Making Salespeople Into Entrepreneurs

Save on rent by cutting down the need for office space. Ask some employees to telecommute and supply them with laptops and Internet connections -- costs you would incur anyway if they worked in the office. Challenges will arise and you may need to organize staff events to facilitate communication flow. But in the end, the savings should make it all worthwhile.

Instead of laying off productive employees, cut back on their hours until the market rebounds. Help them maintain their income by finding them part-time jobs at other firms. And instead of scrimping on talent to hire workers you can afford, partner with another firm to hire qualified people who demand higher salaries. You can split work hours -- and paychecks -- for these joint employees.

Many customers pay with plastic to earn points, allowing them to redeem cash or airline miles while you pay hefty fees (about 3.2 percent per transaction) to credit card middlemen. Convince customers to pay you directly by providing similar incentives for electronic debits, like a cash-back bonus equal to 1.25 percent of their payments.

The cost of airfare, equipment rental, labor time, and fuel adds up. Opening additional locations as your business grows allows you make shorter trips and cut travel expenses, even after taking into account the expense of leasing and operating the facilities.

Stop doling out big bucks to marketing consultants or advertising firms. Find cheap or free ways to promote your business instead, like creating a bonus program for staffers who blog about your companyâ'‚¬'„¢s services. Blogging can improve your firmâ'‚¬'„¢s search-engine rankings and help boost sales.