Essential Tools to Help You Manage Multiple Streams of Income

Creating and growing multiple streams of income can be a powerful way to increase financial stability and minimize risk.
However, to be successful, you need to efficiently manage your streams and resources. If you’re overwhelmed, unable to keep up, or constantly dropping the ball, you could potentially jeopardize the success of your business.
Don’t worry: there are apps and tech that can help. Here are 5 essential tools business owners use to help them effectively manage multiple streams at once.
 
1.  Project Management Tools
Web-based project management tools allow you to plan, create, prioritize, and execute projects and tasks for each of your income streams. Most of these apps also offer collaboration features, allowing you to work with team members and delegate.
There are several options that are suitable for small businesses, including: Trello, monday.com, and Asana. No matter which one you choose, here are some essential capabilities your project management tool should have:

• Automations - save time on repetitive tasks
• Alerts/reminders
• Options for visual learners - timelines, task lists, Gantt charts
• Integrations - integrate with your other apps/tools
• Analytics - facilitate effective decision making

2.  Social Media Marketing/ Management Tools
These tools can help you create, schedule, manage, and track the effectiveness of your social media content and ad campaigns through a single dashboard. You can also handle all direct messaging from one location.
If you run multiple social media accounts, or have different accounts for each of your streams, these tools can help you become more efficient – saving you time and money.
Some examples include: Hootsuite, PromoRepublic, or SocialPilot.
 
3.  Accounting Software
Finance management tools like QuickBooks, Wave, or ZipBooks are essential to the operation of any small business – especially if you’re juggling multiple streams of income.
The tool you choose should have the following capabilities:

• Analytics and reports (for example, profit and loss statement, balance sheet, cash flow, expenses)
• Direct invoicing (with customizable invoice templates)
• Bank account connectivity
• Expense tracking tools
• Automated payment reminders

  
4.  Graphic Design Tools
Graphic design tools like Canva, VistaCreate, or Snappa provide small business owners with a simple and accessible way to create high-quality designs. These tools eliminate the need for extensive training or experience, allowing you to create professional-looking materials quickly and easily.
Most graphic design tools also offer templates that can be easily customized to meet your specific needs. The ability to store and access previous designs also ensures that you can maintain a consistent look and feel across all your materials, which is essential for building a strong brand and establishing a professional image.
 
5. Marketing and Sales Automation Tools
Cloud-based marketing and sales automation software allows you to segment your audience and automate personalized communications with them.
Email marketing has been around a long time, but it’s still one of the most effective and popular digital marketing channels, allowing you to communicate directly with prospects and customers.
These platforms, which include Drip and ActiveCampaign, have the following capabilities:

• Email marketing/automation
• Lead generation
• Analytics  
• CRM (customer relationship management)

 
Don’t Go it Alone
​Use technology and widely-available tools and apps to help you create, launch, manage, and market your multiple streams of income.