International business benefits you, and your local economy, so it’s a great option. The only downside is the distance between you and your associates. The costs of doing business internationally can really add up, from hefty travel expenses to everyday phone calls. There are a lot of ways to cut down on expenses though, here are a few of them.
Limit Travel
You will at some point need to travel, but if you can avoid it, do. Hold meetings over conference call, using Skype or similar. It will drastically reduce the need to travel for meetings, which saves you time and money. If you need documents hand signed, they can be couriered, though there is a slight risk of them being misplaced. If you’re worried about this, try to make the trip coincide with other business. If you can delay certain things, and move others up the calendar, you can make your trip slightly longer and a lot more productive.
Plan Your Travel Right
As I’ve mentioned, working your schedule so that you’re traveling for more than one thing will mean a lot less travel, and more productive trips when you do travel. When you or your employees do travel, you can also reduce costs like flights and accommodation. If possible, and if they’re happy to host you, stay with a colleague or business partner who stays where you’re going. You’ll still need to contribute, but it will be a lot cheaper than the average hotel.
You may also want to opt for self-catering. A self-catering travelodge may be cheaper than a fancy hotel anyway, and will at the very least provide you a microwave, kettle and shared kitchen, if not your own kitchenette. It’ll save you a lot of money on room service, but you still have the option of a restaurant if you don’t have the time or inclination to cook.
Shipments
A majority of companies prefer not to use standard mail for important documents and the like, which is fair enough. For valuable cargo, you do need a reliable courier. Assess your options, head online for some honest reviews and find a company that will deliver fast and take care of your packages, while still being affordable.
Phone Calls
Most companies make plenty of phone calls on a daily basis – it’s a normal part of running a business. When you do business internationally though, these calls cost a lot more. There are a few things you can do to reduce your phone bills. If it’s not urgent, email instead of calling. This also means there’s a paper trail to refer back to should you need to. You can also arrange to conference call, which will be cheaper, though slow internet will mean low-quality calls.
As a business, your best option for international phone calls is probably a prepaid calling plan through a company like EnjoyPrepaid. The plan gives you a code to dial before you call internationally, which will give you much lower rates. You can top up your account whenever you need to and use it on any phone. Because it’s prepaid, you don’t need to worry about your balance expiring on the months you don’t call much, and can top up as often as you need to when you are making lots of calls.
There are plenty of ways to save on international business – taking midnight flights and flying coach, cutting down on your phone bill, limiting your spending when you travel. Don’t get too hung up on saving though, if it benefits your business, it’s worth spending a little more.
