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Business strategy
How a Small Business can enjoy Economies of Scale.
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[QUOTE="King bell, post: 345215, member: 75687"] To scale economies, small businesses may streamline production processes, outsource services, purchase in giant amounts thereby negotiating price favorably with suppliers and pooling resources for marketing and advertising. Small firms can optimize their production processes to reduce waste by investing in technology. Outsourcing accounting or IT functions offers potential savings and access to specialized expertise. Buying raw materials in huge quantities allows for quantity discounts as well as lower unit costs. For instance, collaborating with other small businesses in order to negotiate better prices from the suppliers can also reduce expenses. Pooling resources for marketing and advertising could lead to getting more prominent placements at lower costs. In addition, online sales via marketplaces and e-commerce platforms give opportunities for small businesses to reach more customers and increase profitability through economies of scale. [/QUOTE]
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How a Small Business can enjoy Economies of Scale.
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