Anybody who runs or works for a small business can tell you that it’s a challenge to manage any project or task. Small companies sometimes need to work with limited resources and the result can be a lack of organization that’s due to a lack of the right tools.
At Select Funding, we partner with small business owners to provide them with affordable working capital, and that includes equipment financing to pay for necessary equipment. Because project management for small business is essential, our clients often use our financing to buy or subscribe to small business project management software.
We’ve compiled this list of five project management tools for small business owners to consider, along with some information about which features to look for and how to choose the right option for your needs.
What is Small Business Project Management Software?
Small business project management software is software that you can use to organize projects. It’s useful for managing workflows and tracking the amount of time your team members spend on individual tasks. It can also be used to map out projects by setting up workflows and allowing you to see the big picture as you plan.
In addition to being an organizational tool, project management software is useful as a virtual meeting space where all workers, including those who may be working remotely, can collaborate on work and communicate with one another (and with you).
We’ll go into detail about the features to look for in small business project management software, but for now, you should know that you can use project management software to plan, organize, and track projects for your company. You can assess your employees’ or contract workers’ productivity and gain a better understanding of who’s meeting your expectations—and who isn’t.
While you can certainly manage a business project without using software, the purpose of project management software is to provide business owners with an all-in-one suite of tools and functions to streamline project management and increase the chances of success.
What is the Importance of Project Management for Small Businesses?
There are many benefits to using project management software, not the least of which is that it simplifies the process of project management. Some small teams may not use software for project management, but proper management will increase the likelihood of a project’s success. Here are some benefits of project management to consider:
- Project management software simplifies the process of planning a project. Instead of spending hours listing tasks and creating workflows, the right software can streamline the process and allow you to create a new project and an accompanying task list in just a few clicks.
- Managing projects can improve team collaboration because everyone will have access to the same information and as a result, have a clear understanding of the project’s scope and purpose. On a related note, it can also serve as a management tool for tracking freelancers’ work.
- Project management software makes it easy to track your use of available resources and spot bottlenecks that might indicate that more resources are required or that you’re not using resources efficiently.
- Budget management is easy with the right project management software because you’ll be able to see the entire project and what it’s costing you in time and resources. You’ll be less likely to go over budget if you have the right PM tool to help you plan.
- With the right software for project management, you can track your team’s progress in real time with up-to-the-minute reporting and spot potential issues immediately instead of being left in the dark.
- Project management can lead to better business process standardization as team members communicate and learn the most effective way to complete recurring tasks.
- Project management software may also improve customer service because it increases productivity and as a result, may lead to higher customer satisfaction scores.
These benefits make it clear why small business owners should consider investing in project management software. It can make the process of running a business more efficient while providing necessary analytics to evaluate progress.
What Features Should You Look For in Project Management Software for Small Companies?
Before we talk about some specific project management tools to use, here are some of the most important features of project management software.
Project Planning
The most important feature of project management software is project planning. Project planning provides business owners and managers with an overview of an entire project, sometimes in the form of a Gantt chart or calendar. The planning feature should make it easy to see how the pieces of your project fit together.
Scheduling and Task Management
A feature related to planning is scheduling, which allows you to assign tasks to individual workers and create timeframes for those tasks to be completed.
Collaboration
Project management software should include features that facilitate collaboration and communication between team members. These may include options to tag people in projects and share files, as well as direct messaging for interpersonal communication.
Data Sharing
The right project management software will allow you to maintain data where it’s easy for all team members to access it. This is an essential feature for complex projects with many moving parts because without it, there can be a lot of wasted time as people look for what they need.
Time and Budget Tracking
From the project dashboard, you should be able to track employees’ time and your budget for each individual task and for the project as a whole. Some project management tools have built-in time trackers.
Project Dashboard
A project dashboard provides an overview of each project. Some software options will highlight past due items, too.
Reporting and Analytics
The best project management tools provide ad-hoc reporting and analytics to help you measure your progress and track essential KPIs.
5 Project Management Tools to Use
There are dozens of project management tools available, but here are 5 of the best for small business project management.
#1: ClickUp
ClickUp is a tool that’s suitable for small and large businesses who want a robust suite of project management features. It offers a choice of different views and project management methods, so you can use a Gantt chart or a Kanban board or a scrum—whichever you prefer.
ClickUp has a free version that offers an impressive array of features compared to other free options, or you can choose from tiered plans starting at $5 per month based on your needs.
#2: Monday.com
Monday.com has an intuitive user interface that has resulted in some of the best project management software reviews we found. It integrates seamlessly with Zoom and other apps and is affordable, as well.
You can try any version of Monday.com for free for 14 days. Their free plan works if you have only two users, but their Pro plan costs only $48 per month.
#3: Asana
Asana is one of the best-known project management tools. Its open-ended project planning makes it possible to use almost any format you want to manage your project. It integrates with other apps, including Slack and Gmail.
Asana is free for up to 15 team members. If you want premium features, you can upgrade for $10.99 per user per month.
#4: Trello
Trello is a project management tool that uses Kanban boards. It has an intuitive interface that uses drag-and-drop technology to create projects, and team members will be able to get up to speed quickly as they use it.
Trello has the best free option for small businesses because you can have unlimited users and have up to 10 active boards per month, with access to the software’s most robust features. You can upgrade to their Standard plan for $5 per month.
#5: Paymo
If you need to manage a single project across multiple clients, then Paymo may be the right choice for your business. Billing is at the heart of Paymo’s model, which makes it ideal if you need to track hours and collect invoices from freelancers and outsourced workers or pay multiple vendors.
Paymo has a free plan that you can try and paid options start at just $8 per month. They also offer a nice discount (two free months) if you pay for your subscription annually in advance.
Tips for Evaluating Project Management Tools
Let’s close with a few tips to evaluate project management tools:
- Create a budget for project management first to help you evaluate your options.
- Decide which features are most important for your business. Only you know which features you need, and starting with those will help you evaluate your options.
- Narrow your choices. We suggest researching multiple tools and narrowing your choices to three options.
- Take advantage of free trials. Free trials are a must because they’re the best way to see whether a project management tool is right for you and your team. Make it a point to test your most important features to see how they work.
- Check integrations. If your team relies on Slack or Zoom, you want to make sure that the PM tool you use will work with your preferred apps.
We suggest signing up for the plan that suits your immediate needs. You can always upgrade to a higher tier as your team grows, but there’s no point in overpaying now if you can get by with a basic plan. That said, don’t choose a basic plan if it doesn’t provide full access to the features you need.
Get the Working Capital You Need to Invest in Project Management Tools
Project management software can help you do a better job of managing your team and your company’s resources as you pursue your most important business objectives. The information we’ve included here can help you get started with your research and choose the best tool for your needs.
Do you need equipment financing to pay for project management software? Select Funding can help! Click here to learn about our small business financing options and start the application process today.
