28 Jul Renewal management – an investment in your business
Every business has renewals – insurances, registrations, licences, pretty much anything with an expiry date. They are found throughout the business and are most often linked to critical parts of it.
The trend towards services being offered on a subscription basis means rather than being a once-off purchase, they appear once a year or more. That has a wide range of benefits to a business, from managing cashflow to making it easier to change more often as the business evolves. These renewal dates do start to add up though.
In trades businesses there is more exposure, and potential for negative outcomes, than in other businesses if renewals are missed. With almost everything and everyone on site having multiple renewals linked to them, bringing automation to the process is vital to keeping the burden on the business down.
Manage My Renewals was developed for businesses like yours – businesses with vehicles, plant, insurances, licences, permits across everything you do. It is designed to keep you up to date on the run for peace of mind, and to keep everything in one place so information doesn’t go missing.
Renewals management is about more than reminders when things are due. It is keeping your records together, linking renewals to assets, and being able to stay on top of the cost of those renewals to accurately work in to cashflow.
The return on managing renewals can be measured in a number of ways – if you’ve ever received a penalty for a missed registration you’ll know how costly it can be. From savings in time from manual processes, reducing the risk of fines and penalties, through to better management of cashflow and general oversight of the business.
To find out more about Manage My Renewals visit managemyrenewals.com.au and sign up for a free trial, or use the contact form to reach out.
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