5 Things to use your Travel & Expense Budget on in 2020
The COVID-19 pandemic has changed the way investors and advisors are doing business, but not all is lost. COVID has made it nearly impossible to travel to conferences or in-person client meetings that usually pave the way for successful business practices. Due to this inability to travel, companies have not tapped into their T&E budget and now have hundreds of thousands of dollars to spare.
The investment landscape was competitive enough before everything went virtual. For this reason, it is vital that the stored T&E budgets be used to give your firm an edge.
Read on to learn five ways you can make your T&E budget work for you even when actual travel doesn’t.
1. Data Platform for Dealmaking
One way to use that money is to invest in a private company data platform like SourceScrub. Even though you can’t be making those meetings in person, you can bolster your deal sourcing and due diligence strategies by using SourceScrub’s impressive aggregation of millions and millions of private company datapoints and use it to search for companies which match your investment thesis without getting on a plane.
Like the technology of a deal sourcing platform, investing in the right CRM can help you majorly organize all your business dealing into one place. Top CRMs include Salesforce, DataFox, Affinity, and Dynamo. A CRM will aggregate your data on a secure platform where you and your employees can access information on what deals are happening and at what point they are in your deal flow funnel.
3. Virtual Events
Even though the traditional conference route has been compromised, many organizations are bringing companies and investors together through virtual conferences, networking events, webinars, and even hosted events (like a virtual wine tasting). Through virtual meetings you can keep in touch with the companies you want to pursue and even maybe meet some new ones in this virtual space.
4. Employee Appreciation and Internal Culture
Internal company cultures are adapting and require more care than ever before. Culture is something that evolves organically especially in an office space as employees work together towards common goals. This culture invigorates and motivates the staff to keep them happy and productive, it is a culture that nurtures individual goals into company needs. Even during this time, when video calls and virtual meetings have taken the place of normal in office dialogues, you need to encourage this cultural environment to stay vibrant and resounding to keep employees connected to one another and the work.
5. Marketing Efforts
In this virtual world, marketing is more important than ever. You can put your T&E budget towards marketing efforts such as content creation, search engine optimization, paid social ads, or your own virtual event. Now more than ever, users are joining webinars to learn how to navigate this uncertain time. An increase in thought leadership and content marketing can increase deal flow, generate more leads, raise a firm’s reputation, just to name a few.
Through these efforts, you can make your currently dormant T&E budget transform your firm. Whether through acquiring new technology or creating a new and innovative market campaign you can put your money to good use and ensure that it doesn’t go to waste.