ECON545 Week-2 Discussion 2
In my opinion, some ways a business could control cost is by signing yearly contracts instead of multi year contracts with suppliers and vendors. If suppliers and vendors begin to incur rising cost in their overhead like gas, these businesses will surely pass on higher cost to one's business. Another way is investing in technology. Upfront money now in a BI may aid in production improvements. Recycling waste and stationery supplies and making better use of energy (not leaving the lights and computers on when workers are not present) in regards to production can aid in controlling cost as well. Noting loans and debts and getting the best interest rate regarding borrowing is another way to control costs. Last but not least is look for opportunities to tax save. Some places give incentives for organizations to build and stay. Also making wise and sound investments can aid in tax savings along will yielding a firm additional funds.
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