Operating a subscription business enables you to create ongoing value for your customers in return for multiple payments over a period of time. As well as delivering your business a continuous stream of revenue, it’s an effective way to encourage customer retention.
In fact, this model is often so successful that it places businesses on the fast-track for growth, and while this is a great outcome, sudden growth can often catch businesses by surprise. When your business enters this expansion phase and a greater number of customers begin their recurring billing cycles, your current manual processes can struggle to keep up.
However, your business can overcome this with subscription automation.
What is subscription automation?
Subscription automation is an essential tool to help capitalise on your growing customer base and improve revenue, without the need for additional staff. It’s also simple to implement, helps you to manage cash flow and enables you to easily deal with greater demand for your products or services as your business grows.
Is your business ready?
With your business growing, it can be hard to tell if you’re ready to introduce automation to your subscription payment model. To help get you started, we’ve put together some questions you can ask yourself to see if you’re ready.
- Does my business have repeat customers who purchase the same goods and services time after time?
- Is my business manually invoicing repeat customers?
- Is my business operating an inefficient payment collection system?
- Does my business experience cash flow issues related to late customer payments?
If you answered yes to any of these questions, this could indicate that your business is ready to automate subscription billing. Explore the full checklist below to discover what each of these questions could mean for your business and to see if you’re ready to reach new heights with the help of a subscription billing solution.