5 Tips For Better Maintenance Contract ManagementSource: Business Solutions Magazine
How To Better Manage Your Recurring Maintenance Contract
VAR’s, MSP’s, and ISV’s live off of their Recurring Revenue stream. They are born from the maintenance and support contracts won from closed deals. They soon become the main source of Cash Flow for all of these businesses.
Building that Recurring Revenue is vital to success, yet companies rarely know the underlying details about their ongoing maintenance contracts. An ongoing support program is our rock in a storm of high-seas and cash flow troubles. It will keep us afloat, but we need to protect it, and do everything we can to better understand it. An unorganized approach to managing these contracts will lead companies to failure because they cannot track:
- What their customers own
- Which support contracts are active
- When to bill these ongoing contracts
- Where their customer’s products are located
- How much to bill them after new purchases throughout the year
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