wise hour, cost management, entrepreneurship, business cost

Direct cost

Indirect cost

Fixed cost

Variable cost

Operating cost

Sunk cost

So many different types of costs, so little knowledge. Small costs can accumulate to skyrocket amounts. How can you manage costs effectively and still see a profit in your business?

Productivity is commonly defined as a ratio between the output volume and input volume. In other words, it measures how effectively production inputs, such as labour and capital, are used to produce a given level of output.

How can you ensure effective cost management for your business, while increasing your productivity? Contact Wise Hour for a discussion.