Whenever a small business gets up and running, there are many important things to consider. These items will vary somewhat across industries, but some of the more common questions include:
● Where is the funding coming from?
● What goods or services will we provide?
● How are we going to draw in our ideal client base?
● How will my employees perform their jobs?
The last question is vital when determining how your administrative functions will operate. Certain fields such as construction and transportation of goods require employees to work on-site. For many other industries, however, remote work options are not only possible, but highly desired by your potential employees.
The trend of work-from-home options has been ramping up during the last several years, especially amid workplace safety concerns during the recent pandemic. Aside from safety, convenience and flexibility are notable draws. As a result, offering remote work options can make your business more appealing to higher-level employees.
One of the easiest ways to accomplish this is by setting up your employees with laptops and using online, subscription-based software.
However, with most businesses requiring numerous software platforms to perform necessary tasks, how do you choose which ones to use? Here are three ways to select online subscriptions to keep your business running smoothly without breaking the bank.
1. Don’t double up on functionality
To stay competitive in a crowded market, most software platforms have multiple features. If you don’t become familiar with everything each one has to offer, it’s all too easy to pay for unnecessary subscriptions.
For example, if you manage all of your finances on spreadsheets, you may need to subscribe to a software package for submitting annual 1099 reports. However, spreadsheets tend to not be a viable long-term option for company finances and you’ll likely be purchasing accounting software at some point. If you are unaware that your accounting software subscription includes 1099 reporting capabilities, you might continue to use your prior subscription. That’s an unnecessary complication and, more importantly, an unnecessary expenditure.
Make sure to explore all the functions each subscription has to offer. Maybe two workflow tracking subscriptions are equal in their capacity, but one offers a desirable electronic document storage feature. A bonus feature that negates the need for an additional subscription platform might be the deciding factor.
Other perks of selecting fewer, more powerful subscriptions include less training and confusion. When onboarding new employees, each additional program they need to learn will increase the required training. If three of your subscriptions allow document storage, finding what you’re looking for when necessary could prove far from efficient.
2. Allow for growth
When it comes to software, there’s a delicate balance to be struck.
On one hand, you don’t want to spend money on overly robust features you’ll never use. On the other hand, you don’t want to pinch pennies if the cheaper software won’t fulfill your needs, even in the short term. It might seem like a cost-friendly option, but switching software almost always requires complications and training.
Unless your cost savings are astronomical as you limp by on underpowered software, you need to allow for growth.
To do this, you should look at the trajectory of your business and attempt to estimate your future needs. For example, if you plan to conduct international business, you’ll want to make sure your finance programs allow for rate conversions and wire transfers.
You also might see if your preferred software has tiered features. This type of flexibility is a fantastic way to get the best of both world—cost savings now and a rich feature set for the future.
For example, QuickBooks® has basic subscriptions that allow for essential functions, including invoicing, payment acceptance, and customized reporting. QuickBooks offers this for a lower rate and might serve your purposes when you’re first starting.
After a few years of growth, your business might require access to multiple users and advanced features. At that time, you can simply upgrade your subscription to include those features.
3. Look at pricing history
Just because something is affordable doesn’t mean it always will be. Unless a software platform is brand new, you should take a look at its pricing history.
Often, companies will lock in pricing for returning clients, but steadily bump up their rates for new customers. Or maybe companies offer generous introductory rates and then double their prices after two months.
While special introductory pricing is something to be aware of, you should also look at regular price hikes. Perhaps your instant messaging subscription is near the top of what you’d like to spend. If that’s the case, you should see if the platform has a reputation for raising prices every year. While you can expect inflation adjustments, annual pricing increases of 20% or more can quickly blow your budget and have you looking for options elsewhere.
As your business grows, it’s reasonable for your software subscription budget to grow as well. But that doesn’t mean that you ought to brush off pricing increases as unimportant. It’s highly recommended that you assess your subscription selections on an annual basis and make sure spending is in line with value.
Good choices, easy implementation
With the explosion of demand for remote work options, software companies have been innovating like crazy to fulfill this need. Because of this, there is a multitude of options for online software that will fit your business’s needs. Not only that, but the increased competition has kept pricing reasonable.
To get you and your employees set up for workplace flexibility, look at your subscriptions as a group. Making careful, well-researched choices will get you a software toolbox that is suitable for your purposes and within budget.
