When did you last audit your business subscriptions and digital tools?
As a business owner, it's easy to accumulate a myriad of 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.
While I'm not a bookkeeper, as a  Certified Online Business Manager, I'm often in my client's inbox or digital tools, so I take note of "upcoming payment" reminders or renewal dates.
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!
The Auditing Process for Online Business Tools
Here are a few 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? If the cost is based on seats or users, consider creating a shared team account instead of paying per user.
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
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.
To streamline the auditing process and visualize the data effectively, I leveraged the power of Google Sheets. But you can use any tool to organize the information easily, calculate costs, and identify areas for potential savings. In a quick view, we know which months have the most expenses and how to plan ahead.
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 take a closer look!
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. Join my newsletter to get advice like this sent to your inbox.
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