Traveling to conferences and conventions that cover your company’s industry, sector or niche is crucial to growing and expanding the enterprise, and one of the best ways to put a working capital loan to good use. Too often owners get bogged down in the daily tasks of ensuring operations are running smoothly, and they can bear to pull themselves away from the hustle and grind. In other instances, owners simply cannot afford to make the necessary arrangements to fly across the country or to an international destination and leave the business unattended for a few days.
However, attending a conference specifically aimed at your corner of the market can often be worth the effort and resources it takes to get there. In addition to gaining vast industry expertise from experienced panelists at the conference, these gatherings are also prime opportunities to network with your peers, including exchanging ideas about what works and what doesn’t work in your field.
Unfortunately, these trips can add up. According to Certify.com, individuals on a business trip on average spend around $949 on the costs associated with traveling. But if you’re a business owner working on a shoestring budget, no matter how many different ways you punch the numbers into your calculator or how many times you refresh the Excel spreadsheet, you might still be unable to find the spare cash needed to pay for this travel expenditure. Luckily there are some ways you can go about making this an affordable business expense.
Here are three ways owners can lower expenses and boost the worth of every business trip:
Consider working capital
Sometimes the typical revenue stream is simply not enough. However, the sheer number of upsides associated with attending conferences can be too great of an opportunity to pass up. Obtaining a working capital loan from an alternative lender provides additional capital to cover expenses like business conferences. Using a working capital loan for this purpose is a great investment that can pay off dividends in the long run, since attending a business conference offers invaluable insights, strategies and other techniques to really tap into your market and grow your business. As Certify.com noted, companies typically see a $9.50 surge in revenue and a $2.90 rise in profit for every dollar spent on a business trip. Provided the money is well-spent, it means companies can potentially see a sizable return on the investment.
Embrace the shareables
Taxis are pricey and hotels can be even more expense. With the prices of every aspect of travel continually rising, it’s wise to consider ways to carve out pockets of savings. One of the best ways to save money on a business trip is to take advantage of the ways smartphones have enabled people of all walks of life to share their cars and homes. For example, Airbnb, an app that lets people rent out their properties, just introduced its new global product suite for businesses that lets them track costs and associate them with your corporate account. Further, Uber is quickly becoming the de facto transportation choice for people all across the country. With the simple tap of a button, you can get a driver to pick you up and take where you need to go, all without having to exchange money, since everything is automatically deducted from your account. The sharing economy is benefiting more than just young millennials, and it’s wise for owners and managers to consider these options on business trips.
Deduct the costs
If the primary purpose of the trip is about your business, the IRS allows you to deduct the costs from your taxes. However, this is only if the purpose of travel is for your business. This doesn’t preclude you from having a side excursion like visiting the beach if you’re close to one, or going for some hiking. In fact, this could be the perfect time to squeeze a little rest and relaxation if you’re otherwise pressed for time when you’re back home running the business. But if you decide to pack up the family, go to Disneyworld for a week and only end up spending the last day trying to woo a new client or make a pitch, then chances are the trip is not solely business related.