Florida Small Business Owners Can Cut Costs With Travel Management
By Space Coast Daily // July 5, 2019
Florida is one of the best states in which to start a small business. There are no state taxes, and it has one of the best economies in the U.S. with a growth rate of 3.5 percent last year. That is significantly higher when looking at the nation’s growth of just 2.9 percent. And Florida small businesses have a whole lot to do with that.
There are approximately 2.5 million small businesses in Florida, employing 3.3 million people. Small businesses here are very important too, since they make up 99.8 percent of all businesses in the state.
Yes, you heard that right. Pretty much all businesses in Florida are small businesses.
Florida small business owners are not always safe
The number of small businesses in Florida is great, but also very worrisome since small businesses do not have an easy go of it. And if small businesses fail in Florida, there will be a serious economic downturn with a much higher unemployment rate than the current 3.4 percent.
Seasonality, hurricanes, cost of material and goods imported into Florida, logistics, and the list of annual small business expenses can go on and on.
This makes it important for small business owners to cut costs where they can in the most responsible way.
Since Florida is such a large and narrow state with a gaping space of swamp land in the middle, travel adds up fast for owners. What’s the solution? Small business travel management.
Streamlining travel for employees and your C-level team can make a huge impact on your bottom line. Instead of simply getting flights and blindly reimbursing gas receipts, set up a management system that tracks, allocates, and cuts costs on travel.
Here are three tips to get started:
1. Understand your small business travel needs per year
The first step in developing a travel management process for your small business is to fully understand your business’ actual travel needs. You may have meetings in other states where flying to destinations is needed. Or you may simply be doing business within Florida and putting on miles is sufficient.
And the more people that are traveling, like a team of sales reps, the more complicated it gets. Map out everyone’s travel for last year and factor in your business growth to get current and next year’s travel estimates, from flights needed to cost of each trip.
2. Build a foundation for your small business travel management
Once you have all the key travel information, it is time to begin building out your small business travel management foundation. This will be travel budgets allocated to individual teams or employees.
And don’t forget to factor in yourself, if you’re a business owner. It is common for a business owner to forget that he or she is a big part of the overall travel management process since they tend to travel more often.
Here is a breakdown of the travel expenses you need to have as part of your foundation:
- Cell phone charges
- Car Rentals
- Toll fees
- Miscellaneous items
Did you know that meals, flights, and miscellaneous items are the most costly? In fact, miscellaneous items are equal in travel budget spend. Build a foundation and you can find ways to cut down those costs.
3. Get professional small business travel management help
There is definitely a lot to think about when it comes to streamlining your business for travel. Especially if you are seeing a fair amount of spend for travel annually. This can all add up, and you still have a business to run, so don’t be afraid to get help. There are professional travel management agencies that deal specifically with small businesses.
They can assist in building a solid travel management foundation for your business, find areas to cut costs, and even shorten the time on the road for you and your employees. If doing all this is too much for a growing business owner, call on the pros.
Is your small business travel streamlined?
The above travel management tips are only the tip of the iceberg for small business owners. There are plenty of other ways to build out an efficient and affordable travel process that can be managed and tracked.
The aim should be to begin the process now because you could be wasting a lot of money that can help you scale your business in other areas. If you have a travel management tip, we want to hear it.
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