It seems safe to say that every company wants to last. No one wants to go out of business; go bankrupt; lose relevance or standing in the market to competitors. If you’ve invested a lot of time and money in your organization, the last thing you want is to crash and burn. But what are the secrets to corporate longevity?
For the answer, we turn to research conducted by Vicki Tenhaken, an MBA Professor of Management from Hope College in Michigan. Tenhaken offers 5 major factors that contribute to corporate longevity – and Fusebill can help you reach them.
Factor #1: ‘Little Bets’ – Innovation through Constant Small Experimentation
- Fusebill allows you to make rapid changes to your pricing models and provide robust reporting, allowing you to quickly and easily figure out what does and doesn’t work – and change your plans accordingly. By tracking and analyzing your success and allowing you to easily implement changes based on results, Fusebill fosters experimentation and innovation.
Factor #2: Making Change While Building on Core Competencies
- One of the great things about an automated billing system is the time and effort it saves. Allowing you to focus all your resources on your business’ core competencies and improving performance, rather than untangling technical billing difficulties. One Fusebill client had an entire team dedicated to managing declined credit cards – full-time personnel whose only job was fixing billing problems. After Fusebill, they were able to cut down on the volume of billing problems and allocate those resources to selling their product.
Factor #3: Invest in Developing Employees
- This point relates pretty heavily to the last. Since Fusebill cuts out the headache of dealing with customer finances, it frees up countless hours each week. This means your employees can turn to better things than just the grunt work of fixing billing issues, fostering their creativity and innovation.
Factors #4 and #5: Strong Relationships with the Community and with Business Partners
- These last two points are pretty similar, so they can be lumped together. One of the most lauded benefits of the subscription economy is its benefits to the customer, and to the relationship between customer and company. Subscriptions are easy and convenient for consumers, allowing them to set-and-forget whatever they want to purchase without having to constantly renew or re-buy. The benefit to the business lies in this lasting customer – the recurring revenue that comes from one successful sale, plus the chance of increased business as trust builds and customers comes to rely on your product. This lasting transaction fosters a strong relationship between companies and those they interact with. But this relationship can be easily broken by an unreliable billing system. How many failed transactions or mischarges does it take before a customer severs it? Let Fusebill take care of that problem for you, so you can focus on making sure your customer loves your product and keeps the relationship going as long as possible.