A lean business turns out superior products while at the same time operating with the utmost financial efficiency. To go lean, you need to eliminate superfluities and focus on tasks that increase the quality and profitability of your company’s offerings. Here are some strategies that can help you achieve lean business growth.
Lean companies cannot afford to indulge in unnecessary perks such as designated nap areas, catered meals, game rooms, and in-office bars. Most employees are not looking for flamboyant and expensive extras like these when they consider job offers. Instead, provide a warm and dynamic company culture with meaningful work, job flexibility, and a reliable support network.
Eliminate Unnecessary Expenses
To go lean you have to cut costs. Whatever you save in unnecessary expenses, you can reinvest into business growth. For instance, lower utility bills by installing a programmable thermostat and shutting off equipment when it is not being used. Reduce your need for paper files by storing information digitally. Consider reducing the square footage you need to rent by redesigning your business to fit into a smaller space. Barter with vendors for reduced prices on equipment and supplies. Try taking on some college students as interns to save on salaries.
Use Organic Marketing Techniques
Advertising can drastically bleed a company’s budget. Invest marketing budgets in techniques that offer ongoing results. For instance, content marketing provides advertising that continues to spur long-term business growth.
Automation reduces the need to put countless man-hours into mundane tasks. Some of the time-consuming work that you can automate includes schedule management, email management, and the processing of sales and new clients.
Be Wary of Outsourcing
At first glance, outsourcing appears to be an ideal solution for lean businesses. In fact, when you entrust outsiders with important tasks, you run the risk of expensive, budget-shattering mistakes. Instead, attempt to do the tasks yourself first before you pass them on to others.
Despite the cost-cutting inherent in lean companies, at times you have to act quickly to seize opportunities for business growth. When you have a sudden change that is time-sensitive, consider approaching an online vendor for a quick cash loan.
For more advice on achieving lean business growth, contact Impact Commercial Capital.