Managing subscriptions is one of the most time-consuming and terrifying tasks for businesses. Subscriptions and recurring billing can be a great way to generate steady revenue for your business, but they also come with their own set of challenges. A subscription-based business requires you to manage a big client database, and billings and most importantly keep in mind the exact dates that you have to renew the plans, manage cancellations, ensure payment security, etc.
The COVID-19 pandemic came as an acute adversity that flipped throughout life. Many businesses came to a standstill due to the restrictions of staying at home and keeping lives safe.
At any stage in a company's journey, revenue is a critical data point. It's a key performance indicator necessary for smart decision-making and keeping your business on track. But as your business grows, accounting often becomes a bigger headache.
For many businesses, tracking revenue is a complicated and labour-intensive chore. Factor in different scenarios such as subscription billing, upgrades, refunds and prorations, and the numbers become even more difficult to parse. And as accounting becomes more complex, it's also more prone to errors – which can add up to more time and expense.
What is it that unites ecommerce across size, industry, business model, and geography? The answer, unfortunately, is fraud.
"Do you think it's worth it?"- groans Bob tiredly. Joan replies as she sips her coffee; " You know, I have these doubts now if we really are doing it right!" Bob nods his head in agreement and states, "It's been 7 months of all 4 of us starting this start-up putting all that we have at stake, and it's just frustrating sometimes that we are not where we intended to be!"
I'm no football fan.
How do you know if a song is a hit?
- Who churns?
- Why should I know about it?
- Why is it important?
- What is Churn actually?
Curious to know ? Click previous blog for your answers.