10 Mindset Challenges to Overcome for Better Subscription Management
Hello, Readers
Increase profitability instantly by managing subscriptions well.
Subscriptions add up to a lot of money in our businesses, and it’s essential to manage them well to increase profitability and cash flow. We know this, but it is not as easy as it may seem to cancel subscriptions that don’t add value to our business and, instead, subtract from profitability.
There are many challenges when it comes to managing and, in particular, canceling our subscriptions. Here are ten mindset challenges I have seen over the years of working with clients one-on-one Forecasting every month:
We may need them in the future: we may hold onto subscriptions that we have used in the past and think we might use in the future, or we want to use them and haven’t had time to implement them.
We don’t want to miss new features, updates, or content: we get invested in a company or teacher and experience FOMO at the thought of canceling, even if we aren’t engaging with them in the present moment.
We fear losing access to data: some software also stores our data. Find out if you still have access to data if you cancel. Some software allows you to access your data but not use the software or may charge a lesser storage fee.
The work required to transition away from software is a low priority: some software integrates into our systems, and canceling requires work to stop using it. The price of the subscription may outweigh the resources necessary to let it go.
Not having time to review subscriptions: getting the data together to review our subscriptions takes time. Managing finances is often at the bottom of our to-do list, never getting done.
Being overwhelmed with the number of subscriptions we have: we may have a lot of subscriptions, and the thought of evaluating them may feel overwhelming.
Not wanting to deal with the hassle of canceling subscriptions: canceling subscriptions can be complicated as they are all different, and some companies make it confusing to cancel.
Not sure if you are getting value from a subscription or not: we may have a subscription that we aren’t sure we are getting value from. This can happen if it’s a behind-the-scenes service like software that promises to retain subscribers, and we aren’t sure if it’s working or we don’t understand how it works.
Being uncomfortable with change: we may know there are better options but don’t want to change, which requires learning something new and changing systems and processes.
Guilt over canceling because we have been loyal customers or friends: we may feel bad about canceling even if we aren’t using something because we don’t want to hurt anyone’s feelings. If there is a community component, we fear missing out even if we don’t have time to participate.
In my group program, the Financial Forecasting Experience, we manage subscriptions as we evaluate expenses.
When we look at the data, we confront the mindset challenges that keep us paying for subscriptions we don’t need, and looking at the actual costs helps us overcome what might be holding us back. Focusing on profitability gives us the strength and inspiration to overcome the challenges that keep us paying for things we aren’t using or don’t need.
Seeing the empowerment from doing this with the group was very rewarding. Everyone got so excited as they canceled things and cut expenses that did not add value to their companies, increasing their profitability instantly.
Here is what one participant in the Finacial Forecasting Experience said about managing their subscriptions:
“I can see what it really takes to run my business and what is unnecessary. It helped me eliminate a lot of waste in my finances and remove unnecessary expenses for my business. I won back a good deal of money with canceled subscriptions and other services.”
Take charge of your finances and transform your business by eliminating unnecessary expenses and increasing profitability. Join the Financial Forecasting Experience group program and get connected to your financial information in a spiritual container that will empower you to overcome mindset challenges.
Don't miss out on this opportunity to improve your financial situation. Sign up to be the first to know when the next round of the Financial Forecasting Experience goes live. You can join the waitlist here.
In love,
Carol