When did you last audit your business subscriptions and digital tools?
I recently helped an interior design studio audit its tools; the results were eye-opening.
By analyzing their subscriptions and workflows, we identified opportunities to save over $1,000 in annual fees—a significant amount for any business!
As business owners, it's easy to accumulate many software subscriptions, digital tools, and online services over time. While each may have seemed necessary at the time, the costs can quickly add up, leading to unnecessary expenses that drain your bottom line.
That's why it's crucial to regularly audit your business subscriptions and digital tools to ensure you're only paying for what you truly need. Now, let's dive into the process I use to help both my clients and me stay profitable.
The Auditing Process for Online Business Tools
There are three important questions to ask while you audit:
Step 1. Value and cost analysis: Is the tool essential to your services and workflows, or is it simply nice to have?
Step 2. Review of Use:Â How often are you using the tool? Does it justify paying an annual fee, or could a monthly subscription be turned on when needed? Are you using all the "premium features" to justify paying for the premium version of that tool? If the cost is based on seats or users, ensure they use the tool or consider creating a shared team account instead of paying per user.
Step 3. Alternatives:Â There are many tools out there. Don't fall prey to the mindset, "That's the tool we have always used." Be open to other options and see if they align better with your needs.
I leveraged the power of Google Sheets to streamline the auditing process and visualize the data effectively. However, you can use any tool to organize the information quickly, calculate costs, and identify areas for potential savings.
I like tracking expenses this way because, in a quick view, we know which months have the most expenses and how to plan.
Online Business Tools - The Auditing Results
In my client's instance, the interior design studio was paying for too many seats or members in several tools and bought a costly tool that was hardly used. They were hoping to find time to learn and use it.
By doing this audit, we see what is essential and how the small fees can really add up. Sure, some audits might not yield significant savings, but it always feels good and reassuring when more money flows to you or your profit account.
So, when was the last time you audited your business subscriptions and digital tools? If it's been a while, now might be the perfect time to look closer!
Hey there! If we haven't had a chance to meet yet, I'm Kirstin. I'm a former corporate gal turned small business owner who guides female entrepreneurs toward successful online businesses without burnout. Click the button to connect if you would like to audit your tech stack!
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