Business space
Most companies would normally have spaces that are double the size that their current company actually can accommodate. This is big expense but they are hopeful that they can expand. While that is not happening, especially during the recession, you can cut back on such a massive expense by leasing the space. If you have suddenly let go of employees and you have a big space to fill, it would be ideal to sell the space and rent a smaller one it is much more ideal for those businesses that downsized due to economic issues. There are very good business spaces that can be rented for this process.
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Travel
Do you know that travel accounts for 1/3 of the business expenses? Flying locally and internationally, especially on business class is no cheap cost. A lot of businesses are taking advantage of the internet nowadays. Video conferencing is much better since the cost of setting up a computer or a set of computers with a video cam is a lot cheaper than spending on 3 business trips. This will also minimize costs if there are some failed business attempts. With the internet, we are able to minimize the time of waiting and we can easily set up deals with clients and other liaisons.
Materials
If you can get materials at a cheaper cost, then it is better. Nowadays, there are some manufacturers especially abroad that offer very cheap materials. It is very important, however, that they have a decent and practical shipping partner since this will be the one that will cost you considerable amount of money in the long run. If you already have a supplier, ask them if you can get some if not all materials in credit especially during these times. This will minimize the worries of the money being spent too fast and then as it turns out you do not need the materials anymore. It pays to really analyze the business conditions before purchasing materials.
Specialized services
Some product based services outsource specialized services on other cities, states or even abroad. Have you looked for local options? The cost here is mainly on the customs and transportation charges. This affects the overall cost of the product and of course we want to spend the least amount as much as possible. It is important to research and check what options you can use locally. You might also prefer to have an employee to train on that certain process. This is ideal for businesses like fashion or areas where specialized methods are key for creating trends.
Advertising
The internet can offer cost effective and sometimes free advertising options. In some cases, you might need an SEO company to get you started. Some of these companies offer training. You might want to train your marketing staff so that you can effectively do the marketing on your own. From online advertisements, social networking, blogs and other forms of marketing and advertising, the internet has become a go to marketing tool especially for small to medium sized businesses.
