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By Jessica Socheski
18 August, 2014
With advancements in technology and business, it is easier than ever for any business to expand beyond the former geographical limitation and pursue international business. However, international business does still come with its own price tag, no matter how much more simple it is to conduct today. These expenses are still very real for business owners and must be addressed before starting your international business.
No matter whether you are thinking about starting an international business or you are currently operating an international business, you still need to make special considerations in order to save money. You want your international business to be as profitable as it can be without expense limitations getting in your way. Here are a few ways that you can reduce your international business expenses to generate more profits.
Conduct as much as possible online
The best part about today’s technology is that it allows you to connect with anyone around the world easily and inexpensively. As an international business owner, you should try to get your hands on every piece of technology that allows you to work internationally without physically being in that part of the world. This will save you the most expenses on travel for your business.
Use an international business expense credit card
Keeping all of your international business expenses in one place is not only a great way to track them, but also a good way to understand how and where you can reduce them. Open a line of credit that you use only for business expenses. You can have your international employees use the credit to make all business purchases so you can keep track of their spending and learn where you can reduce your international expenses.
Control expenses at your international office
If your international business needs a physical office location, it can be difficult for you to monitor and control expenses created by the office space when you are not there. Again, you can put all the office expenses on the credit card so you can see them. You can also go to Direct Energy to find the best rates for your utilities, so you are always saving the most money at your international office.
Monitor employees based on productivity
International employees can be very difficult to keep track of. You want to know that they are working hard for your business just as they would if you were there watching over them. Keep track of your employees by monitoring their productivity. If you see it begin to slide or see that they are spending more money to do the same job, you can take measures to get your expenses back to normal.
Lead by example
You are the best and most important example for your business. “What kind of message does it send if you, the CEO, always fly directly to your destinations and stay in corner suites, while urging your employees to fly at discount rates and share hotel rooms?” is a perfectly stated reason why good leadership is so important from Ilan Mochari of Forbes.com. Show your employees what acceptable business behavior is through your example.
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