Even though technology has significantly reduced the necessity of travel, entrepreneurs still need to go places for a variety of reasons. Without smart management of modern business expenses, or figuring out the best methods of traveling and accommodation, such trips can end up costing your company a lot of money. That’s why we asked entrepreneurs from Young Entrepreneur Council (YEC) the following:
“What is your preferred method of keeping expenses down when you travel? How can others use this approach or method?”
Making Business Travel More Affordable
Here’s what YEC community members had to say:
1. Set a Clear Budget
“I set a budget for food, entertainment, and transportation and use an app to track what gets spent on the road. When I see the adjusted figures after each purchase I know what I have left to spend. I stick to this like I would my overall business budget.” ~ John Rampton, Calendar
2. Use Points
“Credit cards with travel points were created for a reason. Take advantage of them. We travel enough in our office where we can book everything on our travel cards, rack up points and then apply those points toward future trips. This has saved us a ton of money on hotels and flights. To not have one of those cards while running a business is a waste of an opportunity.” ~ Zach Binder, Bell + Ivy
3. Eat Breakfast in Your Room
“This is a small thing but when I travel, I pick up food at the market for the days I am out and have breakfast in my room. This saves me money on eating out, saves me time, and lets me stick to the morning routine I adhere to when at home.” ~ Adrien Schmidt, Aristotle, by Bouquet.ai
4. Fly Bare Bones
“Business owners often go all out when they are ordering their plane tickets. I’ve always found that the bare bones economy seat usually works just fine for me. I’m on a plane so I can make it from point A to point B, not so I can have a luxury experience. It has never made sense to me to spend an extra $500 per trip just to sit in a slightly wider seat with a TV for 4-10 hours.” ~ Blair Williams, MemberPress
5. Take Connecting Flights
“If you have the time to spare, consider taking connecting flights instead of direct flights. In many cases, you’ll get a significant discount for your time. This tactic is great if you plan on leaving for a trip a day or two early.” ~ Syed Balkhi, WPBeginner
6. Pack Light
“One way to save money while traveling is by packing light. Packing light will save you the expense of checking a bag. You could even make sure to stay at accommodations with free laundry on site so that you can bring fewer outfits and just wash your clothes during your stay.” ~ Stephanie Wells, Formidable Forms
7. Ask the Locals
“The best way to get honest advice about how to save and where to cut corners is by asking the locals their opinion. In other words, look up local reviews to see what people in town say about the town you’re staying in, the hotels, restaurants, etc. so you get the best deals.” ~ Thomas Griffin, OptinMonster
8. Visit Friends
“If you can, try and plan your business trips around locations where you have friends or acquaintances. This way, you can always get their advice on the most affordable options for lodging, meals, and transportation. Additionally, they might be willing to pick you up from the airport or even treat you to a meal while you catch up with each other.” ~ Bryce Welker, Beat The CPA
9. Look for Free Activities
“When you’re traveling to a new place, it’s tempting to go to all the hottest spots in the city. But if you want to save money, look for free activities. In many places you’ll be able to find a ton of free things to do and see. This will allow you to experience what the destination has to offer without spending money on expensive tickets.” ~ John Turner, SeedProd LLC
10. Pretend The Money’s Coming Out of Your Wallet
“Go into the trip assuming that all of your expenses are coming out of your wallet, and not that of your business. When you take a more personalized approach, you’re likely to be more vested to keep costs down and save money. Using a business credit card with a solid rewards program can also help.” ~ Andrew Schrage, Money Crashers Personal Finance
11. Hire a Business Travel Specialist
“If a number of employees travel often, it may be best to hire a corporate travel specialist. As experts, they can work to reduce your overall travel spending, stress, and time by making arrangements with affiliate programs and services. Also, they will constantly look for the best deals, alternate options and can provide other support if you run into problems.” ~ Blair Thomas, eMerchantBroker
12. Find Cheap Flights and Accommodation
“There are many resources to help you find the cheapest flights. Sites such as Skyscanner are good for this. Businesspeople sometimes fall into the trap of paying extra for unnecessary luxuries. Even business class, unless you get a special deal, is seldom worth it as it’s often double what you’d pay for coach. Do your research, find the best value and avoid costly upgrades.” ~ Kalin Kassabov, ProTexting
Image: Depositphotos.com
This article, "12 Techniques for Making Business Travel More Affordable" was first published on Small Business Trends
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The Young Entrepreneur Council, Khareem Sudlow
