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Boosting Your Profit Margin Made Simple

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Successful businesses are the ones that are always on the lookout for ways to boost their profit margins, whether that be by cutting costs or increasing revenues. If you own a business, it is important that you are constantly taking steps in this direction, and here are some of the simplest ways you can do that:

Audit Your Revenue

If you run a company, no matter whether you’re an accountancy firm or a construction company, you should be carrying out regular audits of your incomings and outgoings, so that you can get the full picture. If you can pinpoint costs that are particularly high and areas where you aren’t making as much money as you would have expected, you can start to make the relevant changes.

Cut Your Running Costs

There are lots of costs of running the average business that can be cut quite easily without it affecting the quality of the business, Things like switching to a more affordable energy supplier, conserving energy, and allowing employees to work from home are all things that can bring down running costs while keeping the business running smoothly, but there are more, so be sure to consider every option.

Sell at the Best Price

Are you selling your goods and services too cheaply? There is something to be said for being competitive and a lot to be said for making money now when you need it, rather than holding out, but if it means that you’re not getting the best scrap metal prices or you’re barely squeezing a profit because your prices are so much lower than the competition, is it really worth it? Probably not. Sell at the best price, not only for your customers but for your business too. Only you can work out what that is, but if you have such a thin margin that you’re already struggling, that isn’t it!

Review Your Purchasing Costs

It’s also sensible to access the cost of third materials you are purchasing from your suppliers. Most suppliers, if you are a good client, will be open to some negotiations on price, which will boost your profit margins, and if they are not, chances are there is another supplier who’s willing to give you a better deal. So, periodically review your purchasing and try to cut your costs that way.

Hold Less Stock

Lowering the amount of stock you hold is a good way of cutting your costs because you won’t have to pay for large amounts of stuff up front, not will you need to pay for quite as much space to store it. Of course, you will need to ensure that you can store enough to meet orders and keep your customers happy, but beyond that, there is rarely a reason to stock up on a lot of product.

Expand Your Operation

Of course, a very effective way of boosting your profit margin is by expanding your operations, whether that be by opening another location, merging with another company in the area or expanding the range of goods you sell.

Do you have any ideas about boosting profit margins in business that haven’t been covered here?

How to Use Mobile Devices to Drive the Success of Your Business

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More and more people are now using mobile devices to help with everyday tasks, such as communication, online shopping, and travel. With such a large proportion of the population having access to mobile devices, it makes sense to utilize such a powerful tool to help with marketing strategies and business growth. Finding the best ways to do this can be difficult, especially in an age where technology seems to be moving faster than ever. You can’t get stuck in the depths of the mobile world without first knowing the basics, and just how you can use them as a key component in making your business a success.

Tailor your website to suit smaller screens

Though laptops and macs are still popular gadgets used by consumers, much of their interaction comes from using mobile phones or tablets. It means that you can no longer rely on having a website aimed solely at how people view it from a computer screen. Whether this is for marketing or sales purposes, in today’s world, any website must be optimized for mobile devices This is due to the soaring numbers of smartphone users that are expected to carry on growing in years to come. When it comes to e-commerce especially, much online shopping now takes place from the comfort of your handheld device. Unfortunately, many users abandon the checkout process due to bugs on the website, which come about as a result of the company software not being tailored for use on mobiles. If you have a slick website designed for smaller screens, you can expect increased engagement from future customers.

Use instant messaging

Emailing has always been an integral tool in helping produce successful marketing campaigns. However, even more recently, instant messaging and texting services have been utilized for targeted, personalized campaigns, which bring about a more human feel to the marketing process. Though social media advertisements use cookies to aim specific content at a certain bracket of viewers, messaging allows companies to employ a more intimate tactic to gauge what exactly interests their consumers. Not only does this sell the product, but it helps you to keep track of which elements of your campaign work, and which don’t. In fact, there are now software services such as SMS Blast, which has specified the broad sphere of text messaging for marketing purposes.

Make a mobile app

Mobile apps are a quicker, more convenient way for consumers to engage with products and services your company offers. With the rise in smartphones comes a higher need to integrate mobile applications into a business model. Not only do they greatly improve how you interact with customers, but they can be integrated with social media giants, such as Facebook, Twitter, and Instagram to promote new marketing campaigns. Many businesses have started with an app and grown into something bigger due to the reach they can get from using such a service. Whether you want to sell a material product on an online shopping app, or services through an app subscription, more doors are opening up every day which will help you in the future of your business.

How to Give Your Business the Edge

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Competition in the world of business comes as part of the territory. It’s rare that a monopoly is achieved without years of hard work and dedication. Sometimes the struggles of keeping yourself above the water can make it feel as if you aren’t making enough progress or keeping up with your peers. A great way to combat this sense is to rethink your approach and flip your ideas until they start working for you. The most successful businesses offer something unique to their customers, whether that’s a personalized delivery system or even just a user-friendly website. To sharpen your approach and give your business an edge over the competition, take a look at these helpful tips.

One: Know Your Strengths and Play to Them

Even when you find yourself and your business somewhat flailing amidst the sea of rising competition, you can still identify strengths in your business that maybe haven’t been taken full advantage of yet. It can sometimes take a small crisis of confidence for you to see clearly. Don’t panic and instead re-examine the areas of your business that work well. Complicated strategies can easily run away from your grasp so do everything you can to simplify it without compromising quality or efficacy. Once you’ve managed to pinpoint the staples of your plan, take time to enhance each of these and give them the attention they deserve. For example, if you are a predominantly online business, concentrate on your website and how to drive traffic to it rather than focusing on comparatively minor aspects such as employee uniforms or physical storefronts. By doing this, you will save time, energy and money by increasing the effectiveness of your already determined strengths rather than trying fruitlessly to improve upon areas which do nothing to contribute to your success.

Two: Be Specific and Make Your Business Needed

An enticing yet dangerous route for some business owners is to seize upon their success and instantly attempt to capitalize on it without consideration or planning. Just because you have recently seen unexpected profits doesn’t mean your business is suddenly capable of expanding to new territories or taking on unrelated challenges. If you find yourself doing well in one area, it can be tempting to replicate that strategy elsewhere and expect the same results. Avoid falling into this trap by taking this success for what it is – fleeting. To maintain a positive trajectory, you mustn’t be complacent. Focus on what is bringing your business success and keep it going, don’t swerve into uncharted areas in the hopes of finding similar rewards. Of course, business is about risk-taking, but impulsively reacting to success is a recipe for disaster. A better way of taking advantage of these bursts of success is to concentrate your business around them and discover your niche. Don’t try to be everything to everyone as this will stretch your resources too thin and confuse your brand. Instead, work your way to the top of your niche and offer something your competitors don’t.

Three: Delegate and Outsource

A more detailed method of playing to your strengths is to take charge of them while allowing the business’ weaker areas to be captained by other people. Pride can get in the way of appropriately outsourcing but finding the right professionals to take on some of your workloads can make or break a business. It’s understandably difficult to allow a stranger to take control over an aspect of your business, especially when it’s a part you haven’t been confident in yourself. However, locating the best people for the job takes a weight off your shoulders and allows you to focus on the areas which make your business unique. A common fear when it comes to outsourcing is that the work will be either slapdash or a basic template. When business revolves around being unique and standing out from the competition, it can be disheartening to see similarities between your work and someone else’s, clearly showing that you’ve both reached out to the same external professionals. There are, of course, many companies you can outsource elements of your workload to who understand that your business is striving for individuality. These are the people who can offer new marketing ideas, slicker websites, and better operations. Don’t be afraid to enlist the help of these kinds of companies as their input could be exactly what elevates your business above the rest.

Four: Look the Part

It’s sad but true – people are superficial creatures. The history of advertising has led to some of the most captivating marketing campaigns that could pass for works of art. This is why your business can’t afford to offer quality services or products simply, but you should also appeal visually. It’s surprising how effective a mere facelift can be for a business as it rarely changes anything deeper about the product or the strategy. However, by putting aside some time and effort to concentrate on making your brand appealing, you will start to see excellent results. Two identical businesses can achieve vastly different profits all because one has attractive, well thought out branding and the other does not. It applies to everything from your website’s appearance and user experience to your logo. Consistency is key when it comes to your brand as it has the capacity to reach further than the business itself. For example, the Coca-Cola logo has been printed on clothing and become a statement entirely separate from the original business of cola drinks. A well-constructed brand image can change the path of your business drastically.

Gaining the edge over your business competitors can seem like a daunting challenge at first. When faced with the threat of failure or seeming too similar to others in your field, it can be incredibly disheartening. To overcome these obstacles and make your business shine you should examine the strengths already present in your business plan and product. Focus on what makes your business different while allowing external professionals to share the load. Top it off with a strong, consistent brand identity and your business is refreshed, sleek, and most importantly, has the edge.

How To Save Money When Marketing Your Business

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There are many things which can cause concern to small business owners, and budgeting is one of them. It can often be the case that a business owner creates a well thought out and sensible budget for marketing, for example, but due to a variety of factors including a volatile economy, the money set aside for marketing needs using elsewhere. If this happens, it can cause a problem because your marketing will stop, and you won’t have any new customers, meaning you lose even more money. It is a better idea to simply save money when marketing rather than cut your marketing budget altogether. Here are some ideas how.

Use Free Platforms

If you can get your marketing done for free (at least in part) then your marketing budget can remain untouched. One of the best ways to advertise for free is to use social media. Creating business accounts in Twitter, Facebook, Instagram, Pinterest, and others is free, and although you can boost and promote your posts by paying, if you include relevant, interesting information that potential customers can share easily, then you shouldn’t have to. It’s not just about social media though; why not offer to write a guest post on someone’s blog? You can write something detailed that is useful and place yourself as an expert in your field. You could also sponsor a local sports team. It costs nothing but will put your business details in front of many people at one time.

Simplify Things

If you keep things as simple as possible, your marketing dollars will stretch much further. You can waste a lot of money enhancing and upgrading your advertising, but if it isn’t needed, and if you can bring people to you without it, then don’t spend any more than you need to for the basics. For example, you can buy website packages that include dozens of pages, but before you do this, ask yourself if you need all of those pages, or if a website that has five pages would work for you. If that’s the case, you can buy the cheaper package. If more pages become necessary, you can upgrade later. The same goes for print advertising; you could pay much more for a bigger ad, or one in color, but is it required? Do your research first to get your answer, and only pay for what you need.

Use Inbound Marketing

Inbound leads work out at 62 percent cheaper than traditional marketing methods, and in business that is far too big a percentage to ignore. Inbound marketing is about creating content that brings customers to you, rather than creating advertising that sets out to pull in the customers. If they come ‘of their own free will’ they are already much more likely to spend money with you. This is because there is a feeling that you’re not trying too hard, you’re not ‘pushy’. Inbound marketing can take place in the form of blogging using proper SEO techniques and social media posts. You could even create webinars and workshops. These are all forms of inbound marketing.

Ask For Advice

Asking for advice is a great way to save money when you are marketing your business. If you ask the people, who have already ‘been there and done that’ then you will be able to hear about the mistakes they made, and stop yourself from making them. You will also be able to find out about marketing hacks and shortcuts that really work. Getting it right the first time is an invaluable way to keep your marketing budget looking healthy. Of course, it’s best if this advice is free – if you have to sign up for costly training or seminars to get it, then you may wish to look elsewhere. It all depends on how much value you can place on getting your marketing exactly right.

Do It Yourself

When it comes to saving money, doing things yourself, rather than paying out for someone else to do it, can save a lot of money. However, it’s only a cost-saving exercise if you are able actually to carry out the work well. If you are not confident then hire someone in; it’s better to pay for an expert than try to do it yourself and then have to call that expert after anyway. It will depend to some extent how long the job will take, and how much money it will cost you in time away from the business doing other things to work out whether it will really be a way to cut costs. Sometimes it is just better to pay for expert help.

One Thing At A Time

It can be easy to pay more than you need to if you’re not focusing on one thing at a time. Market research is essential as you will be able to determine who your target audience is, and how best to reach them. It might be through social media, perhaps print advertising, or you might even want to consider TV or radio spots. Once you know what is going to work best for you, you can then focus on that campaign rather than spending a lot of money in many different places when only one or two of them will actually bring you anything in return. It is also a good idea because it means you will gain more experience in the medium you have chosen, so the advertising that you do there will become better and more efficient over time.

Don’t Change

Something that can cost many thousands of dollars and that isn’t required is change. Change is good when it is necessary, but if you have an advertising campaign that is working, that is bringing in customers and revenue, why change it? It costs money to change it, to change the design, to change where and how the advert is used. So keep on using the same ad until new customers are no longer finding it attractive. This is when you need to change, not when it is all still working.

4 Tips for Managing a New Law Firm

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Managing a recently founded law firm can be quite the challenge, especially for an attorney who is also trying to juggle their own cases while also ensuring smooth operation for the firm as a whole. Playing multiple roles as both “the guy in charge” and someone who deals directly with clients can have you feeling overwhelmed at times, particularly if you haven’t yet established a routine workflow. Fortunately, managing a firm is much like running any other kind of business, so if you have a solid of understanding of basic principles like budgeting, accounting, and account management, you should be able to make things work with a minimal amount of stress. With that said, here are four tips for managing a law firm more successfully during its initial stages:

1. Utilize Consultancy Services

While going it alone is possible, you’ll be in a much more optimal position if you have the guidance of someone who is experienced in the field of law firm management. Thus, enlisting the assistance of a law consultant such as Law Biz is an ideal initial step to take just to make sure you have some experience in your corner before going forward. Such consultancy services will not only help you manage the firm more effectively, they can also help the firm’s attorneys operate more proficiently and professionally on an individual basis.

2. Market to a Targeted Audience

Of course, client solicitation is something every new law firm has to strongly consider in order to expedite the process of building a steady workload for all of the firm’s attorneys. Each firm should specialize in one or more areas of law to allow for a more targeted approach to marketing and promotion. For example, a firm with plenty of collective experience in representing medical lawsuits would want to gear their advertisements towards such clients for a more effective approach than simply promoting general law services.

3. Encourage Client Referrals

Word of mouth is one of the biggest assets for any new firm, as getting the business off the ground and building momentum will depend largely on the recommendations and reviews of your existing clients. Aside from offering commendable service, it’s also good to offer incentives for referrals. For example, some new firms will offer discounted legal fees or even commissions to clients who are willing to refer their friends and family in applicable situations.

4. Create an Optimized Billing System

Billing is one of the most difficult aspects of operations for new law firm managers because you’ll inevitably have to become familiar with some sort of software-based billing system. Avoiding billing mistakes and creating a consistent and predefined procedure for handling billing processes will ensure that your firm is being paid properly while also simplifying ongoing accounting practices.

Hiring the Right People Is Paramount

In closing, all of the above steps won’t help if you’ve brought the wrong staff members on board, to begin with. Furthermore, having to later terminate employees and/or change the line-up of the attorneys in your firm can present an unpleasant stumbling block that could be entirely avoided if you had hired the right team from the start.