7 Budgeting Secrets To Find The Best Video Conferencing Software For Enterprise Businesses [Latest 2022]

Software shopping is rarely easy, especially if you want to find the best video conferencing software for enterprise businesses in your price range. The hurdles typically start from square one, which involves TNA and budgeting. Which pain points do you need to address, and how much can you realistically spend? What should you include in your expense sheet to keep your implementation timeline on track? After all, unexpected fees usually cause long delays while you secure more funding and try to cut costs elsewhere. Fortunately, there are ways to take the headache out of software budgeting and streamline the process.

7 Secrets To Create A Spot-On Corporate Video Conferencing Budget

1. Evaluate Your Current Business Needs

Before you even start calculating costs and setting spending caps, you must determine what you need from the tool. What do you expect from your investment? Are there any pain points you need to address, and how does the platform fit into your L&D program? Furthermore, can you use it in other aspects of business operations? If so, are you able to expand the budget a bit and use funds from different departments? For example, your marketing team will use the corporate video conferencing software for product launches and customer training, while the HR department plans to conduct remote interviews and hiring events.

2. Take Stock Of Your Software Suite

What’s in your business toolbox right now? Don’t just focus on your L&D software either. You should broaden the scope to avoid redundancies and set an accurate budget. For instance, you already own a PM tool, so the first option is to look for video conferencing tools with similar features. You can also determine whether you even need the PM platform once you implement web conferencing software. Another reason to take stock of your software suite is to avoid compatibility issues. If you do hold on to the project management tool, will it mesh with your new video conferencing system?

3. Research Pricing Models

Have a look at the most popular pricing models to find one that works best for your budget. As an example, organizations that prefer to pay everything upfront and avoid monthly software fees should go with a one-time license. On the other hand, businesses that want to pay as they go should consider monthly subscriptions. These tools usually have different pricing tiers based on the number of users, add-on features, etc, so use an online directory and visit vendor sites to evaluate your options.

4. Identify Features That Contribute To Your Bottom Line

There are certain corporate video conferencing features you’d like to have but they aren’t necessarily deal-breakers. The key is to determine which selling points directly benefit your profit margin. For instance, you need screen sharing for live events and team meetings. The same goes for breakout rooms and live chat, as these features maximize tool functionality and remote collaboration. Then again, you may be able to cross off integrated calendars or audio calls if they don’t align with your L&D priorities.

5. Factor In Add-Ons And Advanced Support

Add-ons make the tool even more valuable for your business because they expand functionality. You no longer have just the basic features that come with the tool, but a variety of integrations that make life easier, for example, CRM add-ons that allow you to schedule meetings with clients and invite leads to your next webinar using a single platform. You should also leave room in your budget for advanced support services, like phone or live chat, as some vendors charge extra for these, but they give your team a safety net. Then again, online FAQs, forums, and customer training resources might suffice for experienced users.

6. Leave A Budget Buffer

Your budget shouldn’t account for every last cent. That’s not to say that you should leave it open-ended and add costs as you go along. However, it’s always best to include a small buffer, just in case you run into hidden fees. For instance, you didn’t account for those additional support services I talked about earlier, or maybe you forgot about setup time and all the payroll expenses that come with it, in which case you may have to secure more funding for implementation and/or delay the launch. Try to leave about 10% in reserves for the unexpected, if possible. If you spend less, you can always use those resources for other L&D projects or business endeavors.

7. Calculate Hardware Costs

Some video conferencing systems require specialized hardware, like all-in-one dial pads and speakers. Or you may need to invest in new webcams for the team if they don’t already own them. These are all costs to consider for your web conferencing budget. First, find out what you need for each tool based on their tech specs. Then get input from your team to figure out which equipment they lack and if it’s necessary. Keep in mind that most platforms require a mic, speaker, and webcam to attend live events, which many mobile devices and laptops already have.

Conclusion

Budgeting for the best video conferencing software for enterprise businesses calls for in-depth research, whether it’s evaluating current pricing plans or figuring out how much support your team needs to improve functionality. However, these secrets can help simplify the process and eliminate some of the stress involved. Check out our exclusive enterprise video conferencing directory to evaluate pricing options. From starting costs to licensing types, it features all the essential info you need to get top value for money.