Travel is often a necessary component of developing new business leads, landing accounts and networking for expansion. Unfortunately, this may require business owners to stretch their already tight budgets to cover travel costs, accommodations and various dining or entertainment expenses while meeting with potential clients. To help owners manage these costs, Five Point Capital is offering some advice to help them keep their budgets under control.
For one, it may be cheaper for small business owners to stay outside of the metropolitan area they are visiting and rent a car for daily commuting, according to The Los Angeles Times, citing findings from a recent Concur Technologies study. The report found independent firms are visiting the Los Angeles area for business purposes more often, but could save $25 per day by staying and dining outside city limits.
The study also found New York City and Chicago cost small business leaders the most, averaging around $400 per day and $350 per day, respectively.
Choosing less expensive options is one way to save costs, but owners should also know which expenses are deductible. While not every company leader is an accounting expert, they can turn to a mentor or financial resource such as Five Point Capital for advice. For the costs that can't be written off, small business lenders can pursue a merchant cash advance or a small business loan.