You might be in the fortunate position of running a business that does everything it says on the tin. Still, a surefire way to lose customers is to alienate them with inaccurate or untimely billing.
Suppose your product or service offers excellent customer experience and billing facilities for your customers. In that case, they may find inaccurate billing from that service provider to be a sufficient excuse to look elsewhere.
This article offers the ten most essential steps to business success, helping you maintain success, increase revenue year over year, and remain sustainable.
Table of Content:
Table of Content
10 Key Considerations For Business Success
In today’s fast-paced business world, which is becoming increasingly competitive monthly due to the digital adoption of new technologies, it’s essential to take a holistic view of your offering and your customer’s desires to fulfill your sales potential.
Follow these ten key considerations to achieve and maintain business success this year and into the future.
1. Monitor Subscription Metrics
Keep a close eye on essential metrics such as lifetime customer value dollar amounts and map those figures against churn rates. In effect, how much does the average customer bring into your business and how long do they stay with you?
When you fully understand these figures, management can make informed decisions to maximize revenue whilst optimizing customer longevity. Once you work this formula out, compare it against projected monthly recurring revenue actuals to assess whether your predictions hold water.
2. Use Transparent Billing Policies
It’s essential for success to tell your customers in jargon-free language exactly what they will pay and what they’ll be getting for their money. It’s important to include how and when customers will be charged (for example, by recurring credit card bill or PayPal) and consider any potential extra fees, such as late payment penalties and early cancellation terms.
3. Offer Free Trials
Providing free trials or freemium versions of your product or service will allow potential customers to try before they buy. The best way to do this is to offer the fundamental service for free (at least for a fixed period). Still, facilities like generating extra reports or more detailed data analysis require a paid plan or upgrade.
4. Provide Flexible Payment Options
It’s always a good idea to provide flexible payment options by taking major credit cards, using PayPal or its equivalent, and keeping a close eye on dunning (the art of following up on missed or incomplete payments). You should offer flexible invoicing options to accommodate different customer preferences.
It’s also a wise policy to allow each customer to define a rolling month instead of collecting every customer’s subscriptions on a given date – this works better for greater predictability of sales intelligence and incoming cash.
Naturally, it’s crucial to provide clear invoices that are easy to understand and include all relevant information, such as your account department’s contact details, billing period, invoice number, tax point, and all such small print.
5. Adopt an ERP Software
As your business grows, managing multiple processes—such as finance, sales, inventory, and human resources—can become overwhelming. Implementing a comprehensive ERP (Enterprise Resource Planning) system helps centralize operations, improve efficiency, and provide real-time data for better decision-making.
With HashMicro’s ERP Software, businesses can automate financial reporting, track orders seamlessly, and manage employee productivity from a single, unified platform. By choosing a cloud-based ERP solution, you gain scalability, data security, and integration capabilities that support your long-term business success.
When selecting an ERP system, look for one that aligns with your business needs, offers customizable modules, and provides an intuitive user experience. Investing in a trusted ERP provider like HashMicro ensures you get a solution tailored to your industry, enabling you to boost efficiency and drive sustainable business growth.
If you’re curious about HashMicro ERP system, you can download the price scheme below.
6. Follow Compliance Laws
Data protection regulations should be followed to the letter wherever possible. Transgressing the GDPR (General Data Protection Regulations) in Europe and CPRA (California Privacy Rights Act) in the US can carry hefty fines, even for first-time offenses.
Local jurisdictional tax laws should be defined; this can be tricky if you’re a company based in California – but providing a service in Caracas. Just make sure that customers know which jurisdictional regulations apply to their contracts.
7. Avoid Hidden Fees or Charges
Customers might like surprises on their birthday or at Christmas, but not when it comes to being billed by their software provider. Ensure all charges are transparent and clear to costumes to avoid nasty surprises and upsets that may lead to negative PR for your company.
8. Keep It Simple
Avoid complex pricing structures; they can confuse customers and your sales teams. There’s nothing more irritating than asking the price of something and having to sit through a 20-minute explanation when all you want to hear is ‘$250 per month excluding taxes.’
9. Resolve Queries Efficiently
Don’t ignore security concerns related to billing information. Keeping CSV codes from the back of credit or debit cards is a definite no-no. Any ‘stored’ card numbers MUST be encrypted using the latest technology.
Payments taken over the phone should not be voice recorded to avoid storing data such as dates of birth, passwords, and the like. Robust security measures should be instigated and occasionally tested; you can even use the services of an ethical hacker to assess your company’s security vulnerabilities.
10. Communicate Clearly
When making changes to pricing plans, inform customers well in advance and explain the reasons behind any price changes. It’s a bad idea to justify a price increase because you fancy buying another Cadillac or a second condo in Malibu.
Conclusion
Running a successful business requires more than just offering great products or services—it demands strategic planning, efficient operations, and customer-centric approaches. By implementing transparent billing policies, offering flexible payment options, and ensuring compliance with regulations, you can build customer trust and secure long-term growth.
One of the most effective ways to streamline operations and enhance efficiency is by adopting an ERP system. A robust ERP solution can automate financial management, improve inventory tracking, and centralize key business functions, allowing you to focus on scaling your business with confidence.
With HashMicro’s ERP Software, businesses can enhance productivity, reduce manual errors, and gain real-time insights for better decision-making. Discover how HashMicro ERP can transform your operations—schedule a free demo today!
