The first thing that comes to mind when you read that title could be Dracula biting a neck, or those Twilight movies. But what we are talking about is much more real. And possibly sucking life out of your business while you read this.
I am talking about ongoing subscriptions.
Today, more than ever before, the tools & services that we use are based on a subscription. And it’s easy enough to forget which ones you are paying for and when they come up for renewal. Even worse is paying for ones you are not even using anymore!
Some years ago, I started a spreadsheet to track all the subscriptions and lifetime deals I was picking up. I needed to know how much money to set aside each month to cover the renewal of all subscriptions in a single year.
Every quarter, I open my spreadsheet and review my tools. I ask the big question of “Is this tool being used and truly useful to my business?” If for whatever reason the answer is no, then I go in right then and cancel the subscription. Worst case, if I can’t cancel it right then, I schedule it in my calendar to cancel later.
Remember, not all subscriptions are horrible. But you need to weigh out the value and your business needs when deciding what to do. Don’t cancel services that are bringing in value, or just squeak by in paying for themselves, to save a quick buck. And certainly don’t cancel key services that keep your business running.
I also review the lifetime deals that I purchased in the past. Sometimes these tools are no longer serving my business like they did in the past. Maybe I have found a better tool. Or the tool is no longer getting updates.
Lifetime deals that no longer serve me are archived. If I want to be really picky, I can do the math of how much I paid per year to have the ‘lifetime’ deal. But the money is gone. No matter what happens, if the tool is not helping me, or even worse holding me back, then it must go.
No sense in crying over spilled milk or wasted money.
When we plug leaks in the business that’s letting our money slip away, we find the important things become much easier to handle.
Take the time to write down all your vampires (or even little mosquitoes) and make sure you really want them to suck your blood. And make sure you review it regularly to stop draining life from your business.