Purchasing software can require diligence, whether you’re a small business owner or a manager at a large corporation. As your business grows, you need to thoroughly evaluate your current software solutions to determine if they still fit your company’s budget, use cases, and overall needs. Regardless of the type of software, you plan to buy, the following tips presented by Legacy Purchasing Group will help you choose the right vendor.
Consider Your Industry or Sector
Established software vendors list the industries they serve on their websites to make it easy for entrepreneurs to determine if the vendor is the right fit. You may discover that some vendors may have a surprisingly long list.
However, keep in mind that even though serving many industries may be a testament to the product’s robustness and versatility, it may also be a sign that the software isn’t specifically tailored to your company’s unique needs.
Most enterprise software providers start by serving a single industry before broadening their reach. The initial industry is usually the vendor’s specialty. So, it’s best to identify vendors whose specialty aligns with your industry or sector.
Of course, the same goes with any services you decide to use to help get your business off the ground. For example, if you decide to use ZenBusiness to register your business as an LLC, learn all you can about the company before hiring their services. This way, you know precisely what the company’s all about and what they offer.
Consider Your Physical Location
Find out where the software vendor is based and the resources they dedicate to your location. This information may not always be readily available. Even though a vendor indicates on their site that they serve a vast cross-border market, confirm that they have the resources you need in your country.
Smaller vendors usually limit their resources to a few geographical areas. Depending on the resources you need from a type of software, you may want to give preference to larger, more established vendors. These vendors tend to have excellent partnerships that enable them to offer superior solutions. Needless to say, they often cost more.
Consider the Size of Your Business
Besides industries, find out what types of organizations prospective vendors serve. Some cater to large corporations, whereas other vendors are best suited for start-ups and small to medium-sized businesses.
In addition to reading the information vendors provide on their site, read reviews from business owners who’ve implemented the software at businesses of a size similar to yours.
These reviews help you determine the extent to which the software will be a good fit for your business. They can also give you a sense of how well the software can scale alongside your business and whether it aligns with your organizational culture.
Assess Your Unique Pain Points
Once you identify software products that serve your industry and business similar to yours in size, find out what the software offers beyond the features you get out of the box. Identify your company’s pain points early on to determine which software features are a must-have, nice-to-have, or not needed.
If you plan to buy a company-wide system, involve all your teams in the process of identifying the needs and problems the software should address. Doing so gives you a good idea of the scope of the ideal software solution and makes it easier to identify the right pool of prospective vendors.
Keep in mind that implementing software often significantly impacts your processes, habits, and hardware. Take these potential changes into account when evaluating various vendors. Make sure your employees are well-informed about how these changes may affect their work.
Several considerations factor into the process of evaluating and buying software for your business. Essential among these considerations are the industries, geographical locations, and size of business a software vendor serves. You also need to determine how well a software solution addresses your company’s unique pain points. Following these tips ensures you’ll choose the most suitable software for your business.
Legacy Purchasing Group is a female-owned, industry-leading group purchasing organization that strives to help businesses of all shapes and sizes. To learn more, get in touch by calling 214-566-8471 or emailing info@legacypurchasing.com.
