Business travel is an important part of most firms and is one of the hardest expenses to control. However, there are many ways that businesses can save money on corporate travel without compromising safety or convenience. One simple way to save money on corporate travel is by booking in advance. It is especially helpful during the high season when prices are higher.
Book in Advance
Leaving it last minute to book travel can add up in expenses. Airfares increase the closer to your departure date, and hotels often charge higher rates for last-minute bookings. A travel agency can save money by booking in advance and alerting you to price changes. For hotel bookings, hotels.com promo code offerings through their partner network can help you save on business-related expenses. Many businesses struggle to stay within their travel budgets because of unexpected costs. But by implementing smart processes, you can cut your corporate travel expenses and keep employees happy and productive. A clear travel policy can also help you save money by ensuring compliance.
Look for Deals
Regarding travel, companies must look for every opportunity to save money. Whether airfare, hotel rates, rental cars, or ground transportation, any saving helps keep corporate travel affordable for business travelers. When booking flights, it’s important always to shop around and compare fares from different airlines to find the best deal. Many airlines are willing to cut deals for loyal business travelers, especially during off-peak periods. Encourage your travelers to use sites to find discounts on meals, hotels, and car rentals. Setting daily budgets for food and inner-city transport can also help control costs. Plus, using a travel expense tracking tool can simplify employee expenses. The right tools can reduce travel costs while keeping employees happy and safe.
Use a Travel Agency
Travel costs can quickly balloon out of control, even for a well-planned corporate travel budget. Last-minute bookings, airline and hotel rate fluctuations, and other factors can bloat a travel budget, resulting in expenses that upper management may need help to swallow. A travel agency can save money on business travel by negotiating preferred agreements with airlines, hotels, and car rental companies.
Share Car Rentals
Using rideshare apps helps reduce expenses by only expensing business rides and eliminating rental car fees. Plus, you can set up a ride stipend for your employees. Another way to save on travel expenses is by booking hotels or Airbnb that have kitchens in them. That way, you can cook meals at half the cost of eating out. Besides saving money on hotel rates, companies can also save money on food and transportation costs by sharing vehicles with their colleagues via services. The service charges a monthly fee, but the savings can be significant for frequent travelers.
Use Uber
Consumers have plenty of tricks up their sleeves when saving money on travel. However, business travelers often need more resources and are stuck with outdated solutions that don’t provide new opportunities for savings. A new approach is required to help everyone save time on every trip. It can include a well-written travel policy that clarifies guidelines out the gate so there are fewer questions, hesitations, and time-consuming errors during expense processing and reimbursement. It can also include a single, centralized platform where employees can automatically upload and submit expenses and receive perks like food and ride vouchers for business. It can lead to better overall trip performance, including stronger policy adherence and duty of care. In addition, companies can see all data and usage in one place to gain insights.
Make a Travel Policy
Having a clear travel policy is essential to controlling expenses, especially during times of uncertainty. Many business travelers are looking to cut costs at a time when fares and hotel rates have spiked. But reducing travel may not be the answer, especially if you have a remote workforce or salespeople who need to meet with clients and leads face-to-face. You can also use an expense tracking and reporting system to quickly gather current bookings and expenditures data. It is valuable when establishing new travel policies and ensuring they reflect your organization’s needs.
Incentives
Corporate travel expenses are the second highest expense for most firms and one of the hardest to control. Fortunately, some strategies can help companies save money on business travel while still providing high-quality services for employees. For example, encouraging travelers to book hotels or Airbnb that include a kitchen can reduce food costs. It also helps to reduce unnecessary charges, such as a minibar charge. Offering incentives to drive changes in booking behavior can provide savings that traditional cost-cutting methods cannot. It could be a gift card, extra time off, or other rewards. These incentives can motivate employees and create positive associations with the company. It can lead to greater job satisfaction and a better culture. The intangible benefits of incentive trips can go a long way toward employee retention and performance.
