It’s 3 a.m. Do you know where your business expenses are? While this might sound dramatic, it’s a sobering reality for many business owners. Recently, I have onboarded two clients carrying paid subscriptions that they were not using with an email marketing platform that shall remain nameless (rhymes with RailGimp). It’s not a huge cost, but it’s a complete waste.
Among the myriad of services available to enterprises today, email marketing platforms like MailChimp have become ubiquitous. They’re essential for outreach, updates, and digital campaigns. However, like any tool, when misused or forgotten, it can drain your resources.
The Slip into Subscription Neglect
How does a company, especially one that meticulously monitors its expenses, overlook a recurring subscription like MailChimp? Here’s how it usually unfolds:
- Optimism at Start: When you initially sign up for these services, it’s often with a burst of enthusiasm. You have plans. Maybe you’ve just attended a seminar about the wonders of email marketing, and you’re all geared up.
- Shift in Strategies: Over time, as your business evolves, so does your marketing strategy. Perhaps you’ve migrated to a different platform or don’t send out emails as frequently.
- Auto-Renewals: Many of these platforms come with automatic renewals. Unless you’re actively looking for them or have set reminders, these can easily go unnoticed.
- Diluted Focus: As your business grows and operations become complex, attention gets scattered. A single subscription, especially if it’s not a major cost factor, might slip through the cracks.
The Cost of Neglect
While a forgotten subscription may seem benign, consider this: even if you spend a modest $50 monthly, that’s $600 annually. For a small to medium enterprise, $600 could be better invested elsewhere.
And it’s not just about the direct monetary impact. There’s an opportunity cost involved. Those funds could have been invested in a campaign, a training program, or even an upgrade to a service you actively use.
Remedying the Oversight
Fortunately, realizing the oversight is half the battle. Here’s how to remedy it:
- Audit Regularly: Make it a point to go through your business expenses, both major and minor, regularly. This will not only help you catch forgotten subscriptions but will also give you a clearer picture of where your funds are being directed.
- Set Reminders: Almost every calendar tool today allows for setting reminders. Mark renewal dates, even for services you use actively. It will allow you to evaluate if you wish to continue the service.
- Centralize Subscription Management: Consider using subscription management tools or software. These tools consolidate all your subscriptions, making it easier to track and manage them.
- Revisit Your Strategy: If you’re not utilizing MailChimp or any other service fully, reconsider its role in your business. Can you integrate it better, or is it time to part ways?
- Cancellations: If you realize that a service no longer aligns with your business objectives, take immediate action. Cancel the subscription and ensure that auto-renewals are turned off.
Don’t Lose Focus
In the grand scheme of business operations, forgotten subscriptions like MailChimp may seem minor. But they’re symbolic of a larger issue – the importance of active financial management. No cost is too small to overlook, and no tool is too insignificant to evaluate. Regularly scrutinize your business expenses; your bottom line will thank you.