Are you trying to rescue practice profitability through software?

Financial advice businesses are screaming out for efficiency gains from the use of technology. Here's an important criteria to consider when selecting which software to bring into your practice: 'How is the start-up funded?'

Those that have had successful capital-raisings at first glance sound successful, but then consider the influence and pressure that the Funders/Investors apply to the product development, pricing, and time-horizon to generate income and profit. Once you do this, you realise very few of the new fin-tech solutions brought to market are playing the long game - they are under immense pressure to build income and profit now thus putting their aims in conflict with your own.

Now, if you are integrating software into core processes that drive your business including your client experience, then your time horizon as a business owner needs to align with the longevity of the software solutions you introduce...or you'll have to disrupt your team all over again to change software.

And the cost! Some fin-tech price themselves for investor returns way too early thus preventing them gaining the scale they desperately need to develop as a sustainable software solution and company.

My suggestion: Find fin-tech providers that have taken 5 to 10 years to become an 'overnight success', where they remain privately owned and operate profitably; where their product development team is still larger than their sales force; and where there is an element of conservatism that proves they have a long-term commitment to providing a market-leading solution. For an example, check out Worksorted. They aren't the only one that meets this criteria in the Australian market so feel free to comment and add others.

Beware of the bright, shiny new offerings - even though you pay to use the product, you are their guinea pigs! It should be the other way around.

For the article that inspired me to write this piece, click here and have a read https://www.startupdaily.net/2020/05/the-funding-model-for-startups-selling-software-as-a-service-is-broken/?utm_source=Startup+Daily&utm_campaign=cf94bc2fbb-EMAIL_CAMPAIGN_2020_01_21_05_22_COPY_01&utm_medium=email&utm_term=0_7d2c4cd457-cf94bc2fbb-109394043

#fintech #software #efficiency