Corporate tavel is frequently one of the largest spending areas of any company but is often a necessity.
High expenses for last minute flights and pricey hotel rooms in major cities are all expenses a business owner could do without. The good news is that business travel does not have to be that expensive.
A business owner can effectively minimise their business travel costs by following a few really basic tips and tricks, here’s how to do it…
Decide Whether It Could Be Done Remotely
The first thing you need to establish is whether this meeting must be a physical face-to-face meeting. Remote meetings have never been easier thanks to all the new technology and improvements since Covid-19.
In reality, you might not need to meet with customers and clients in person as frequently as you believe. So maybe consider Zoom, Skype, Teams, or perhaps even “Google hangouts” as an alternative. If your meeting is simply a presentation to a group of people then it can also be just as effective doing this via a remote meeting.
We’re not saying that all work trips are unnecessary as there are certain situations where a physical face-to-face is unavoidable. However, there are other ways these days of getting together.
Fly Economy if Travelling Overseas
One of the most significant concerns for organisations, particularly small ones, is travel expenses. The need to reevaluate business travel expenses is significant due to the changing economy and increasing costs.
At the top of the expenditure list, airfare can and will eat up a significant portion of your travel budget. Obviously, flying business class is preferred but not necessarily essential so check out Expedia before you book your flight to see if you can find a flight within budget.
Whilst it may offer greater space and working accommodations, this can be something which can be can and should be compromised when looking after a budget. There is no harm in travelling economy!
Take a Good Look at Your Corporate Travel Expenses Policy
An absolute must for your business is to implement a travel expenses policy to ensure expenditures stay under budget if staff are booking their own hotels and flights etc.
Implement a rule to ensure that staff are only booking three-star hotels for example, or limit your and your employees' options to a specific chain of hotels such as Premier Inn with more affordable rates.
You may even be able to find a loyalty or point scheme for a specific chain of hotels so it is worth doing your research or contacting different hotels to see whether they can offer these schemes or discounted rates.
Set a Realistic Food & Transport Allowance
If you’re sending your employees off on a business trip it’s also important that you realise that you will have to bear the cost of food and transport.
It’s therefore imperative that you set a realistic food and transport allowance to ensure that your employees are staying within budget and you won’t incur unexpected big expenses. You could promote stores like Barista and Co Coffee who regularly have lots of discounts available.
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Travel Off-Peak Where Possible
When arranging your business travel it’s important to stay flexible with your flight dates and times as you might be able to save even more.
Use flexible date searches of travel sites such as Google flights or Skyscanner before booking a flight for example. You’ll be able to see the rates change from day today and find the cheapest flight alternatives. Travelling off-peak where possible if you are travelling by train will also save money on your budget.
Ensure You Have Business Travel Insurance
If you’re a business owner then you already know that business insurances are so important. If you or your employees are going on a business trip then travel insurance is equally as important.
You need to ensure that you’re covered in case things don’t go as planned. Whether you’re travelling once, or several times, travelling within Europe or further afield; insurance is a must.
With the right insurance in place from a provider such as Allclear Travel for example, you can eliminate unnecessary stress from your trip and ensure you can focus on the job at hand. It also protects you from incurring additional expenses if something goes wrong on your trip.
Stay in Hotels Outside of Business Districts
A great way to save money on travel expenses and accommodation if you're travelling during the week is to do a bit of research into the area in which you’re travelling to, to try and find hotels outside of the usual business district. Always do your research and look at hotels on TripAdvisor before you book.
Hotels within the business or financial areas of cities often ramp their prices up massively Monday-Friday. You may find that there are options such as AirBnB’s outside of these areas which can save you money and also give your employees a better travel experience.
Ask Hotel Chains About Corporate Loyalty Rewards
Hotel loyalty programs are comparable to an airlines mileage rewards program in that it rewards frequent travellers with advantages, rewards and discounts.
It’s a marketing tactic used by hotel chains such as Radisson Hotels (occasionally independent hotels too) to attract and keep customers by offering discounted rates and other benefits.
So with the help of the reward scheme you’re likely to save money and expenses if you, or your employees, are frequent travellers. So the next time you’re looking to book accommodation, inquire with the hotel whether this is something that they have on offer.
Research Restaurants Beforehand When Entertaining Clients
Networking and entertaining new and existing clients is integral in business. However, it’s also important to keep within your budget, so it’s always a good idea to look into where you can save money in entertaining clients.
Researching restaurants before you visit to see what deals they have and an overall cost of the menu will give you a great idea of what you need to budget for before booking. If you tend to use the same restaurant you may find that they may offer you separate benefits and discounts purely from the frequency that you attend. It’s always worth doing your research!
