Four Basic Steps of Cost Management in Business

Posted by ivanpw under Finance
From http://www.bizpenguin.com 3936 days ago
Made Hot by: Webdev1 on July 17, 2013 11:35 pm

The rising cost of keeping up with customer demand can be a challenge for startups or small businesses. Here are 4 cost management strategies you can adopt.

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Comments

Written by AngelBiz
3932 days ago

Small business owners have to watch their cost like a hawk. It's very easy to get into critical situation when cash reserve becomes low and you can't pay your employees or vendors. These are great ideas. I have few more suggestions in addition to these - delay the need of any purchase to the extent possible, lease as much as you can versus buy, share with others if possible if you must buy, optimize the use if you cannot share with others. The approach of delay -> rent -> share -> optimize can help you cut down your costs.

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Written by bloggerpalooza
3936 days ago

Nice post. They are great tips. It is really necessary to pull some expense from business account just to give pleasure and satisfactory to our customers in order to gain more profit and trust.

And using innovative softwares and gadgets, if they would make a good return, why not?

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