See why Lola. Stop wasting time and start saving money when managing your corporate travel. Corporate travel management solutions make business trips easier to book, report on and manage. In short, they save companies time and money while providing a better experience for corporate travelers. Choosing the best travel management solution is a critical decision for a growing company.
5 Ways to Increase Your Revenue and Profits
Topics: automated processes , expense tracking , expense management , accounting policy. Blog Careers Login. Our Blog. Comments: 0. International expansions, business mobility and globalization contribute to increased travel expenses for many companies. These challenges frequently fall under five primary categories, and you need to overcome them to regain control over the company’s expense accounts. Travel expense policies may be confusing or difficult to understand. If employees don’t know exactly what falls under an acceptable payment, then they have no way to avoid running into issues. Common travel costs, such as hotel and food, should be clearly written out. If your organization has a partnership with specific chains or a preferred list of businesses, provide a convenient reference sheet to save time and reduce complexity. Some employees look for low-priced hotels to save money but end up paying more than they would with the partner company. A mobile app containing this information would work out the best for your business travelers. Employees should be able to quickly pull up the relevant policies and information so they don’t end up in a situation where they’re under suspicion of padding their reports. In many cases, they simply lacked the data necessary to make an informed decision. Do you know the top spending categories in the travel expense accounts?
Meal Costs
Housing Parameters
Business travel is often a vital part of a company’s operational requirements. It can also become very expensive. Managing expenses that can easily get out of control requires good policies and guidelines. Employees need parameters as to what can and can’t be expensed as well as limits on airfare and hotel spending. With policies in place, managers can achieve better oversight before travel even begins. If you don’t say otherwise, an employee might go for the nicest accommodations available. After all, he is leaving home to undertake company business—why shouldn’t he enjoy the best? While you don’t want to be too tight, given that some cities have higher hotel costs than others, there’s nothing wrong with setting an expectation of a reasonably priced business hotel. Many companies give a list of preferred hotel chains. Often, these chains cater to business travelers and include free wireless Internet and light breakfasts in the room price. Employees doing overnight travel or longer should expect meal reimbursement, but there are reasonable spending limits.
Diversifying your income stream to make more money in business is old advice, but in tough economic times, it’s advice worth taking. One of the least risky and least costly ways to successfully increase your business income is to make better use of your existing assets and resources. All of the ideas below are ways you can bring in more revenue for your business without spending a lot of money to do it. If you own or lease commercial space, do you really need all of your current space? If not, you can make more money by renting out some of your space to another business. There are a lot of small businesses that only need a corner or cubicle. Or maybe you have an unused room that another business could use as office space. You can gain even more advantage by subleasing space to a business that is complementary to yours, giving the opportunity for cross-promotion. For example, if you own a vehicle repair business and sublet a bay to an auto detailing company, you can cross-promote each other’s services and attract more customers. If your business primarily involves selling services, you can make more money by packaging your services and assigning set prices. Shifting your sales focus to your current customers rather than attracting new customers makes excellent economic sense because your current customers are already converted prospects. They know your company and your products and are easier to sell to. If you want to increase sales to existing customers, though, you have to make sure you treat them right. Do you have talented, marketable people working for you?
1. Unclear Travel Expense Policies
Most employees tend not to worry too much about saving their company money when it comes to business travel. They can just expense everything—why should it matter to them? So maybe they don’t book until right before the trip, meaning that prices are probably higher. Either way, it can end up costing companies a pile of money. Google realized this early on and instituted a program that rewards its employees for booking cheaper flights and hotels on the company’s dime. One of the people behind this new outlook on business travel, Google’s global travel manager Michael Tangney, says that businesses need to revisit their corporate business travel policy to meet the changing needs of employees.
How to make money while traveling
Business Advertiser Disclosure. The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Essential reads, delivered weekly. So what do you do when confronted with a similar situation? Am I good? Many companies put caps on spending for certain types of expenses, such as business lunches or parking, says Kevin Winters, a CPA and founder of CompanyMileage. In general, though, using your own card for business expenses might work fine if your financial situation is good, says David Weliver, founding editor of the personal finance site Money Under In fact, some employees love racking up the extra miles or points on their rewards cards, Green says. For example, San Diego resident Kerri Gois works in marketing for an Internet search company and attends about one conference a month in various U.
Comments
Post a Comment