Managing the Economic Downturn the Smart Way

Executive summary By: Isla Campbell

To begin with, it pays to simply re-evaluate basic company expenditures. Secondly, consider investing in more versatile business tools. It's a measure that can cut transportation costs, eliminate delays and, depending on the industry of a given business, increase freshness.

That said; think about your company's travel-related costs. Next, evaluate your marketing strategies. Marketing is important, but it doesn't have to cost your company a great deal of money. Consider implementing more economical forms of marketing - such as an e-newsletter or email marketing - to help your company manage costs.

Many companies with a web presence often run and maintain their own dedicated server onsite to provide their web service and have a dedicated IT team to provide support.

However, for smaller companies looking to employ a dedicated server, sourcing the service from a hosting provider is often more beneficial. Finally, consider networking as a form of company management during the credit crunch. After all, business owners can gain a lot from enquiring about and evaluating how other businesses are coping with the economic crisis.