Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.
+1 212 318 2000
Europe, Middle East, & Africa
+44 20 7330 7500
+65 6212 1000
Real cost-saving strategies for small businesses are based on realism and execution. For example, for online companies that receive limited office visits, spending a large portion of their budget on office space and furniture wouldn’t be the best use of their money. Likewise, companies that are inherently computer-savvy should maximize their computer spending by building their own instead of purchasing the most expensive boxes. The same goes for telephones. Consider using Skype, which integrates both VoIP and chat, or other Internet phone coverage whenever possible.
However, the biggest expense in service companies is people. Hiring great people is the most cost-effective thing a company can do. Seek out and hire people with multiple skill sets and an entrepreneurial attitude. Also consider the “flat world” approach — having employees who work from home offices around the country or world. They are just as valuable and lower overhead costs.
iLOR & PreFound.com
Want to improve the way you run your business? Entrepreneurs, academics, and consultants from diverse industries offer practical advice on a variety of topics each business day.
To submit a tip for consideration, first check our archive of previous tips to make sure you're not repeating a tip someone has already contributed. Then send the tip to Small Business channel contributor Michelle Dammon Loyalka. Because of the volume of material she receives, she may not respond to each individual.