8 December 2023

Did you know that 88% of small business owners actually enjoy traveling for work?

By Ronald Smith

I find it amazing how the majority of small business owners actually have a positive view of business travel. It’s not something you hear about often, but it seems like a lot of people in this position find joy in it.

When I heard this statistic, it made me stop and think. As a small business owner myself, I often view travel as a necessary evil – an interruption to my already busy schedule. But maybe there’s more to it than I realize.

Traveling for work provides a unique opportunity to explore new places and meet new people. It allows you to expand your network and make meaningful connections that can benefit your business in the long run. Plus, let’s not forget the chance to experience different cultures and cuisines.

Of course, business travel isn’t without its challenges. It can be exhausting, with long flights and unfamiliar surroundings. There’s also the added pressure of meeting important clients or closing deals while you’re away from home. But despite these hurdles, the majority of small business owners seem to thrive on the excitement and adventure that traveling brings.

So, the next time you find yourself dreading a business trip, try to shift your perspective. Embrace the opportunity to explore, learn, and grow. And remember, you’re not alone – 88% of small business owners are right there with you, enjoying the journey.

Did you know that 88% of small business owners actually enjoy traveling for work?

Did you know that 88% of Small Business Owners (SBO) actually enjoy traveling for their business? That’s what a new report by Capital One says, which provides us with some interesting small business travel statistics. With businesses expecting to do even more traveling in 2020, this report gives us some insights into how small businesses approach business travel.

What the Numbers Say

The latest small business travel statistics show us that whether the purpose of the travel is for meetings or training (82%), entertaining clients (46%), or winning new business (38%), business travel continues to be a crucial activity. It’s clear that small business owners understand the importance of hitting the road in order to achieve their goals.

It’s not just a few people here and there who travel for business purposes. Actually, more than half of business owners (55%) go on the road at least once a month for work. And what’s interesting is that a majority of them (60%) spend over three nights away from the office.

Who would’ve thought? Almost all (88%) of us small business owners who travel actually enjoy it. In fact, I’m one of them—I wish I could travel for business more often!

As traveling becomes more common, businesses like mine are also taking advantage of the perks. We’re racking up points and bonuses from all that frequent travel. And with all the tips and tricks we can find online, it’s become easier than ever to compare prices and get those extra bonuses.

But let’s face it, not every trip goes perfectly according to plan. For those of us who don’t enjoy business travel, it’s usually because of those little mishaps that seem to happen too often. You know, things like losing luggage, misplacing our I.D., or dealing with flight delays. Those unexpected surprises can really take the fun out of traveling for work.

When it comes to having unfortunate experiences, several reasons come to mind. Firstly, being away from loved ones makes up a significant portion, accounting for 39% of the overall factor. Secondly, uncomfortable accommodations contribute to 29% of the problem, followed closely by lengthy travel processes at 28%. It’s interesting to note that only 20% of individuals consider being away from the office as a negative aspect.

Taking a Break

As the study highlights, businesses are increasingly realizing the importance of allowing employees to take time away from the office. In fact, a vast majority of employers (94%) now acknowledge that work-life balance plays a crucial role in keeping their employees happy. To support this, many companies now offer generous Paid Time Off (PTO) packages to their employees.

They say that following these measures can bring about some great results. They claim that it can make the staff more motivated, with 94% of them agreeing. It can also lead to an increase in productivity, which 93% of people have experienced. Because of these benefits, 83% of small business owners now encourage their staff to use their vacation days.

Interestingly, most business owners themselves don’t take much personal time off. Only 32% of them take fewer days off each year. Even when they do go on vacation, a majority of them, 69%, admit to doing some work. They say that on average, they spend almost 3 hours a day working while on vacation. However, about a quarter of them are able to turn off their work email notifications when they’re out of the office.

I find it kind of interesting how people feel the need to always be available. It’s like they have this compulsion to be constantly connected. I mean, did you know that about a third of business owners actually give out their personal cell phone numbers? And get this, a quarter of them even forward their desk line calls to their cell phones! It’s like they can never escape work.

Travel Costs and Small Businesses

Traveling can be a real drain on a small business’s finances. The costs can really add up and eat into your profits. Controlling these expenses is no easy task, especially when it comes to business travel. It’s one of those expense categories that always seems to get out of hand. But, if we take the time to really understand and break down these travel costs, we might just be able to find a solution.

Here’s what I suggest: make sure you set aside a specific budget just for travel. And on top of that, put in place a process where you have to get approval before any travel happens. That way, you can plan out your trips and make sure they fit within your budget. And don’t forget to do the same for your staff too!

If you want to save money on travel, that doesn’t mean you have to skimp on quality or make your staff stay in terrible hotels. The goal is to find a balance and cut unnecessary spending while still making sure your business trips are successful. There are some simple and smart things you can do to make your business travel more sustainable.

When you travel for business, there are expenses that you can deduct from your taxes. These expenses include things like airfare, hotel stays, transportation, meals, and even communication costs. Keeping organized records and saving receipts, canceled checks, and other documents will be helpful when it’s time to file your tax returns or if the IRS has any questions.