Despite the sluggish economy, small businesses are picking up the pace of business travel. Business travel is a significant investment for small companies so therefore it is important to ensure you get a strong return on your investment. According to the Oxford Economics, USA study, every dollar spent on business travel in the U.S. results in incremental revenue of $12.50 on average. While that may not be achievable for all small businesses, it demonstrates that business travel when managed effectively can enhance your bottom line.
1. Create Business Travel Plans and Policies
Now, before you get out your calendars and start booking airfares, you need to create a business travel project plan. Establish guidelines for evaluating when a face-to-face meeting is better than other options. Then manage every business trip as you would any other project in your company.
Establish a business travel policy that requires business travel to be approved in advance. The policy should also set guidelines for reimbursable expenses. For example, do you pay for gym use while employees are on the road? What about in-room movies? Set recommended ranges for food expenditures. One of your team members may think it is fine to dine at a 5 star restaurant at the company’s expense. I think you’ll probably agree, that’s a little rich for most small businesses.
2. Create a Trip Agenda Everyone who travels on behalf of your business should provide a trip agenda with confirmed meetings and expected outcomes so you can measure the success of the travel investment. Also, make sure your team understands when they travel for business, they should use the time as productively as possible. Check local business publications to see if there are business-related events scheduled that could be good networking opportunities. Do some cold-calling while you are there. Make the most of your time while you are in a particular city.
3. Avoid Last Minute Travel Decisions
Unless you happen to fall into a special deal, booking travel at the last minute is typically expensive. Take advantage of loyalty programs which provide airline or hotel points. When you find yourself in an unavoidable last minute situation, utilize these points to help off-set the cost.
4. Think Strategically
Think strategically when you book your business travel. For example, Monday is a busy travel day so typically when the demand is high, so are the prices. Try to fly mid-week when prices are lower. Consider the possibility of making the business trip a day-trip so you don’t have to incur overnight hotel expenses. Also, many of the airline clubs offer business centers where you can book conference rooms to host meetings. I’ve actually done this and it works very well. You fly in, host your meeting, and fly back to your office.
5. Always Shop for Deals
The travel discount sites offer packages which include airfare, hotel and rental cars. Sometimes it is less expensive to book the package than it is to book each piece individually. However, before you hit the purchase button go directly to the provider as well. A lot of times the hotel or airline will match the internet pricing. One thing I’ve found is if you book with the hotel directly, not the 800 reservations number, and you have to cancel, you have more flexibility. Often times the travel discount sites have few options for refunds or rearranged travel plans.
6. Prepare a Travel Report
Once you have completed your travel, prepare a travel report. Review it in conjunction with your initial travel agenda. Use your trip report as a means to follow up after your meetings so you don’t let something fall through the cracks. It can also be helpful in making future travel decisions.
7. Standardize your Expense Reporting System
Finally, create a standardized expense reporting system. And make sure you consult with a tax professional about appropriate travel related tax deductions. Not everything can be expensed at the same rate.
“When we would wear own designs we’d be asked by strangers on the street where did you get that shirt,” remembers Jeff Vines. “So we did a small run and then signed up to have a booth at some downtown festivals and we always would sell-out quickly. We learned real quick what people wanted.”
Tips to Make the Most of a Media Opportunity
August 14th, 2010A television appearance. A radio interview. A magazine article or a mention in a popular blog. Every business owner understands the value of positive media coverage. There’s no better way to build your brand. Media coverage is significantly more credible than paid advertising because the content is developed by an unbiased, third-party source. That’s why companies spend a lot of time and effort trying to capture the media’s attention.
What would you do if the Today show? Would you be ready? You certainly don’t want to blow your opportunity. A mishandled interview can damage your company’s brand. The key — careful planning and preparation. Even a seasoned professional can make mistakes without preparing properly. So here are some tips that can help you make the most your 15 minutes of fame.
First, never respond to a reporter’s call off-the cuff. When you try to wing it not only do you risk making mistakes, but you also won’t make the most of the opportunity. Find out specifically what the story is about and how it is going to be used. Ask what topics or types of information the reporter is seeking.
Next, find out the reporter’s deadline for the story so you can arrange a convenient time to schedule the interview. This provides you with the opportunity to plan and prepare your key messages. What is it you want the audience to know? Jot down your message points so you can stay in control of the interview.
Practice what you want to say. Rambling, interjecting a lot of “you knows” or stumbling over words makes you look inarticulate and unprofessional. Your mouth has memory so rehearse what you plan to say.
Avoid using slang, industry-specific jargon and acronyms. You want your message to be communicated with clarity. Answer questions in soundbites — in other words be succinct. That’s particularly important for television interviews. Most television segments are only around two minutes in length. Even if the interview is taped, make your answers short and to the point.
Don’t be fooled by a reporter’s pregnant pause. Sometimes when you have finished answering a question the reporter won’t respond immediately. A lot of people who are uncomfortable with long pauses in a conversation feel compelled to continue talking. That’s when you can get yourself into trouble by talking too much. Keep your key messages and when you are finished — stop talking.
Always assume your microphone is on. You’ve probably chuckled at a few blunders public officials have made when they’ve forgotten to pay attention. And nothing is ever ―off the record Off the record means different things to different journalists so if you aren’t comfortable sharing the information, don’t
Finally, “no comment” is never a good response in an interview. It is best to either answer the question or explain why you can’t. If you don’t know the answer to a question, admit it, and if possible, offer to help the reporter find the information she needs.
Media coverage can give you business a big boost, so plan and prepare to make the most out of your 15 minutes of fame.
Coming up in “It’s Your Biz with Susan Solovic” get media tips from expert Tripp Frohlichstein
Tags: blog, business owner, It's Your Biz, magazine, media coverage, Media Masters, NBC, newspaper article, no comment, radio, reporter, small business, susan solovic, Today show, Tripp Frohlichstein
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