Marketing Tools: Hubspot
To grow their business, high-growth startups need to invest in their marketing and sales. However, owing to the multiple platforms where companies can execute their marketing and sales efforts, there need to exist tools that can help consolidate all of that marketing data in one spot.
HubSpot is a powerful tool that handles marketing, sales, and customer service for companies of all sizes. It is particularly popular in high-growth startups as it handles a ton of functions.
Managers can use HubSpot to manage their websites, perform search engine optimization, do social media, and run CRM software.
Conclusion
Running a high-growth startup comes with a unique set of challenges. However, these challenges can be minimized or turned into opportunities by using the right tools.
The above-mentioned set of tools is a comprehensive solution to most of the issues faced by high-growth startups and hence should be adopted readily.