Does Your Attorney Have Your Back, or Just Your Buck?
Often entrepreneurs have so much going on they just can’t pay attention to matters such as professional services. In fast growth businesses, the partners you trust to support you may not be serving you in an efficient and effective manner.
In our last article we talked about what high renewal rates mean for your business, but how do you set your business up to achieve those renewal rates? As we said, it comes down to customer
success with your product and stickiness in the face of market changes and competitive pressures.
One of the key value questions for any software or services business is the rate of customer renewal. Whether it is measured in dollars, customers, subscriptions, maintenance agreements, or some
other metric, higher renewal rates usually indicate better products and stickier customers, and they directly translate to more predictable revenue and lower selling costs.
Across almost every industry in the U.S., businesses both large and small are highly dependent on software technology to support their operations. Whether they are manufacturing a product,
managing a sales force, invoicing a customer, or paying employees, more often than not software plays a major role in getting the job done. With the increasing amount of software technology,
including third-party applications, databases, operating systems, websites, and propriety applications, one of the key challenges that companies face is how to manage and maintain all of this
software, in many cases mission-critical software, in a cost-effective manner.