Entrepreneurs Share Their Money Saving Tips

By Ben Steverman - 2011-09-15T00:41:10Z

Peter Foley/Bloomberg

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Sergio Fernandez de Cordova, Fuel Outdoor

The recession slammed Fuel Outdoor's billboard business. Sergio Fernandez de Cordova, a company founder, says an industry that had been growing by 8 percent annually suddenly contracted 15 percent. "We did big cost-cutting," he says. Fuel Outdoor fired staff, but made it clear there would be only one round of job cuts. He told the surviving staff: "It's better to keep the ship afloat and overwork for a little bit."

The company found ways to reduce legal fees while slashing travel costs, which were high because Fuel Outdoor has six offices that serve nine markets. "I used to travel once or twice a week," de Cordova says. "Now I'm traveling maybe once or twice a month." He and other employees use videoconferencing and hold a greater number of meetings on each trip.