Management: Five ways business owners cope with rising costs
If you build it, cook it, sew it, ship it, or import it, chances are your cost of business has spiked over the past two years. Even Internet entrepreneurs are feeling the sting of a weak dollar. "As we expand our coverage of hotels in Europe, we pay people in euros and pounds, but we make money and raise money in dollars," says Elie Seidman, chief executive of Oyster.com, a hotel research and booking website in New York with 40 employees. As commodity prices rise by double-digits and the greenback falls, business owners across industries are struggling.