For most companies, business travel is a necessary and costly part of any business undertaking. According to a study, corporate travel is the third-largest controllable factor that can affect profitability.
Keeping corporate travel expenses under control has to be a management priority, though it’s crucial during rough economic seasons. To help you and your business with this concern, consider these strategies to lessen your company’s travel costs.
Perform an Audit
Reducing your corporate travel expenses is difficult without recognizing which portion of your costs sheet needs attention. Planning to lessen your costs in your company travel requires you first to determine exactly where your resources are going and where precisely you are spending more than needed. Thus, consider hiring someone to perform an audit so you will know the flow of your profits and expenses.
Book With Corporate Travel Agencies
When planning to reduce your business travel expenses, a travel agency can help you manage most of your trip’s aspects, saving you money and time in the process. Indeed, they can help you book affordable flights, car rentals, hotel reservations, transportation, and even guide you throughout your travel.
More so, an excellent travel agency can give corporate clients coupons to extensive flight changes for free, a low-fare search engine, secure online financial recording, and some seamless travel management assistance to help you cut your business travel expenses. For planned business trips, you can save a lot more if you book your tickets early.
Automate Travel Reimbursement Process
Business travel doesn’t just include the costs of accommodation and transportation. It also involves the expenses of the time and labor that your department expands on processing those charges.
Hence, it can be necessary to utilize a workflow automation tool that allows you to upload receipts remotely for immediate processing and make the reimbursement available as quickly as possible. Plus, it has the additional benefit of implementing transparency in bookkeeping, which can minimize the chances of employee fraud.
Bringing the Important Stuff
Believe it or not, packing light can help you save up on fees and dues when it comes to luggage. For international business trips, for example, you can avoid the hassle by not bringing in prohibited items.
In almost every international airport all over the world, airport security only allows you to bring a certain amount of fluids on board. If you’re in a hurry and forgot that you packed up your expensive bottle of perfume or cologne, you’re up for a real headache. It’s either you leave the bottle behind, or you stay and cancel your trips altogether.
If you need to bring another bag for your stuff, such as your laptops, chargers, and other devices, make sure it’s light enough to carry on board. You wouldn’t want airport personnel to lug around your bag full of delicate things. Even if it’s labeled with a fragile sticker, there’s no guarantee that a few dings and scratches will damage your devices.
Utilize Miles and Points
Employees or representatives who frequently travel for business, see points and miles as a massive benefit for corporate trips. Employees usually keep hotel points and flyer miles for themselves. However, your company can claim them if you arrange their purchase precisely and then use them to obtain free and discounted hotel stays and flights for future travels.
Looking the Part
Of course, packing less means that you only bring the necessary items. Since it’s a business trip, bring in your formal wear, business casual, or anything you need to look good. One of the things you should bring is a watch. One of the best ones you can get can come from IWC Watches. They’re awesome to wear and look good especially when it comes to formal wear.
Don’t make the mistake of buying your clothes upon arrival. Chances are, you’ll spend more money looking for the right fit. Remember, every detail matters when you’re in a business meeting. Your looks are important and spending money on it while you’re on a business trip, in a country or place you barely know can be quite troublesome.
Avoid Costly Transportation
Require your representatives to use less expensive shuttle services and transportation if they are available, instead of riding taxis, mainly when employees travel between hotels and airports. Some large conferences are offering free shuttle service between the conference center and the hotels. Briefly, a requirement for less usage of a taxi can significantly cut travel expenses.
Involve your Employees
Don’t forget to include your employees in your travel budget-cutting exercises and make them feel responsible regarding this matter. It would help if you decided together about the best steps to take to manage expenses effectively. For instance, suggest an economy flight over a business class flight with better hotel accommodation. They’re more likely to listen to ideas that they are part of creating.
Company travels can be an essential factor in growing your business. However, it can also be stressful if the expenses associated with it exceed what your budget can bear. When traveling, always make sure that you pack light and bring the necessary things for your business trip.
Don’t bring in too much stuff if you’re not willing to carry it around. If you’re lax and don’t pay attention to your stuff, you can easily get lost in your busy schedules and end up losing your stuff.