Do you know how much you're spending every month on your business software subscriptions?
In the spirit of transparency, I spend £55 per month on all of my business software. But if you have absolutely no idea, you're not alone. It's easy for these seemingly small subscription payments to start adding up. Especially as your business grows and you need to add more employees, or you get caught in feature add-ons or volume pricing.
With costs rising across the board, many businesses are now having to tighten their belts. Monthly software expenses often go overlooked when it comes to cutting costs, so I've put together this guide to reducing your monthly software spend and saving your business money.
1. AUDIT YOUR USERS
Many enterprise software companies charge on the basis of how many people are signed up to your account. This can get expensive as your company grows. Simply remove anyone who is no longer with your team or not actively using the software for a quick way to reduce your bill.
2. CHANGE TO AN ANNUAL SUBSCRIPTION
It makes sense to sign up for your software on a monthly basis in the beginning while you're still making sure it is the right tool for you. But when you're feeling confident, most software companies offer discounts if you pay annually, which could save you up to 20%.
3. CONSIDER DOWNGRADING YOUR PLAN
Most software companies offer different plans, at different price points, depending on the features you use. It's not uncommon for them to hook you in with a free trail, then automatically convert you to the highest priced plan with all the bells and whistles. If you don't need or actively use these features, downgrade your plan to save money.
4. CANCEL ANY SOFTWARE YOU NO LONGER USE
We all have one of these lurking somewhere. You probably signed up for a trail and then, let's be honest, completely forgot about it. If you need a reminder, check your bank or credit card statement to see what's been going out.
5. BOOK A TECH AUDIT WITH COELLABORATIONS
If you don't have the time or internal resources to dedicate to this exercise, I'm here to help. As part of a comprehensive Tech Audit, we'll also look for ways to consolidate your technology by removing redundant software and recommend more cost-efficient options.