Three tips to keeping your business lean in 2015

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When you start a new business, much of the finance is spoken for and used to produce the first round of products or services. The initial costs of overheads can take a large chunk out of your coffers, and you can soon find yourself struggling to make ends meet. In order to expand the company, you will have to make some adjustments so that expenditure is minimal, while revenues increase.

Marketing on a budget

Although you will probably engage in some form of paid advertising, you could maximise the benefits of social media. There are so many platforms that you are sure to find the one most suited to your business. Decide who your target audience is, and set up accounts on the two that are most likely to be frequented by your target market.

Rather than spend your time tackling all the media sites, just concentrate on the two that are most beneficial. Once you start to build relationships, you may start to receive recommendations or reviews of your brand, which is a powerful marketing tool.

Customer relations

Keeping your customers happy is the key to a successful business. Communicate with them on a regular basis, using an email campaign, a blog or social media. You can find out what works well by communicating with clients. Rather than offering products or services for sale, or talking about your company and how good it is, offer information that your target audience will be seeking. By providing free, useful information you are building a relationship and increasing the chances of a person making a purchase from you.

Outsourcing

Although you are trying to reduce expenditure, there are some aspects of a business that should be dealt with by an expert. If you know that you aren’t able to create a website or marketing materials, don’t waste resources trying to deal with them yourself; outsource to someone who can produce a high standard of workmanship at a reasonable cost.

Finances are an area of running a company that many people aren’t particularly knowledgeable in. Finance and accounting outsourcing will provide value for money, especially if you aren’t completely up to date with changes in regulations. Although outsourcing may seem like an extra cost, it is actually an investment in the future of your company.

If you want to know more about how to run a lean business this year, give us a call today.