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How to manage business growth with subscription payment collection

With the speed of commerce today, entrepreneurs and managers can quickly find themselves at the mercy of a business and the constant demands that come from it. However, equally present, is the availability of technology which can help shoulder the burden and take some of the responsibility off you.

The trick is to work out which solution will make the business run more seamlessly so that it won’t continue to demand so much of your attention.

Here’s how to free yourself from your subscription business, while still allowing it to grow.

The diminishing returns of processing

So, you have your subscription business set up, and your subscription payment model is now maintaining cash-flow through regular payments, your operations and finances are becoming more routine, and you are building stronger relationships with your customer base. These are all key benefits of the subscription payment model, which will set you up for expansion.

However, now you find that your business is hitting the growth superhighway (if it hasn’t already), and suddenly, you’re forced further into the business just to keep up. Sure, all of your billing is in place, but when you grow, the amount of work to keep your processes running may begin to spread you very thin.

Stretching both you and your team’s resources is very limiting and can only go so far before something has to give. Your business cannot grow if you’re working around the clock, and in fact, doing so may actually be holding it back from expanding too.

So what’s the answer?

Exchange 'Manual' for 'Automated'

Your subscription business’ success relies heavily on maintaining the flow of regular orders and continuing to deliver value for your customer base, while accommodating for new subscribers. Manually processing these orders and creating invoices will take a lot of time, and hamstring your business in the process. Unfortunately, this burden will only become more of a problem as more orders continue to come in.

This is when implementing a technology solution to support your business and automate the repetitive jobs will do you a world of good. This will completely free up your time and resources to spend on the more important, revenue-generating activities while leaving the administrative duties to a program designed to do this for you. A case study conducted by Ezypay found that one of their customers managed to reduce their payment processing time from 22 hours per month, to just 2 hours per month by automating repetitive payment processing across their franchises.

Moreover, automated subscription-based billing solutions that can be customised to meet the requirements of your business can actually be more affordable and simpler to roll-out than you may think. In the end, you need to consider how much these manual processes are weighing you down, and what this time represents as an opportunity cost to both you and your business.

Focus more on growing your business

As a manager or entrepreneur, your passion is your business. This means your time is better spent on looking towards the horizon and seeing the bigger picture, rather than be down in the trenches, working around the clock on tasks that can be replaced by technology.

Think about examples of businesses that use subscription-based billing today: childcare, dance schools, gyms and even charities - all of these wouldn’t grow or make any progress if managers were behind the desk processing their invoices. Instead they are out on the floor and in the field, improving their customer experience and making long-term decisions about business direction.

Subscription automation can free the shackles tying you to the administrative side of your business and give you the freedom to do the tasks that matter.

Want to know more?

To learn more, download this free eBook, The 6 Steps to Creating Subscription Success, which will guide you step-by-step through how to manage subscription payments in the right way.

Unlock your business’ true potential with subscription billing, and utilise more streamlined systems to take you to the next level.

  • August 11, 2019   ⎯   mins read
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