Finance Budget Management for Entrepreneur Business Travel in 2020

Introduction

To put things into perspective it is important that you get an idea about entrepreneur business travel. The stats which I will present are enough to fascinate you:

  • The U.S. and China are the biggest entrepreneur business travel, spenders
  • The Americans make 400+ million business trips each year which is astounding.
  • It simply means that 1+ million people leave the U.S every day for business travel.
  • The most common business destination of the world is New York and is second by Shanghai which is gaining momentum.
  • The business class comprises 12% of total airline passengers and despite this small number they make 75% of profits for airlines all over the world.
  • For $1 spent on business travel, $15 is generated as profit for the airlines.
  • The domestic business travel per annum for China is $112 billion each year.
  • Average Chinese businessman spends about $950 on business travels.

The General Stats about the Business Travel

The idea of this article is to make sure that business travel importance and the contribution to the economies all over the world are shown. Some other important stats which are important in this regard are as follows:

  • There are 5 countries in the world that are the fastest growing corporate travelers. It includes India 11.3%, Indonesia 8.7%, Sweden 6.8%, Norway 6.6% and China 3.9%
  • The most expensive travel destination inAsia is Hong Kong. The average per day spending here is $500+ which is insanely high.

Some of the most expensive cities to travel to as businessman are:

Most Expensive Business Travel Cities
CityDaily Spending in $
New York799
Geneva716
Zurich661
Washington621
Paris617
Reykjavik615
San Francisco581
Basel579
Los Angeles578
Bern576

Finance Management as Business Traveller

There are some tips that should be followed to ensure that business travel is never expensive. It would save costs and will also let you get an idea about travel cost reduction.

  1. Research – a sound one

You must know where you are heading and plan all your finances in advance. It is important to book hotel rooms and schedule your meetings. It will save your cost on additional traveling. It will also shorten your business trip. In short planning in advance will make you feel the difference.

  • Play with the Amenities

Every city in the world has some unique advantages to offer. Taking advantage of these amenities will make sure that you get the best outcome. It is always related to the cost. The reduced cost can be enjoyed if these amenities are played with. It will also get your trip shortened and hence saving the cost.

  • Choose the place to stay

And do it in advance. There are many hotel booking websites that provide you with huge discounts if you get the hotels booked. Look for amenities such as Wi-Fi and meeting rooms to make sure that you get the maximum out of your business trip.

  • Cost Control

If you are a startup then this is the most important aspect of all. You need to make sure that the cost is controlled in every possible way. It is obvious that with the passage of time you will get flexible travel plans but as a startup always make sure to control cost as much as possible.

The chart below will get you an idea about travel spending and how to save on costs:

Business Travel Spending
FactorsPercentage
Meals21
Flights17
Miscellaneous17
Accommodations13
Gas11
Car Rent5
Phone Expenses5
Taxi Fares3
Supplies2
Parking Fees1

Concerns about business travel

These concerns are directly related to cost. To overcome this just take a look at the table as under:

Leading Concerns of Business Travelers
IssuePercentage
Delayed Flights73.2
Limited Availability43.8
Flyer Points41
Security Issues31.4

To avoid any issue that has been mentioned on the table above the best thing to do is to make sure that you plan in advance. Overcoming these concerns is important as you will save both time and cost. It will also get you the peace of mind that your business travel has not taken a toll on your business expenses.



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