Start, build, and scale your organization in the Subscription Economy with the most comprehensive Subscription Automation Product Suite in Microsoft Dynamics 365. Bluefort’s lead-to-payment business automation enables recurring revenue SMBs and Enterprises to scale and cut costs.
Increase revenue by 20% with up and cross-selling opportunities, customer portals, eradication of sales leakage, unlocking FSCM Loyalty functionality, and solid revenue management capabilities.
Mitigate overhead by up to 25% and control your cost/revenue ratio through enterprise-wide connectivity, finance and sales process automation, and a lean organisation.
Increase loyalty and reduce churn with self-service customer portals that enable your customers to manage their own subscription plans.
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Our Enterprise Solution framework highlights our deep expertise in recurring business models, including subscriptions, memberships, utilities, telecommunications, SaaS, and IT services.
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Microsoft Dynamics 365 stability for smart SaaS recurring revenue business.
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Scaling can be a trojan horse for SMBs with subscriptions or memberships: it looks appealing on the outside, but soon brings serious problems. SMBs often lack the infrastructure, time, and resources they need to keep up with any expansion in the base. This article talks through the most common scalability challenges and the best practices that help overcome them. It finishes with a solution that uses automation to make scalability not only possible, but efficient. In this article: Scalability for SMBs Scaling SMBs: What Are the Challenges? Scalability Best Practices How One Solution Will Do It For You Microsoft Dynamics 365 Business Central + Bluefort Are Here to Help The Final Hurdle: Money The problem of scaling is the greatest irony of SMBs. In every scenario, growth should be good. In fact, it should be crucial. But for many SMBs, growth puts them in an awkward position because it stretches their resources and infrastructure even more. Growth might even backfire on an SMB. All the challenges that come with scaling might feel impossible, but they aren’t insurmountable. Though there are constraints to scaling, there are also best practices that can help. There is also one solution that can take care of everything for your business. Scalability for SMBs There’s not much point in having an SMB that doesn’t grow. Scalability is critical for sustainability. But if you want to scale your business successfully, you need to be able to expand your operations enough to accommodate it, but not too much to sacrifice how your business performs. But expanding operations can require more people, more hours, more effort. What complicates things further is that many SMBs who are desperate to be able to scale assume that they’re priced out of solutions that will enable them to grow. Or that making the change is so expensive that their financial situation will be worse. So what are the logistical problems that hold SMBs back? Scaling SMBs: What Are the Challenges? We work with SMBs, and we’ve heard the struggles. Here are the ones we see most often: 1. Not enough people: Chances are you and your team or teams are already stretched as it is. They might be tasked with different types of jobs, spinning a lot of plates, and at risk of burnout as it is. The idea of doing more, longer hours, more tasks to get right simply might not be tenable. 2. Not enough money: You know how tight money can get- especially with how unstable economies have been over the last few years. When your budget is already stretched to the limit, it might feel impossible to stretch it even further for more staff, newer tech, more supplies, or a bigger operations setup. If this is your situation, you’re forced with a choice. Do you discourage scaling so that you can keep up, which risks alienating potential customers for good? Or do you accept operating while overstretched, which risks alienating your workers and current customers? 3. Not enough infrastructure and tech: There are so many ways that infrastructure can be inadequate for your needs. Maybe you’re operating on a manual or otherwise outdated system, which leaves you experiencing delays, revenue leakage, and churn. You could also be suffering with other infrastructure problems, like suppliers. You might be treading water with unreliable suppliers, but you can’t sort it out because you aren’t able to invest in more reliable suppliers. Whatever the problems with infrastructure and tech, the idea of more customers feels like that could push your business over the brink. 4. Not enough operational efficiency: This is a constant problem for SMBs. Most suffer from the curse of manual processes, and processes and workflows that are disconnected, and quite frankly, liabilities. But without the resources, what are they supposed to do? What should SMBs that want to scale and help secure the future of the business do to make growth doable? Scalability Best Practices Knowing the challenges of growth, what can be done to turn things around? Here of some of the best practices SMBs can adopt to put their business on the path: Strategic planning: You can’t scale without a solid plan. The plan needs to include your targets for growth and how you plan to get there, the obstacles you may face, how to overcome them, and contingency plans for emergencies and unexpected events. Use social media: Social media platforms can give an SMB a real advantage, if they’re used correctly. They do take some time to get the hang of, and time will need to be invested in the creation of content with the right messaging that will engage and grow the customer base. A social media planner like Hootsuite or SocialPilot will help take some of the pressure off and keep things organized. Partnerships: We know the power of partnerships. SMBs shouldn’t have to go it alone. There are natural partnerships and collaborations that businesses can make to grow into new markets and bases. It’s just about getting creative. For example, a gourmet popcorn SMB could partner with a drinks company or a celeb gossip website because they go naturally. Optimizing operations: Scalability will demand the most efficient operations possible. Processes and workflows should be cleared of bottlenecks, resources and time waste. Inefficiency will only increase with scaling. Personalized marketing: Marketing campaigns that bring in growth must be impactful and target the audiences the SMB wants as customers. That means using data to get a clear understanding of existing and potential customers so that marketing, messaging, and offerings can be segmented and personalized. This is what drives engagement and conversions. Easy accounting: No matter what the size of your SMB, accounting is a massive consumer of your time and resources. But it doesn’t have to be. Automated financial management can take care of everything for you, including invoicing, billing, payment collection, reconciliation, and reports. That avoids expensive mistakes, and lack of compliance. Some of these best practices might be appealing to you, but the idea of purchasing different solutions to scale might feel like the last thing you want to do. How are you supposed to find the time to put these best practices into the action that will finally help you scale? How One Solution Will Do It For You Many SMBs who try to scale buy one solution after the next, in a piecemeal way, which actually burdens them even more. However, there’s a simple solution to this problem. And that solution is a unified software platform that automates everything for you. Cloud computing, automation, and a good ERP will make everything more efficient, and it frees up your time so that you can focus on the strategy and partnerships that will push your growth even more. Automation can do so much for your SMB. First off, it streamlines your operations by taking care of most of the manual, repetitive tasks that rob so much of your time. Everything from invoicing, billing, and recognized revenue to sales opportunities, to financial record-keeping, and compliance will be taken care of. That cuts back on time consumption, errors, and expensive problems that are created when you fall out of compliance. On top of that, there aren’t any silos- information flows in real time between your financial, sales and customer service teams. That’s less revenue leakage, invoice and contract term mistakes, and fines. And because the right platform will recognize revenue for you, you’ll also get numbers that you can rely on at all times. And the system will create financial reports for you. Just imagine how much time and pain you’ll be spared with these actions. But there’s more. Automation creates the circumstances needed to give your customers an excellent personalized experience. The platform consolidates your customer information, and automation crunches untapped customer data, and segments your customers (as well as creating a singular personalized experience for each customer). Automation can track customer behavior, needs, and preferences so that you offer tailored packages and products that will appeal to them. It also allows you to create personalized communication and equips you with the information you need for targeted marketing. Given that strategy is so important for scaling, you’ll be able to utilize data-driven insights for the best decision-making. You get analysis and valuable insights to inform your choices in the short and long-term based on real-time trends. Everything from pricing to developing new products and offerings will have hard data to back them up. The guesswork is eliminated. Automation makes all these processes inherently scalable. There is no additional burden because no matter how much you grow, the right solution grows with you. Your processes will handle the increased demand, with no proportional drain on your resources. Growth is no longer a logistical concern. But there’s a challenge - with so many software options available, how can your SMB choose the platform that’s right for your situation and needs? Microsoft Dynamics 365 Business Central + Bluefort Are Here to Help Business Central is the perfect ERP system for SMBs. It's flexible and it grows with you. And Bluefort are the recurring revenue experts. We can implement Business Central for you with all the customization you need to get the most out of it. We're here to help you: free your time and resources cut costs and churn build your customer base bring in more revenue expand your business make your life a lot easier. No doubt this all sounds amazing. Who doesn’t want more time and growth, unrestricted by infrastructure? You might be thinking, “Where do I sign up?” But like many SMBs, you might be worried about cost. When your money is currently stretched to the limit, it’s important to see the value of something first, so that you can confidently invest in it. The Final Hurdle - Money A cloud-based ERP and accounting system gives so much value that your SMB cannot afford to function without it. Here’s how: 1. Cost/resource savings over time in these areas: IT and maintenance of outdated legacy systems Automation of routine tasks Elimination of mistakes and delays in the invoicing, billing, and payment collection process Integration of systems so there’s nothing lost or opportunities missed No guesswork in customer interaction, product development, etc. Complete revenue recognition, so you get no leakage 2. No big up-front cost: Most SMBs believe that they must fork out tens or hundreds of thousands in an upfront investment. But that’s not how this combination works. It’s on a subscription, so you spread the payments over time. 3. Finding and giving new value you don’t currently have: The metrics from your data will identify opportunities for growth that you wouldn’t currently have access to. You can feel confident that your business will remain secure and compliant. You’ll get better collaboration between your teams because they all have the information and the time that they need. 4. The competitive advantage: You will automatically have a one-up on your competitors who do not have an integrated ERP with subscription management and recognized revenue. It’s that simple. You’ll be more efficient, and you’ll know how to capture their customers with the customer data insights at your fingertips. When an SMB makes that investment of the first months’ subscription payment, they get to enjoy benefits immediately. Because the chances are, it’s the inefficient processes that have stretched your budget in the first place. So, getting rid of inefficiency will free up your time and resources. And all of this is just a few clicks away. Conclusion It’s clear that if an SMB wants to be successful, it needs to scale. But it also needs to the circumstances that help build that growth, because growth comes with serious challenges. Challenges like limited money, very little spare time, legacy technology, and resource limitations. These challenges must be overcome, or an SMB will be at a distinct disadvantage that will hinder long-term growth. The good news is that when an SMB actions best practices that enable scaling, they can turn things around. Those best practices do require some time and resources, unless the SMB gets a solution that automates nearly all the processes for them. Scalable solutions like Business Central + Bluefort help SMBs overcome scaling problems because it is a platform that’s integrated and grows with the business. The platform’s ability to support process efficiency, better customer experience, streamlined accounting and revenue recognition clear the decks so that SMBs can focus on the high-value strategic work that can make growth explosive. But without any of the baggage that growth brings the unprepared. And that’s value that no one can put a price on. If you are ready to take your business to the next level and enjoy scaling, let Microsft Dynamics 365 Business Central + Bluefort help you. Book a free Discovery Call with our team today.
If you're an SMB with a tight budget and stretched resources, you probably struggle to thrive and grow. This article talks through the most common challenges and impacts faced by subscription and membership-based SMBs. It also shows how the right platform can cut operational costs, improve customer experience, boost incoming revenue and growth, and provide reliable financial management. In this article: The Challenges That SMBs Like Yours Face How Automation Brings SMBs Major Gains The Problem of Money What Microsoft Dynamics 365 Business Central and Bluefort Does For You If you run a small or medium-sized business (SMB) with very limited resources and budget, you probably feel like you’ve got both arms tied behind your back. It can be difficult to take action, improve customer relationships, or strengthen finances because any time or resources spent in one area drains another. Constantly stretching your money as much as possible can be completely exhausting. The good news is that you can get more out of what you have, even with just one thing: a little automation. Curious to see how it works? The Challenges that SMBs Like Yours Face A tight budget controls everything. That means you are stuck making tough choices and cutbacks. You may have to delay important things. It’s pressure that’s demoralizing and keeps you in a state of frustration. You and your teams work hard, juggle roles and jobs, but no matter how hard you all try, things skip through the cracks. Here are some of the areas where SMBs feel it the most: 1. Resource allocation - Resources involve trade-off. For example, should you invest in marketing or sales to drive growth, or update the technology you desperately need? Or should you bring in stellar talent to get the job done? It’s all decisions about what can temporarily suffer for the sake of something else. 2. Staff morale - Consistently overworked employees battle low morale and burnout. They’re stuck with tasks that are outside of their talent and expertise. And they’re far more likely to quit. Ánd employee turnover is disruptive and expensive for an SMB. 3. Inefficiency in your operations - Limited resources create operational problems. Everything from data entry, sales strategy, invoicing, reconciliation, and compliance are slowed down and prone to mistakes. That boosts costs and leaves you vulnerable to upsetting customers. 4. Limited tech - Outdated tech creates more problems than it solves. You might have a Frankenstein situation with multiple solutions and none of the information flowing between them. That puts you at a huge disadvantage to any competitor that has their tech solution specifically geared toward driving efficiency and keeping an eye on rivals like you. 5. Struggling customer service - Good relationships with customers is so important because each customer counts. But it’s hard to keep up with all queries, returns, and problems in a timely way. That’s a recipe for churn, which robs you of revenue in the short and long-term. This cycle can be hard to escape. But if you’re stuck, how can you get your way out of these challenges, let alone accomplish things that will build and strengthen your SMB? How Automation Brings Your SMB Major Gains The more your resources are stretched, the bigger the transformation that automation can bring. It’s a game-changer. Automation uses cutting-edge technology to do three things: perform time-wasting repetitive tasks streamline and integrate multiple processes boost efficiency and cut costs For SMBs, the right choice of automation provider can make the difference between treading water and winning gold in the 400m individual competition at the Olympics. Let’s look specifically at how that works for an SMB: It streamlines the boring, time-stealing administrative tasks No one likes doing admin. Data entry, scheduling, tracking and processing usage, invoicing, and emailing take the joy of your day. They also stop you from doing what makes most of your talent and passion. But automation takes care of these things for you. Let’s look at invoicing. Automation takes the contract terms, monitors for any changes and usage, creates reminders for your customers, correctly calculates the invoices on time, sends them, and collects the payments for you. How much time would that save you? And how much of a cash flow situation would that improve? And that’s just one function. A better CRM You know how important customer relationships are to your SMB. And that requires consistent management. Your SMB might struggle to keep track of all interactions with every customer. Things might fall between the cracks. When a customer feels neglected or ignored, when you reach out with sales tactics, it turns them off. A good CRM: manages sales pipelines creates personalized experiences and offerings keeps track of communication with customers constantly pivots to continue a good business-customer relationship. Without automation, that’s a big ask. But with automation, you’ll know that nothing’s forgotten. It even spots customers at risk of leaving and creates tailored suggestions for offers and interactions to keep them on-side. The personalized experience Customers love and expect personalization. It can be hard for SMBs to even think about personalization because of the resources needed. But with automation, it’s done for you. It will cater to their individual and collective needs and preferences. Personalization includes: customized content and marketing tailored products and offerings pricing based on patterns and needs getting feedback recommendations loyalty programs It also manages emails and lead generation using segmentation filters (that can be as niche as you want) that consider patterns, needs, and demographic information. And it’s so effective. When SMBs offer a personalized experience, they boost customer satisfaction and loyalty, improve retention rates, and increase their overall Customer Lifetime Value (CLV). Why? Because most of their competitors can’t bring the same experience to the table. Brings sales opportunities SMBs with stretched budgets and resources need as many sales opportunities as possible. They simply cannot afford to miss anything. But keeping track of all your customers, what products they use, what they need, what they don’t want can be a formidable task for whoever handles sales in your business. Which means that sales opportunities will be missed. Maybe not all, but some. And that is costly. Automation is built to combine customer data and CRM to spot sales opportunities, and this goes beyond personalized marketing. The system will take contract terms, customer usage, competitor offerings, and customer behavior and engagement, to spot what types of products and offering combination would better suit each customer’s situation. So if the solution noticed the customer wasn’t using a particular product, or there’s a new product that would better meet their needs, the system will create a special offering, and channel it to the customer at the best time. All sorted out for you. It’s a proactive approach that not only revs up your sales, but makes customers happier, because who doesn’t love something created just for you? Better financial management It’s challenging for an SMB to keep up with the financial side. With subscriptions, manual invoicing alone takes up a huge chunk of an accountant’s time. And they’re also expected to: chase sales and customer service for contract terms and usage create and send invoices change any incorrect invoices collect and chase payments reconcile back to the ledger recognize revenue create reports for strategic decision-making predict cash flow trends assure financial compliance prepare for audits pay inbound invoices All this accurately and on time. And take reliable numbers to stakeholder meetings. That’s a lot for a small team with no tools. But automation can take care of all these tasks and ensures it’s all on time and error-free. And on top of that, you’ve got numbers you can take to the bank. And your business will stay compliant, so those vulnerabilities to fees, fines, and lawsuits are no more. Automation can completely change how your SMB operates and bring you all these benefits. But we know you’ve still got one big concern about it. The Problem of Money It’s likely that you love the idea of automation, but you’re worried about the cost. After all, your budgets and resources are already stretched. And making the leap is a lot easier than you think when you consider ROI. Here’s what you get in both the short and long-term (insert links to relevant articles on the site): Lower costs - Automation reduces the need for additional staffing related to the automated processes (even if you scale). It minimizes payroll and sales expenses. It spots cost-saving opportunities thanks to data analysis. Efficiency gains - everything runs more smoothly, and all repetitive tasks are taken care of. An end to revenue leakage - because invoicing is correct and timely, you’ll never suffer from the revenue leakage caused by forgotten invoices and under-invoicing. Better sales - opportunities are spotted and created, so your inbound revenue is higher Higher customer satisfaction and retention - personalization and data insight give your customers the experience they want and stick around for. You won’t have to rely on high-cost acquisition because your churn will be lowered. Saving money and boosting inbound revenue in both the short and long-term is an irresistible prospect. If you can see the value, which solution should you choose? What Dynamics 365 Business Central + Bluefort Automation Does for You Business Central is the perfect ERP system that automates so much for SMBs. It's also flexible and it grows with you. Bluefort are experts in automated recurring revenue. We can implement Business Central for you with all the customization you need to get the most out of everything the platform automates. We're here to help you: free your time and resources cut costs and churn build your customer base bring in more revenue expand your business make your life a lot easier. D365 Business Central and Bluefort are a comprehensive solution that delivers the best that automation has to give to your SMB. By implementing these powerful tools, your SMB can not only reduce churn but also foster long-term customer loyalty and growth. Conclusion The constant pressure of running an SMB with stretched budget is stressful. There are so many challenges you must solve, without the resources that you need to do so. But it doesn’t have to be like this. You can get so much out of automation. Like enhanced efficiency, cut costs and churn, higher customer satisfaction, optimized processes, and better productivity. You’ll get a sense of predictability and stability, and the time you need to focus on the future. If you’re ready to take the next step and find out how Microsoft Dynamics 365 Business Central + Bluefort can change your SMB for the better, book a discovery call today!
Customer churn is dangerous problem, particularly for SMBs with memberships or subscriptions. It can cause substantial financial loss and damage that an SMB could struggle to recover from. This article covers what churn is, what causes it, and how it impacts a business. It then gives seven strategies SMBs can action to cut churn. It also shows a step SMBs can take to have these strategies performed for them. In this article: What is customer churn? Causes for churn specifically for SMBs Dangers of churn for SMBs 7 strategies for tackling churn How Dynamics 365 Business Central and Bluefort can help For a subscription-offering small or medium-sized business (SMB), every customer counts. That’s why every time you lose one, it feels like a big deal. And when you lose a few? You can go into damage control mode. It’s no wonder; churn can cost you both money and growth. Customer churn is something that an SMB will always have to worry about, unless they have the right strategies and tools to tackle it and turn things around. This article will talk through what churn is, the causes, the impacts and strategies you can use to negotiate churn once and for all. Let’s dive into the details. What is Customer Churn? Churn is a measurement of the loss of customers over a certain amount of time, usually annually or quarterly. Here’s how it’s calculated: Choose a time period to evaluate and find the original and end number of customers over that time. Then use this formula: Number of Lost Customers / Total Customers at the Start of Time Period) × 100 = Churn Rate An SMB needs to keep an eye on the rate, because churn is like a leak in a boat. First it can feel like a little dribble. But eventually there's a tipping point and it's too late to stop. The first step to tackling churn is understanding what it is. And the second step? Knowing what causes churn. Causes of Churn Specifically for SMBs Why do customers leave SMBs? We work with SMBs of all kinds. 9 times out of 10, churn isn't technically their fault. They just lack the resources to avoid these problems. Here are the most common causes from the circumstances we hear: They don’t see the value: You know the value of your products and business because you’ve worked so hard to build it. But that value isn't obvious to customers. They act only if they know they’re getting value for money. They’re not engaged with you: When customers don’t talk to you (through social media or staying in touch with questions or feedback), chances are they don't feel attached to your brand. They notice your competitors: SMBs often don’t have the resources to study competitors or fight them off. But better-equipped competitors can swoop in and poach customers with temporary offers and discounts, or better service. Mistakes and bad customer service: When an SMB’s resources are stretched, mistakes happen in things like invoicing or contract terms. Customer service might be stretched, or not available 24-7. Their reality doesn’t meet the expectation: We can fully intend to fulfil promises when we make them. But circumstances change. And then you’re stuck, unable to fulfil, which breaks trust. According to YouGov, 31% of consumers have switched brands because a company was lying about product performance The good news is that all of these problems can be tackled and solved. But before that, it’s important to look at the impacts of churn. If these causes of customer churn aren’t tackled, what are the problems your SMB is vulnerable to? Dangers of Churn for SMBs Churn can damage your SMB’s health and sustainability. Churn makes your customer acquisition cost go through the roof because you miss out on the benefit of repeat purchases. This forces you to acquire new customers, which costs five times as much as retaining a customer you already have. This demands you beef up your already limited marketing budget, which means less budget for another part of the business, like product development, training, infrastructure, or employee quality. And there’s no guarantee it’s going to work either. Churn wears away your long-term inbound revenue streams. You need a predictable income; it’s absolutely key to your financial stability. But when a customer leaves, you lose the Customer Lifetime Value too. That’s the amount you would get from them over a long period of time. That lost revenue will force you into hyper-work mode, struggling to catch-up and find that inbound revenue money somewhere. You may struggle to be able to focus on anything else. In fact, it can impact your overall operational efficiency because marketing, sales, and customer service now must scramble and figure out what to do, then spend extra time doing it. That’s less time and focus on building a strong customer experience and long-term relationships with them. It can also siphon off mental and emotional energy, so you haven’t got the ability to problem-solve and make decisions. SMB workers are particularly susceptible to burnout so it’s important to be careful about anything that can cause it. You’ll also be vulnerable to reputational damage. When customers leave a business, they have a tendency to tell friends and family, and write online reviews. Without a good reputation, you’ll get stuck in a loop where you can’t attract the new customers you need to help improve your reputation. Any of these impacts can have a big effect on the stability of your SMB. And if you’re suffering from multiple impacts, you probably already feel unstable. What can you do to put your SMB back on the path to stability and cut down customer churn for good? 7 Strategies for Tackling Churn As an SMB, you need to be able to take action to solve a problem fast. Here are the 7 most important strategies you can use to improve your customer churn rate: 1. Don’t ignore your data. Use it. Customer data sits there in your system waiting to be used. It can provide invaluable insights into customer behavior, buying patterns, segments, and engagement levels. And specifically, it helps predict churn by spotting at-risk customers (and larger patterns) so that you can proactively take care of issues before customers go. 2. Make it personal: Customers both value and expect a personalized experience. They will give loyalty to a brand that makes them feel valued and understood. Using that data, you can create entirely unique in everything from communication, offerings, pricing, customer service, loyalty programs and everything in between. 3. Roll out the red carpet: Customers should feel beyond valued and appreciated. Invest in your customer service rep (or team). Give them the training and resources they need to make sure that every customer problem is either anticipated or sorted out right away. And tap into the value of customers’ feedback - that information is gold because they’re telling you what they want. It also reinforces brand positivity. 4. Mean what you say: Sometimes black swans happen. Unexpected events can stretch your SMB’s resources, push back deadlines, etc. That can’t be helped. But when it comes to regular communication about your products and services, mean what you say. Don’t overpromise on product offering, launch dates, performance, or whatever else. It instantly destroys trust and once they leave it can be hard to get them back. When you treat trust as something that’s non-negotiable, it will never backfire on you. So when things go wrong, communicate with your customers and offer solutions. Don’t wait till they contact you wondering what’s happening. 5. Reward loyalty: We live in a world where we don’t see a lot of loyalty. And when we do, there isn’t a lot of reward for it. So be different from most SMBs. Reward your loyal customers with specialized discounts, exclusive offers and products, and early access to your new offerings. The more special and appreciated you make your customers feel, the more likely they are to stay. Why would they go anywhere else? 6. Stay flexible with subscriptions: Subscriptions are a great way to build long-term relationships with your customers (link) because you stay in constant communication with them. They’re regularly exposed to the value of your products and brand. When you do offer subscriptions, give control to the customers who want it. Flexible subscriptions allow them to change or pause when they need it so that they won’t have to cancel outright. It’s an extra that helps avoid churn. 7. Keep an eye on your competition: It can be hard to cut down on churn if you don’t know what your industry landscape is like. What are your competitors doing? What advantages do they have over you? What are weaknesses? And how are you different to them. Competitors can be ruthless. They’ll comb through your social media and the comments people leave on it. They’ll study your reviews. They look at message boards to find what people are saying about you. Then they scoop down and poach those customers with what they’re looking for. Can you do the same back? After looking at this list, you might be thinking, “My resources are already stretched to the limit. How on earth am I supposed to add all these to the pile of work we already have?” And you wouldn’t be wrong. It is a lot of work. Unless you have a tool that can do everything for you. How Dynamics 365 Business Central and Bluefort Can Help Imagine a little fairy who can swoop down, wave their wand, and take away the work for you and your team. Sounds impossible. But that’s what the right cutting-edge solution will do. Business Central is the perfect ERP system for SMBs. It's flexible and it grows with you. And Bluefort are the recurring revenue experts. We can implement Business Central for you with all the customization you need to get the most out of it. Here's what the combination brings: Better analytics: Reliable, in-depth analytics to pinpoint customers who are at-risk of leaving your business. Then it creates tailored suggestions for offers and interactions to keep them on-side. Complete revenue recognition: No matter what the terms, how often customers change their contracts, or how fast you're scaling. Personalization: Customers are analyzed and segmented giving an experience that's as personalized as possible. Each customer gets the pricing models, offerings, and communications that they want, when they want it. Feedback and loyalty: Feedback collection avoids nasty surprises. You won’t have to wonder what they want or what they’re thinking. And you can give them the bonus of loyalty programs specifically created for them and their needs. That puts you in a proactive instead of reactive position. Customer service that stands out: The tools will integrate the personalized customer experience with what your customer service teams need to ensure that any problems that arise can be dealt with fast. Flexible subscriptions and memberships: Easy subscription management, giving customers the flexibility they need to stay with your business. Accurate, timely, and optimized processes and operations: Silos between sales, finance, and customer service silos are gone. So are the delays and mistakes they cause. In their place you have streamlined and automated information flow and operations- from contract terms, to invoicing, payments, reconciliation, reporting, and compliance. You'll finally have the time to focus on creating more amazing products, building relationships, and creating collaborations. It’s not often that something that is complex, like customer churn, can be made simple with one decision. But with the right tools, you can end up working less and in a much better position with your customers. And it can get better as you scale too. Conclusion Cutting customer churn is about more than just hanging on to your customers. It’s about building the types of relationships with your base that last the test of time by consistently demonstrating the value of your products and your brand. That comes down to seeing what causes the churn in your SMB, and getting down to those strategies before too much damage is done. You can have growth. You can enjoy excellent relationships with your customers. You just need the right tools. And the D365 Business Central and Bluefort combination equips you with the way to cut churn and thrive against your competitors. Curious to learn more? Ready to tackle churn head-on? Request a Discovery Call with our team today!
Scaling can be a trojan horse for SMBs with subscriptions or memberships: it looks appealing on the outside, but soon brings serious problems. SMBs often lack the infrastructure, time, and resources they need to keep up with any expansion in the base. This article talks through the most common scalability challenges and the best practices that help overcome them. It finishes with a solution that uses automation to make scalability not only possible, but efficient. In this article: Scalability for SMBs Scaling SMBs: What Are the Challenges? Scalability Best Practices How One Solution Will Do It For You Microsoft Dynamics 365 Business Central + Bluefort Are Here to Help The Final Hurdle: Money The problem of scaling is the greatest irony of SMBs. In every scenario, growth should be good. In fact, it should be crucial. But for many SMBs, growth puts them in an awkward position because it stretches their resources and infrastructure even more. Growth might even backfire on an SMB. All the challenges that come with scaling might feel impossible, but they aren’t insurmountable. Though there are constraints to scaling, there are also best practices that can help. There is also one solution that can take care of everything for your business. Scalability for SMBs There’s not much point in having an SMB that doesn’t grow. Scalability is critical for sustainability. But if you want to scale your business successfully, you need to be able to expand your operations enough to accommodate it, but not too much to sacrifice how your business performs. But expanding operations can require more people, more hours, more effort. What complicates things further is that many SMBs who are desperate to be able to scale assume that they’re priced out of solutions that will enable them to grow. Or that making the change is so expensive that their financial situation will be worse. So what are the logistical problems that hold SMBs back? Scaling SMBs: What Are the Challenges? We work with SMBs, and we’ve heard the struggles. Here are the ones we see most often: 1. Not enough people: Chances are you and your team or teams are already stretched as it is. They might be tasked with different types of jobs, spinning a lot of plates, and at risk of burnout as it is. The idea of doing more, longer hours, more tasks to get right simply might not be tenable. 2. Not enough money: You know how tight money can get- especially with how unstable economies have been over the last few years. When your budget is already stretched to the limit, it might feel impossible to stretch it even further for more staff, newer tech, more supplies, or a bigger operations setup. If this is your situation, you’re forced with a choice. Do you discourage scaling so that you can keep up, which risks alienating potential customers for good? Or do you accept operating while overstretched, which risks alienating your workers and current customers? 3. Not enough infrastructure and tech: There are so many ways that infrastructure can be inadequate for your needs. Maybe you’re operating on a manual or otherwise outdated system, which leaves you experiencing delays, revenue leakage, and churn. You could also be suffering with other infrastructure problems, like suppliers. You might be treading water with unreliable suppliers, but you can’t sort it out because you aren’t able to invest in more reliable suppliers. Whatever the problems with infrastructure and tech, the idea of more customers feels like that could push your business over the brink. 4. Not enough operational efficiency: This is a constant problem for SMBs. Most suffer from the curse of manual processes, and processes and workflows that are disconnected, and quite frankly, liabilities. But without the resources, what are they supposed to do? What should SMBs that want to scale and help secure the future of the business do to make growth doable? Scalability Best Practices Knowing the challenges of growth, what can be done to turn things around? Here of some of the best practices SMBs can adopt to put their business on the path: Strategic planning: You can’t scale without a solid plan. The plan needs to include your targets for growth and how you plan to get there, the obstacles you may face, how to overcome them, and contingency plans for emergencies and unexpected events. Use social media: Social media platforms can give an SMB a real advantage, if they’re used correctly. They do take some time to get the hang of, and time will need to be invested in the creation of content with the right messaging that will engage and grow the customer base. A social media planner like Hootsuite or SocialPilot will help take some of the pressure off and keep things organized. Partnerships: We know the power of partnerships. SMBs shouldn’t have to go it alone. There are natural partnerships and collaborations that businesses can make to grow into new markets and bases. It’s just about getting creative. For example, a gourmet popcorn SMB could partner with a drinks company or a celeb gossip website because they go naturally. Optimizing operations: Scalability will demand the most efficient operations possible. Processes and workflows should be cleared of bottlenecks, resources and time waste. Inefficiency will only increase with scaling. Personalized marketing: Marketing campaigns that bring in growth must be impactful and target the audiences the SMB wants as customers. That means using data to get a clear understanding of existing and potential customers so that marketing, messaging, and offerings can be segmented and personalized. This is what drives engagement and conversions. Easy accounting: No matter what the size of your SMB, accounting is a massive consumer of your time and resources. But it doesn’t have to be. Automated financial management can take care of everything for you, including invoicing, billing, payment collection, reconciliation, and reports. That avoids expensive mistakes, and lack of compliance. Some of these best practices might be appealing to you, but the idea of purchasing different solutions to scale might feel like the last thing you want to do. How are you supposed to find the time to put these best practices into the action that will finally help you scale? How One Solution Will Do It For You Many SMBs who try to scale buy one solution after the next, in a piecemeal way, which actually burdens them even more. However, there’s a simple solution to this problem. And that solution is a unified software platform that automates everything for you. Cloud computing, automation, and a good ERP will make everything more efficient, and it frees up your time so that you can focus on the strategy and partnerships that will push your growth even more. Automation can do so much for your SMB. First off, it streamlines your operations by taking care of most of the manual, repetitive tasks that rob so much of your time. Everything from invoicing, billing, and recognized revenue to sales opportunities, to financial record-keeping, and compliance will be taken care of. That cuts back on time consumption, errors, and expensive problems that are created when you fall out of compliance. On top of that, there aren’t any silos- information flows in real time between your financial, sales and customer service teams. That’s less revenue leakage, invoice and contract term mistakes, and fines. And because the right platform will recognize revenue for you, you’ll also get numbers that you can rely on at all times. And the system will create financial reports for you. Just imagine how much time and pain you’ll be spared with these actions. But there’s more. Automation creates the circumstances needed to give your customers an excellent personalized experience. The platform consolidates your customer information, and automation crunches untapped customer data, and segments your customers (as well as creating a singular personalized experience for each customer). Automation can track customer behavior, needs, and preferences so that you offer tailored packages and products that will appeal to them. It also allows you to create personalized communication and equips you with the information you need for targeted marketing. Given that strategy is so important for scaling, you’ll be able to utilize data-driven insights for the best decision-making. You get analysis and valuable insights to inform your choices in the short and long-term based on real-time trends. Everything from pricing to developing new products and offerings will have hard data to back them up. The guesswork is eliminated. Automation makes all these processes inherently scalable. There is no additional burden because no matter how much you grow, the right solution grows with you. Your processes will handle the increased demand, with no proportional drain on your resources. Growth is no longer a logistical concern. But there’s a challenge - with so many software options available, how can your SMB choose the platform that’s right for your situation and needs? Microsoft Dynamics 365 Business Central + Bluefort Are Here to Help Business Central is the perfect ERP system for SMBs. It's flexible and it grows with you. And Bluefort are the recurring revenue experts. We can implement Business Central for you with all the customization you need to get the most out of it. We're here to help you: free your time and resources cut costs and churn build your customer base bring in more revenue expand your business make your life a lot easier. No doubt this all sounds amazing. Who doesn’t want more time and growth, unrestricted by infrastructure? You might be thinking, “Where do I sign up?” But like many SMBs, you might be worried about cost. When your money is currently stretched to the limit, it’s important to see the value of something first, so that you can confidently invest in it. The Final Hurdle - Money A cloud-based ERP and accounting system gives so much value that your SMB cannot afford to function without it. Here’s how: 1. Cost/resource savings over time in these areas: IT and maintenance of outdated legacy systems Automation of routine tasks Elimination of mistakes and delays in the invoicing, billing, and payment collection process Integration of systems so there’s nothing lost or opportunities missed No guesswork in customer interaction, product development, etc. Complete revenue recognition, so you get no leakage 2. No big up-front cost: Most SMBs believe that they must fork out tens or hundreds of thousands in an upfront investment. But that’s not how this combination works. It’s on a subscription, so you spread the payments over time. 3. Finding and giving new value you don’t currently have: The metrics from your data will identify opportunities for growth that you wouldn’t currently have access to. You can feel confident that your business will remain secure and compliant. You’ll get better collaboration between your teams because they all have the information and the time that they need. 4. The competitive advantage: You will automatically have a one-up on your competitors who do not have an integrated ERP with subscription management and recognized revenue. It’s that simple. You’ll be more efficient, and you’ll know how to capture their customers with the customer data insights at your fingertips. When an SMB makes that investment of the first months’ subscription payment, they get to enjoy benefits immediately. Because the chances are, it’s the inefficient processes that have stretched your budget in the first place. So, getting rid of inefficiency will free up your time and resources. And all of this is just a few clicks away. Conclusion It’s clear that if an SMB wants to be successful, it needs to scale. But it also needs to the circumstances that help build that growth, because growth comes with serious challenges. Challenges like limited money, very little spare time, legacy technology, and resource limitations. These challenges must be overcome, or an SMB will be at a distinct disadvantage that will hinder long-term growth. The good news is that when an SMB actions best practices that enable scaling, they can turn things around. Those best practices do require some time and resources, unless the SMB gets a solution that automates nearly all the processes for them. Scalable solutions like Business Central + Bluefort help SMBs overcome scaling problems because it is a platform that’s integrated and grows with the business. The platform’s ability to support process efficiency, better customer experience, streamlined accounting and revenue recognition clear the decks so that SMBs can focus on the high-value strategic work that can make growth explosive. But without any of the baggage that growth brings the unprepared. And that’s value that no one can put a price on. If you are ready to take your business to the next level and enjoy scaling, let Microsft Dynamics 365 Business Central + Bluefort help you. Book a free Discovery Call with our team today.
If you're an SMB with a tight budget and stretched resources, you probably struggle to thrive and grow. This article talks through the most common challenges and impacts faced by subscription and membership-based SMBs. It also shows how the right platform can cut operational costs, improve customer experience, boost incoming revenue and growth, and provide reliable financial management. In this article: The Challenges That SMBs Like Yours Face How Automation Brings SMBs Major Gains The Problem of Money What Microsoft Dynamics 365 Business Central and Bluefort Does For You If you run a small or medium-sized business (SMB) with very limited resources and budget, you probably feel like you’ve got both arms tied behind your back. It can be difficult to take action, improve customer relationships, or strengthen finances because any time or resources spent in one area drains another. Constantly stretching your money as much as possible can be completely exhausting. The good news is that you can get more out of what you have, even with just one thing: a little automation. Curious to see how it works? The Challenges that SMBs Like Yours Face A tight budget controls everything. That means you are stuck making tough choices and cutbacks. You may have to delay important things. It’s pressure that’s demoralizing and keeps you in a state of frustration. You and your teams work hard, juggle roles and jobs, but no matter how hard you all try, things skip through the cracks. Here are some of the areas where SMBs feel it the most: 1. Resource allocation - Resources involve trade-off. For example, should you invest in marketing or sales to drive growth, or update the technology you desperately need? Or should you bring in stellar talent to get the job done? It’s all decisions about what can temporarily suffer for the sake of something else. 2. Staff morale - Consistently overworked employees battle low morale and burnout. They’re stuck with tasks that are outside of their talent and expertise. And they’re far more likely to quit. Ánd employee turnover is disruptive and expensive for an SMB. 3. Inefficiency in your operations - Limited resources create operational problems. Everything from data entry, sales strategy, invoicing, reconciliation, and compliance are slowed down and prone to mistakes. That boosts costs and leaves you vulnerable to upsetting customers. 4. Limited tech - Outdated tech creates more problems than it solves. You might have a Frankenstein situation with multiple solutions and none of the information flowing between them. That puts you at a huge disadvantage to any competitor that has their tech solution specifically geared toward driving efficiency and keeping an eye on rivals like you. 5. Struggling customer service - Good relationships with customers is so important because each customer counts. But it’s hard to keep up with all queries, returns, and problems in a timely way. That’s a recipe for churn, which robs you of revenue in the short and long-term. This cycle can be hard to escape. But if you’re stuck, how can you get your way out of these challenges, let alone accomplish things that will build and strengthen your SMB? How Automation Brings Your SMB Major Gains The more your resources are stretched, the bigger the transformation that automation can bring. It’s a game-changer. Automation uses cutting-edge technology to do three things: perform time-wasting repetitive tasks streamline and integrate multiple processes boost efficiency and cut costs For SMBs, the right choice of automation provider can make the difference between treading water and winning gold in the 400m individual competition at the Olympics. Let’s look specifically at how that works for an SMB: It streamlines the boring, time-stealing administrative tasks No one likes doing admin. Data entry, scheduling, tracking and processing usage, invoicing, and emailing take the joy of your day. They also stop you from doing what makes most of your talent and passion. But automation takes care of these things for you. Let’s look at invoicing. Automation takes the contract terms, monitors for any changes and usage, creates reminders for your customers, correctly calculates the invoices on time, sends them, and collects the payments for you. How much time would that save you? And how much of a cash flow situation would that improve? And that’s just one function. A better CRM You know how important customer relationships are to your SMB. And that requires consistent management. Your SMB might struggle to keep track of all interactions with every customer. Things might fall between the cracks. When a customer feels neglected or ignored, when you reach out with sales tactics, it turns them off. A good CRM: manages sales pipelines creates personalized experiences and offerings keeps track of communication with customers constantly pivots to continue a good business-customer relationship. Without automation, that’s a big ask. But with automation, you’ll know that nothing’s forgotten. It even spots customers at risk of leaving and creates tailored suggestions for offers and interactions to keep them on-side. The personalized experience Customers love and expect personalization. It can be hard for SMBs to even think about personalization because of the resources needed. But with automation, it’s done for you. It will cater to their individual and collective needs and preferences. Personalization includes: customized content and marketing tailored products and offerings pricing based on patterns and needs getting feedback recommendations loyalty programs It also manages emails and lead generation using segmentation filters (that can be as niche as you want) that consider patterns, needs, and demographic information. And it’s so effective. When SMBs offer a personalized experience, they boost customer satisfaction and loyalty, improve retention rates, and increase their overall Customer Lifetime Value (CLV). Why? Because most of their competitors can’t bring the same experience to the table. Brings sales opportunities SMBs with stretched budgets and resources need as many sales opportunities as possible. They simply cannot afford to miss anything. But keeping track of all your customers, what products they use, what they need, what they don’t want can be a formidable task for whoever handles sales in your business. Which means that sales opportunities will be missed. Maybe not all, but some. And that is costly. Automation is built to combine customer data and CRM to spot sales opportunities, and this goes beyond personalized marketing. The system will take contract terms, customer usage, competitor offerings, and customer behavior and engagement, to spot what types of products and offering combination would better suit each customer’s situation. So if the solution noticed the customer wasn’t using a particular product, or there’s a new product that would better meet their needs, the system will create a special offering, and channel it to the customer at the best time. All sorted out for you. It’s a proactive approach that not only revs up your sales, but makes customers happier, because who doesn’t love something created just for you? Better financial management It’s challenging for an SMB to keep up with the financial side. With subscriptions, manual invoicing alone takes up a huge chunk of an accountant’s time. And they’re also expected to: chase sales and customer service for contract terms and usage create and send invoices change any incorrect invoices collect and chase payments reconcile back to the ledger recognize revenue create reports for strategic decision-making predict cash flow trends assure financial compliance prepare for audits pay inbound invoices All this accurately and on time. And take reliable numbers to stakeholder meetings. That’s a lot for a small team with no tools. But automation can take care of all these tasks and ensures it’s all on time and error-free. And on top of that, you’ve got numbers you can take to the bank. And your business will stay compliant, so those vulnerabilities to fees, fines, and lawsuits are no more. Automation can completely change how your SMB operates and bring you all these benefits. But we know you’ve still got one big concern about it. The Problem of Money It’s likely that you love the idea of automation, but you’re worried about the cost. After all, your budgets and resources are already stretched. And making the leap is a lot easier than you think when you consider ROI. Here’s what you get in both the short and long-term (insert links to relevant articles on the site): Lower costs - Automation reduces the need for additional staffing related to the automated processes (even if you scale). It minimizes payroll and sales expenses. It spots cost-saving opportunities thanks to data analysis. Efficiency gains - everything runs more smoothly, and all repetitive tasks are taken care of. An end to revenue leakage - because invoicing is correct and timely, you’ll never suffer from the revenue leakage caused by forgotten invoices and under-invoicing. Better sales - opportunities are spotted and created, so your inbound revenue is higher Higher customer satisfaction and retention - personalization and data insight give your customers the experience they want and stick around for. You won’t have to rely on high-cost acquisition because your churn will be lowered. Saving money and boosting inbound revenue in both the short and long-term is an irresistible prospect. If you can see the value, which solution should you choose? What Dynamics 365 Business Central + Bluefort Automation Does for You Business Central is the perfect ERP system that automates so much for SMBs. It's also flexible and it grows with you. Bluefort are experts in automated recurring revenue. We can implement Business Central for you with all the customization you need to get the most out of everything the platform automates. We're here to help you: free your time and resources cut costs and churn build your customer base bring in more revenue expand your business make your life a lot easier. D365 Business Central and Bluefort are a comprehensive solution that delivers the best that automation has to give to your SMB. By implementing these powerful tools, your SMB can not only reduce churn but also foster long-term customer loyalty and growth. Conclusion The constant pressure of running an SMB with stretched budget is stressful. There are so many challenges you must solve, without the resources that you need to do so. But it doesn’t have to be like this. You can get so much out of automation. Like enhanced efficiency, cut costs and churn, higher customer satisfaction, optimized processes, and better productivity. You’ll get a sense of predictability and stability, and the time you need to focus on the future. If you’re ready to take the next step and find out how Microsoft Dynamics 365 Business Central + Bluefort can change your SMB for the better, book a discovery call today!
Customer churn is dangerous problem, particularly for SMBs with memberships or subscriptions. It can cause substantial financial loss and damage that an SMB could struggle to recover from. This article covers what churn is, what causes it, and how it impacts a business. It then gives seven strategies SMBs can action to cut churn. It also shows a step SMBs can take to have these strategies performed for them. In this article: What is customer churn? Causes for churn specifically for SMBs Dangers of churn for SMBs 7 strategies for tackling churn How Dynamics 365 Business Central and Bluefort can help For a subscription-offering small or medium-sized business (SMB), every customer counts. That’s why every time you lose one, it feels like a big deal. And when you lose a few? You can go into damage control mode. It’s no wonder; churn can cost you both money and growth. Customer churn is something that an SMB will always have to worry about, unless they have the right strategies and tools to tackle it and turn things around. This article will talk through what churn is, the causes, the impacts and strategies you can use to negotiate churn once and for all. Let’s dive into the details. What is Customer Churn? Churn is a measurement of the loss of customers over a certain amount of time, usually annually or quarterly. Here’s how it’s calculated: Choose a time period to evaluate and find the original and end number of customers over that time. Then use this formula: Number of Lost Customers / Total Customers at the Start of Time Period) × 100 = Churn Rate An SMB needs to keep an eye on the rate, because churn is like a leak in a boat. First it can feel like a little dribble. But eventually there's a tipping point and it's too late to stop. The first step to tackling churn is understanding what it is. And the second step? Knowing what causes churn. Causes of Churn Specifically for SMBs Why do customers leave SMBs? We work with SMBs of all kinds. 9 times out of 10, churn isn't technically their fault. They just lack the resources to avoid these problems. Here are the most common causes from the circumstances we hear: They don’t see the value: You know the value of your products and business because you’ve worked so hard to build it. But that value isn't obvious to customers. They act only if they know they’re getting value for money. They’re not engaged with you: When customers don’t talk to you (through social media or staying in touch with questions or feedback), chances are they don't feel attached to your brand. They notice your competitors: SMBs often don’t have the resources to study competitors or fight them off. But better-equipped competitors can swoop in and poach customers with temporary offers and discounts, or better service. Mistakes and bad customer service: When an SMB’s resources are stretched, mistakes happen in things like invoicing or contract terms. Customer service might be stretched, or not available 24-7. Their reality doesn’t meet the expectation: We can fully intend to fulfil promises when we make them. But circumstances change. And then you’re stuck, unable to fulfil, which breaks trust. According to YouGov, 31% of consumers have switched brands because a company was lying about product performance The good news is that all of these problems can be tackled and solved. But before that, it’s important to look at the impacts of churn. If these causes of customer churn aren’t tackled, what are the problems your SMB is vulnerable to? Dangers of Churn for SMBs Churn can damage your SMB’s health and sustainability. Churn makes your customer acquisition cost go through the roof because you miss out on the benefit of repeat purchases. This forces you to acquire new customers, which costs five times as much as retaining a customer you already have. This demands you beef up your already limited marketing budget, which means less budget for another part of the business, like product development, training, infrastructure, or employee quality. And there’s no guarantee it’s going to work either. Churn wears away your long-term inbound revenue streams. You need a predictable income; it’s absolutely key to your financial stability. But when a customer leaves, you lose the Customer Lifetime Value too. That’s the amount you would get from them over a long period of time. That lost revenue will force you into hyper-work mode, struggling to catch-up and find that inbound revenue money somewhere. You may struggle to be able to focus on anything else. In fact, it can impact your overall operational efficiency because marketing, sales, and customer service now must scramble and figure out what to do, then spend extra time doing it. That’s less time and focus on building a strong customer experience and long-term relationships with them. It can also siphon off mental and emotional energy, so you haven’t got the ability to problem-solve and make decisions. SMB workers are particularly susceptible to burnout so it’s important to be careful about anything that can cause it. You’ll also be vulnerable to reputational damage. When customers leave a business, they have a tendency to tell friends and family, and write online reviews. Without a good reputation, you’ll get stuck in a loop where you can’t attract the new customers you need to help improve your reputation. Any of these impacts can have a big effect on the stability of your SMB. And if you’re suffering from multiple impacts, you probably already feel unstable. What can you do to put your SMB back on the path to stability and cut down customer churn for good? 7 Strategies for Tackling Churn As an SMB, you need to be able to take action to solve a problem fast. Here are the 7 most important strategies you can use to improve your customer churn rate: 1. Don’t ignore your data. Use it. Customer data sits there in your system waiting to be used. It can provide invaluable insights into customer behavior, buying patterns, segments, and engagement levels. And specifically, it helps predict churn by spotting at-risk customers (and larger patterns) so that you can proactively take care of issues before customers go. 2. Make it personal: Customers both value and expect a personalized experience. They will give loyalty to a brand that makes them feel valued and understood. Using that data, you can create entirely unique in everything from communication, offerings, pricing, customer service, loyalty programs and everything in between. 3. Roll out the red carpet: Customers should feel beyond valued and appreciated. Invest in your customer service rep (or team). Give them the training and resources they need to make sure that every customer problem is either anticipated or sorted out right away. And tap into the value of customers’ feedback - that information is gold because they’re telling you what they want. It also reinforces brand positivity. 4. Mean what you say: Sometimes black swans happen. Unexpected events can stretch your SMB’s resources, push back deadlines, etc. That can’t be helped. But when it comes to regular communication about your products and services, mean what you say. Don’t overpromise on product offering, launch dates, performance, or whatever else. It instantly destroys trust and once they leave it can be hard to get them back. When you treat trust as something that’s non-negotiable, it will never backfire on you. So when things go wrong, communicate with your customers and offer solutions. Don’t wait till they contact you wondering what’s happening. 5. Reward loyalty: We live in a world where we don’t see a lot of loyalty. And when we do, there isn’t a lot of reward for it. So be different from most SMBs. Reward your loyal customers with specialized discounts, exclusive offers and products, and early access to your new offerings. The more special and appreciated you make your customers feel, the more likely they are to stay. Why would they go anywhere else? 6. Stay flexible with subscriptions: Subscriptions are a great way to build long-term relationships with your customers (link) because you stay in constant communication with them. They’re regularly exposed to the value of your products and brand. When you do offer subscriptions, give control to the customers who want it. Flexible subscriptions allow them to change or pause when they need it so that they won’t have to cancel outright. It’s an extra that helps avoid churn. 7. Keep an eye on your competition: It can be hard to cut down on churn if you don’t know what your industry landscape is like. What are your competitors doing? What advantages do they have over you? What are weaknesses? And how are you different to them. Competitors can be ruthless. They’ll comb through your social media and the comments people leave on it. They’ll study your reviews. They look at message boards to find what people are saying about you. Then they scoop down and poach those customers with what they’re looking for. Can you do the same back? After looking at this list, you might be thinking, “My resources are already stretched to the limit. How on earth am I supposed to add all these to the pile of work we already have?” And you wouldn’t be wrong. It is a lot of work. Unless you have a tool that can do everything for you. How Dynamics 365 Business Central and Bluefort Can Help Imagine a little fairy who can swoop down, wave their wand, and take away the work for you and your team. Sounds impossible. But that’s what the right cutting-edge solution will do. Business Central is the perfect ERP system for SMBs. It's flexible and it grows with you. And Bluefort are the recurring revenue experts. We can implement Business Central for you with all the customization you need to get the most out of it. Here's what the combination brings: Better analytics: Reliable, in-depth analytics to pinpoint customers who are at-risk of leaving your business. Then it creates tailored suggestions for offers and interactions to keep them on-side. Complete revenue recognition: No matter what the terms, how often customers change their contracts, or how fast you're scaling. Personalization: Customers are analyzed and segmented giving an experience that's as personalized as possible. Each customer gets the pricing models, offerings, and communications that they want, when they want it. Feedback and loyalty: Feedback collection avoids nasty surprises. You won’t have to wonder what they want or what they’re thinking. And you can give them the bonus of loyalty programs specifically created for them and their needs. That puts you in a proactive instead of reactive position. Customer service that stands out: The tools will integrate the personalized customer experience with what your customer service teams need to ensure that any problems that arise can be dealt with fast. Flexible subscriptions and memberships: Easy subscription management, giving customers the flexibility they need to stay with your business. Accurate, timely, and optimized processes and operations: Silos between sales, finance, and customer service silos are gone. So are the delays and mistakes they cause. In their place you have streamlined and automated information flow and operations- from contract terms, to invoicing, payments, reconciliation, reporting, and compliance. You'll finally have the time to focus on creating more amazing products, building relationships, and creating collaborations. It’s not often that something that is complex, like customer churn, can be made simple with one decision. But with the right tools, you can end up working less and in a much better position with your customers. And it can get better as you scale too. Conclusion Cutting customer churn is about more than just hanging on to your customers. It’s about building the types of relationships with your base that last the test of time by consistently demonstrating the value of your products and your brand. That comes down to seeing what causes the churn in your SMB, and getting down to those strategies before too much damage is done. You can have growth. You can enjoy excellent relationships with your customers. You just need the right tools. And the D365 Business Central and Bluefort combination equips you with the way to cut churn and thrive against your competitors. Curious to learn more? Ready to tackle churn head-on? Request a Discovery Call with our team today!
Bluefort is the Microsoft Cloud Partner and Authority with core competence in Subscription Management and Recurring Revenue automation for SMBs and Enterprise Business.
