12 02 2015

Money Savings on Business Trips

12 02 2015

3 Ways To Save Money On Business Trips

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:

  1. 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.

  1. 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.

  1. 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.

­

Find Out How Much Funding You Qualify For

Fields marked with an * are required
By clicking this button I agree to all terms and conditions.

Terms & Conditions

General Acceptance

Any applications submitted electronically shall have the same force and effect as if the application bore an inked original signature(s). The above information, together with any accompanying financial statements, schedules, or other materials, is submitted for the purpose of obtaining credit and is warranted to be true, correct, and complete.

 

US Patriot Act:

To help the United States Government fight terrorism and money laundering, Federal law requires us to obtain, verify, and record information that identifies each person that opens an account. What this means for you: when you open an account, we will ask for your name, a street address, date of birth, and an identification number, such as a Social Security number, that Federal law requires us to obtain. We may also ask to see your driver's license or other identifying documents that will allow us to identify you.

 

For Loan/Merchant Services:

The Merchant and Owner(s)/Officer(s) identified in the application (individually, an “Applicant”) each represents, acknowledges and agrees that (1) all information and documents provided to National Funding, Inc. (“NF”) including credit card processor statements are true, accurate and complete, (2) Applicant will immediately notify NF of any change in such information or financial condition, (3) Applicant authorizes NF to disclose all information and documents that NF may obtain including credit reports to other persons or entities (collectively, “Assignees”) that may be involved with or acquire commercial loans having daily repayment features and/or Merchant Cash Advance transactions, including without limitation the application therefor (collectively, “Transactions”) and each Assignee is authorized to use such information and documents, and share such information and documents with other Assignees, in connection with potential Transactions, (4) each Assignee will rely upon the accuracy and completeness of such information and documents, (5) NF, Assignees, and each of their representatives, successors, assigns and designees (collectively, “Recipients”) are authorized to request and receive any investigative reports, credit reports, statements from creditors or financial institutions, verification of information, or any other information that a Recipient deems necessary, (6) Applicant waives and releases any claims against Recipients and any information-providers arising from any act or omission relating to the requesting, receiving or release of information, and (7) each Owner/Officer represents that he or she is authorized to sign this form on behalf of Merchant.(8) I consent to receive direct mail, faxes, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (9) this request is for business and not for consumer purposes.

 

For Equipment Services:

I hereby certify: (1) the information provided is true and correct, (2) you are hereby authorized to investigate all bank, credit, and trade references, and said references are hereby authorized to release any requested information to you or your nominee, (3) such authorization shall extend to obtaining personal credit profile in considering this application and subsequently for the purposes of update, renewal or extension of such credit or additional credit and for reviewing or collecting the resulting account, (4) this information may be transmitted by us to you and by you to underwriter(s) for the purpose of granting me credit, either electronically or manually, and that by submitting this application, I take full responsibility for transmission thereof, (5) I am over 18 years of age, (6) I acknowledge my rights under the Fair Credit Reporting Act, (7) I consent to receive direct mail, faxes, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (8) this request is for business and not for consumer purposes.

The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status or age (provided the applicant has the capacity to enter into the binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. If for any reason your application for business credit is denied, you have the right to a written statement of the specific reasons for the denial. To obtain the statement, please write to National Funding Inc., 9820 Towne Centre Drive, San Diego, California 92121.  Funding amount and credit approval is subject to a full credit profile review.