Picking the Right Tools for Your Business (Part 5): Weighing the Cost

Welcome back to “Leverage Your Spark.” I’m your host Brandy Lawson. We’ve reached the final part of our 5-part episode series on how to make a decision on a tool, app, or software service. Today’s topic is all about cost – weighing the pros and cons of free versus paid software and how to evaluate if the price of the tool is worth it.

By now, you’ve done your research, evaluated potential solutions, and narrowed down your software options. Now comes the million-dollar, okay, maybe thousand-dollar question: is the price of the software worth it? While it’s tempting to focus solely on price, remember that the cheapest option isn’t always the best value. And… sometimes free can cost more than paying for software.

It is a key step in your purchase decision to determine if the cost of a new app, tool, or software service is worth it. That is why it’s essential to consider the value it brings to your business beyond just the price tag.

Picture this: you can confidently invest in software that provides real value to your business, without feeling overwhelmed by the cost or bogged down by buyer’s remorse. With the right evaluation, that idea can become a reality!

Maximizing Value: Factors to Consider When Evaluating the Price of Software

Let’s talk through some key considerations when assessing the price of software:

• Free tools are amazing and make it easy to get started, but choosing only free options can limit your business’s potential. Don’t be afraid to invest in paid tools when they offer the features and benefits your business needs.
• Keep in mind that “free” software might have hidden costs, such as using your information or less reliable support. Be aware of these potential downsides and weigh them against the benefits.
• Most software is subscription-based, and small monthly fees can be tempting. However, make sure to track all the software you’re paying for to avoid overspending or paying for tools you don’t use.
• Consider the context of the software’s price. If it uses a per-seat pricing model, think about how the cost will change as your team grows. In some cases, software can replace the need for another employee, so you can also consider weighing the cost of hiring versus the cost of using the software.

By carefully considering the cost of software and its value to your business, you’ll be better equipped to make informed decisions that benefit your bottom line. And remember, the cheapest option isn’t always the best choice – it’s about finding the right balance between cost and value.

That concludes our 5-part series on making a decision on a tool, app, or software service. Hopefully these episodes are valuable to you and are helping you make confident, informed choices for your business. 

In the next episode you’ll hear a case study about one of our clients when they transitioned from lugging around 6” binders to keep track of client projects to an online project management system they could access from anywhere and no longer weighed them down.

If you enjoyed this episode, you can head over to leverageyourspark.com to subscribe, leave us a review or share with a friend. Everyone deserves to have less stress and more impact!

I’ll see you in the next episode and until then keep leveraging your spark to ignite your possibility!