You’re just getting your entrepreneurial dream venture off the ground and you’re wondering, how do I make this work? Well, part of making your new venture work is having proficient work habits – both inside of the office and on the road. Read the full entry
A high performing business person, like a professional athlete, needs to be able to perform well under any circumstance. You can’t just rely on the home court advantage to be at your best when it comes to work.
As our business circles expand wider and wider, we often find ourselves on the road to meet clients or attend a business conference.
I know as the Director of Marketing for my company, I often find myself on the road, sometimes as long as two weeks at a time. Yet, like anyone, I find ways to keep myself on top of my game, even when I’m in unfamiliar territory.
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While this is a great moment for your business, you need to be careful. Don’t make the common mistakes novice business professionals are faced with when attending their first overnight event. One wrong step can hurt your business prospects and alienate potential clients, customers, and business partners. Read the full entry
However, with expansion comes the challenge of keeping the company connected and whole. Managers and other employees are sent to other areas, where they rack up costs along the way. As a result of hotels, car rentals, flights and other fees, constantly sending employees abroad can be a costly expense for any business.
According to the Global Business Travel Association (GBTA), the forecast for 2012 is that companies will spend close to $261 billion in travel expenses.
So, is your business part of that staggering number or are you planning on keeping your travel efforts closer to home?
Easy Tips to Reduce Travel Costs
As many business owners know, travel expenses can quickly add up, causing quite a burden for the company.
Luckily, there are several tips that can help businesses and employees reduce their costs and fit traveling within a reasonable budget.
Flights are often the major component of a business travel budget, costing over hundreds of dollars. However, there are a number of ways to reduce the costs of an expensive flight ticket. Generally, cheaper tickets are available well before the booking date; therefore, booking tickets well in advance can save a significant portion of money. Another way to save is to forego the first class ticket; instead, look for business class or even coach tickets.
Once the employee arrives at their destination, it may be a common practice to book a taxi or another transportation service. However, as the meter keeps ticking, the costs go up and up. One popular alternative is to use public transportation, a viable option once the employee is in the city. By using buses and subways, individuals can quickly move about the city without racking up exorbitant costs. If a car rental is the only option, then the employee can opt to choose a gas-efficient, smaller car that will last longer on a tank of gas.
There are a number of ways to save money once the individual arrives at their hotel. Choosing a hotel that offers a free breakfast can help reduce budget, as well as staying away from valet services. If the employee is staying a location for an extended period of time, a hotel room with a kitchen can also help save money. Another major cost comes with Internet: oftentimes, hotels will charge an exorbitant price for Wi-Fi connection. Avoid these costs by choosing a hotel with free Internet or heading to the nearest coffee shop.
Without careful planning, the costs of business travel can quickly rise and add up.
Avoid the headaches of budget planning by choosing alternatives to offset travel expenses.
Photo Credit: askmen.com
If your company is in need of insurance for your trucks, do you know the right way to go about getting it? If not, it could end up costing your business a good deal of money, leaving you stuck in neutral as far as improving your return on investment (ROI).
Whether you’re a small independent business or a larger corporation using trucks, it is important first and foremost to shop around for the right deals on insurance coverage, preventing you from getting taken for a ride.
When looking for policies, determine what is best for your trucking business. With a commercial trucking insurance policy, you’re in search of coverage that will: Read the full entry
In breaking it down to its simplest terms, a commercial vehicle insurance policy offers coverage for business vehicles in the event of an accident involving injury, death, or some means of property damage. This policy protects a large amount of businesses that use a variety of vehicles for their daily operations; rates will range from low to high depending on the amount and type of insurance coverage required. Read the full entry
With the rising costs for fuel and a general economic malaise hitting the country these days, businesses that ship products for sale or for conferences, etc. are looking for each and every way to save money when sending the materials.
While you may have a problem fighting the fuel and expense issue, you can certainly track down the right shipping containers in order to safely move your goods for display or sale. Read the full entry
When your small business hires an employee, does it ever cross your mind that the employee one day could be the focus of a credit card fraud scandal?
While most employers will avoid having to deal with this, you may come face-to-face with an employee or employees who will test the waters, trying to scam your business out of money when using a company credit card. Read the full entry
As many small businesses look to account for every single dollar that leaves the office, monitoring your employees’ travel is especially important in these tough economic times.
Not only is this important from a monthly revenue stand point so that your small business does not lose significant amounts of money, but it also proves important when doing your company taxes in the spring.
For those small businesses that reimburse all or a portion of their employees’ travel and entertainment expenses, keep in mind that reimbursements through an account plan are not subject to payroll or income-tax withholding, while reimbursements paid via non-accountable plans are recorded as pay. Read the full entry
With companies tracking every dollar these days to save money where they can, having the right expense report software in place is critical.
Whether you are tracking daily office expenses like supplies and electric, or keeping detailed reports on employee mileage, it pays in more ways than one to be able to properly record the information.
While tracking outgoing expenses may not be that difficult since you’re signing off on each and every bill, the incoming costs (employee expenses as noted earlier) can be trickier if not properly presented and in a timely manner. Read the full entry