Travel can be a necessity in business, albeit a costly one. Planning ahead for the expense of business travel can help keep costs within the budget. National Business Capital has the following tips to help financially prepare for business travel.
Know the Costs: Travel expenses include more than airfare and lodging. Parking, ground transportation, meals, laundry, gas, tolls. Be clear with your employees, and yourself, about what items will be reimbursed and how much will be reimbursed so there are no surprises on either end.
Business Travel Programs: Enroll for as many programs as are applicable. Credit cards offering rewards are a great option since it gives time for your employee or you to be reimbursed before having to payout of pocket while earning cash back or frequent flyer miles. Travel agents can help ensure you get the best rates and can even alert you if better rates become available. Because of their buying power, they can often negotiate better rates than a small business may be able to do its own.
Plan for Travel Time: On one hand, travel may reduce the demands of daily life on you or your employees freeing up extra time for work. On the other hand, even with wifi, laptops, and cellphones, there may be time that you can not connect or be reached. Know when those times are likely to be so you can plan accordingly. Have rules for travel so employees understand what the expectations are for checking emails, phoning the office, returning calls.
When an opportunity for business arises, jump on it! Speak with National Business Capital to learn how we can help fund your business travel.