Despite it being easier for business owners to travel and keep things running smoothly back home, there still remain several challenges along the way. The following is a guide for overcoming the most common ones you may encounter on your travels.
Thanks to advances in mobile technology and the increasing affordability of long-distance travel, seeing the world while running a business has never been easier. A high-speed internet connection and functioning device are often the only things a business owner needs to manage the day to day operations. This enables an individual to be having brunch in Brussels while answering emails from employees in Iowa.
Despite it being easier for business owners to travel and keep things running smoothly back home, there still remain several challenges along the way. The following is a guide for overcoming the most common ones you may encounter on your travels:
Time management
Being a stranger in a strange land is bound to slow you down. From navigating through an unfamiliar city to overcoming language barriers, your available time to tend to business is cut short from the get-go. To compensate for this, find ways to cut down on the time it takes to do tedious tasks. For example, dictate your thoughts into a mic plugged into your phone while riding the U-Bahn and have the recording turned into a readable transcript. Using the highest rated transcription service available online saves business owners hours they’d otherwise spend documenting their daily reports by hand. They can turn around and use this time to tend to more pressing business matters or spend more time to explore.
Proper precautions
If you own a small business, you should already be familiar with the importance of insurance. Whether it’s general liability insurance or workers’ compensation insurance, coverage is an affordable way to achieve peace of mind. The same concept should be applied to your travels. Travel insurance is highly recommended for those who plan on hopping from one country to another. It’s the sort of thing you don’t think about until you need it, but once you need it you’re grateful it’s there.
Facetime
We don’t mean using the FaceTime app, though readers are certainly welcome to do so. Rather, we’re talking about the importance of keeping up appearances with managers and coworkers while you travel around the world. While email and text messages are useful for the majority of business matters, facetime via video chat helps to remind everyone of everyone else’s humanity. This cuts down on confusion, removes a lot of uncertainty, and helps to maintain a sense of connection with the happenings back home.
Tax
If you’re American, it’s important to note you still need to pay income tax even if you’re living abroad. Coupled with the fact you’ll be expected to pay taxes in the country you’re living in if you’re staying there over a certain amount of time, it’s imperative for business owners to sort these matters out before hitting the road. Otherwise, they run the risk of catching the ire of the IRS and their equivalent agency in another country.
Travel trouble
Lost luggage, stolen passport, getting injured, or finding yourself in legal hot water are all examples of travel trouble you’d prefer to avoid at all costs. Given the propensity for business matters to become major distractions, it’s easy for business owners to neglect to cover their behinds when abroad. Make time to consider these potential hassles and always be mindful of your surroundings.
The ability for business owners to travel the world has never been easier thanks to the ability to manage their business affairs on the go. With that said, there are some things they need to keep in mind while they pack their bags.
