Practical Approaches to Reduce Business Costs

Cost Reduction
The world is full of ideas on how to reduce business costs, although many of these are based on theory rather than the harsh practicalities of commercial management. After all, it doesn’t make sense to reduce costs if it is detrimental to profitability, as this will have a debilitating effect even in a growing economy. With that in mind, all costs must be measured in line with their potential return, before any decision is made on where to make reductions.

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Do chartered flights make business sense?

Private jet
To an outsider, investing in a private jet may seem like an exorbitant and unnecessary charge. If one flight can get hundreds of people to a destination, why does another person need to ride with a small group? Strict accountants may also have the same attitude.

But for the high-flying corporate executive on serious time constraints, waiting for everyone to board and get off of an airplane — even if it’s just those in first class — can not only make them late for important appointments or live events (ex. speaking engagements) but also risk losing money.

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5 Tips to Get the Most Out of Direct Mail Campaign at Low Cost

Direct Mail
There is a good reason why businesses have been using direct mail for over 100 years – it works! Direct mail is highly targeted and has a much higher response rate than other forms of marketing. Nearly 8 in 10 consumers respond to direct mail by searching online or visiting the brand’s own website, a powerful demonstration of how direct mail can drive traffic and increase online sales.

Despite its proven power to deliver results, many businesses still worry about the costs involved. While it obviously costs more to send a piece of direct mail than it does to send an email, emails are far more likely to get ignored or deleted. Direct mail costs are more manageable than most companies think and return on investment is high. Here are 5 tips for how to keep costs down on your first direct mail campaign.

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How Data Analytics can Improve Efficiency of Fleet Vehicles

Fleet Management
If you want to improve efficiency in your transportation department, you should consider utilizing fleet analytics to monitor your vehicles. Keeping a close watch on operators, maintenance, and fuel consumption is easy when you have ready access to data analytics. By installing computerized tracking tools in your fleet, your company can reduce costs in multiple ways.

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Best Options to Build a Company Car Fleet

Car Fleet
If you are starting a new business, you will already be aware of how much there is to take into consideration. Finding the right office space and building a team around you are tough enough challenges to begin with. But then there is much more for you to think about. One of those things is how your staff is going to travel from place to place, especially if they are often on the road meeting clients and customers. Many businesses choose to build a company car fleet to enable their staff to do their work wherever they have to go. If you’re thinking of doing the same for your business, here are some things to consider first.

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How Can Small Business Owners Benefit From Renting a Virtual Office

Virtual Office
Virtual office space allows business owners to cut costs without sacrificing the image they have built for their business. When you rent a virtual space, you reduce production costs while maintaining a prestigious business address. When you do business out of a virtual office, you have access to everything a business owner needs; you never have to worry about things like conference rooms, technology and staff to answer your phones.

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Can Small Businesses Benefit from Outsourcing?

Outsourcing
Large corporations use outsourcing to offload their non-core operations so that they can focus on what they do best. Small and medium size businesses can benefit equally from outsourcing. Many small business owners do not feel comfortable with outsourcing thinking that it does not provide them sufficient benefits or they don’t like losing control of their business operations. This could be a mistake. When done properly, outsourcing can help small business owners grow by focusing on core operations.

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How to Navigate Small Business during Financial Crisis

How to navigate during crisis
Warning to all budding entrepreneurs!! Almost 75% of small businesses fail during their first year. This number goes even higher during financial or environmental crisis. During Great Recession of 2008-2009 number of businesses, large and small, failed because they were not in the best position to manage during the time of crisis. They either did not have sufficient financial cushion or failed to generate enough sales to meet their expenses. The key to succeed in the crisis is to prepare for it ahead of time and take decisive actions once the crisis does hit. This is the time not to panic, and you will not, if you have planned ahead. If you do run into financial turbulence here are 3 important steps you can take to navigate through the crisis.

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Cloud Economics and Offsite IT Infrastructure for Small Businesses

Cloud eonomics and offsite IT infrastructure for small business
Small businesses spend significant money on IT infrastructure. Traditionally, they have owned the IT assets themselves and have to carry the burden of capital purchase and ongoing maintenance cost. However, there is a paradigm shift occurring in the IT industry with what is commonly known as cloud computing. This has the potential to dramatically change the way small businesses operate their IT infrastructure. With cloud computing small businesses no longer need to own the IT assets themselves. Instead, they can rent these assets on as needed basis and only pay for what they use. You can think of this as analogous to buying electricity from utility company.

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7 (Not so) Secret Ways to Save on Electric Bills for Small Business

7 secret ways to save on eletric bills for small business
Many small business owners consider the cost of electricity as fixed and do not pay much attention to it. They receive a monthly bill in the mail, make a payment and move on with their daily business. For some, even if they want to do something about it, they feel helpless thinking that they do not have many options to save on electricity, other than to cut the usage.

While this may have been true in the past, many options have opened up recently that can help small business owners save money on their electric bills. Some of the options are driven by the elimination of monopoly and rise of competitors. Companies such as commercial electricity suppliers British Gas have been very proactive in helping business owners with ideas and presenting them with alternatives that can be tailored for specific situations.

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