Scaling a SaaS business is a unique challenge, and a good problem to have. The need to scale comes from an increase in customers and ARR, and likely greater headcount as well. As you scale, it’s critical that the backbone of your business- your billing and revenue system- is scaling along with you.
Consider the following tips if you're having trouble scaling a SaaS business:
- Automate your financial processes. With an automated billing system, your small, resource-constrained team can refocus their time on core business work that requires their individual skills and expertise. By automating the finance department’s core billing processes, Ordway helps companies price products, issue invoices, collect payments, and recognize, and report-on revenue.managing recurring subscriptions; setting up invoicing schedules, pricing and deployment; sending payment reminders and processing payments; and more. See how automating the invoice process helped Everhire get time back in their day to focus on scaling the business.
- Offer tiered or customized pricing. Your customers each have unique needs, and this often means the need for customized pricing. While legacy billing systems are not set up to support billing and revenue recognition of complex packages with multiple variations and contract terms, a modern turnkey recurring billing system like the Ordway revenue and automation platform allows enterprise Sales teams to offer unique pricing and terms to fit customer needs and close deals.
- Keep customers happy, starting with onboarding. From the moment a customer signs on and implementation begins, your team has the opportunity to delight them and build the foundation for a long relationship. This starts with a speedy onboarding process- help the customer see value quickly, hold their hand through any speed bumps, and make sure their experience is consistent.
- Incentivize happy customers to become brand evangelists. From their first touch with your organization, ensure you consistently collect customer feedback and take it seriously. Consider creating a rewards or referral program to translate happy customers into a steady pipeline for future business.
- Reduce churn. Churn can occur in a variety of different ways. Most notably, when customers are dissatisfied or fail to see value in your solution quickly enough, they may choose to end their subscription with your SaaS business. But customers may also churn involuntarily, if recurring payments fail to be processed. This can be caused by errors throughout the billing period. Each renewal poses an opportunity for credit card information to become outdated or inaccurate, which can lead to declined payments. In order to reduce this involuntary churn, consider setting up a recurring automated billing system. This will allow a set it and forget it mentality when it comes to billing and revenue recognition.
- Start thinking global. Ensure your business can expand globally- start with your payment processes. Employ global payment methods, offer multiple currency options, and provide global tax support. The Ordway billing and revenue automation platform’s integration with Avalara ensures SaaS companies are compliant with international tax regulations. Throughout the path to purchase, ensure customers have multilingual checkout forms, and translate outreach to their native language to reduce friction along the way.
If you’re having trouble scaling a SaaS business, start by getting your financial systems in order. Request a demo with Ordway to discover how our billing and automation platform can help you scale.