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Business travel is necessary for many businesses because face-to-face meetings can help them successfully close deals and win contracts. However, it is more important to track and control business travel expenses, especially during tight economic times.
Luckily, business travel is controllable, so it is possible to reduce business travel expenses without asking employees to share rooms. The following are the best tips on how to reduce business travel expenses.
1. Reward Programs
Almost every airline and hotel chain has reward programs for their loyal customers, including free flights and free stays. You can reduce your business travel expenses by taking advantage of these reward programs. This is ideal for small businesses with a lower headcount. Why? They can use reward programs to save hundreds or thousands of dollars every year. So, choose the best reward programs on the hotels and airports near the place you frequently visit.
2. Leverage Technology
Several tech companies have identified the challenges faced by enterprises to reduce business travel expenses. Such tech companies have come up with innovative solutions when it comes to reducing costs associated with business travel. Businesses have been long trying to reduce cost which will ultimately reflect in the bottom-line or profits. Business expense tracking by TravelBank is one such solution that enables companies to track, manage, and reduce their expenses incurred during business trips.
3. Hire a Business Travel Specialist
You can also reduce your business travel expense by hiring a business travel specialist. The expert uses travel management programs and services to save you time, money, and stress. How? A business travel specialist can help you get the best rates on hotels and airfares. Also, the professional makes all your company’s business travel arrangements, making it easier for you to make the right decisions that reduce your business travel costs.
4. Use Cheap and Comfortable Available Means of Transport
Flying is more convenient, but you are spending a lot of money flying. There are other affordable and comfortable means of transports like shuttle services or trains, especially if they are a viable option in the region you are traveling to. Trains are cheap, and your employees can get more work done while on the train. You can also use a car, but you need to consider the cost of gas.
Using a cheap means of transport can save you a lot of money. If your employees can work while traveling, your business will grow rapidly.
Also, using cheap and comfortable means of transport ensures that your employees do not get tired. This means they will be more active and productive in the meeting. You do not want your employees feeling tired and sleeping in these meetings because they might not close these deals, losing you even more money. That is why it is important to choose the best cheap and comfortable means of transport.
5. Book Hotels and Flights in Advance
Planning is important when it comes to business travel. That is why it is wise to book hotels and flights in advance. The prices of hotels and flights are not fixed because they change depending on the season and the demand. If the demand increases, the prices increase. If you wait until the last minute to book hotels and flights, the price may increase, increasing your business travel expenses.
6. Meet Virtually
Many businesses have been using face-to-face meetings to close deals and win contracts for several years. Most of these businesses are not willing to embrace technology. Technology has made out lives easier but has made it easier to do business with other people and businesses in different parts of the world. You no longer have to travel to different countries to meet with your clients or business partners.
Meeting virtually is easy and cheaper for most businesses. You can teleconference with your clients and business partners in different cities or countries. Teleconferencing eliminates the need for traveling and booking hotels, so it can help reduce your business travel expenses. This can save the business a lot of money.
7. Use a Corporate Travel Agency
It is easy to use the internet to book flights and hotels. However, it can take most of your time or your employee’s time to book flights and hotels; especially your employees travel frequently. If your employees spend plenty of time searching for the best deals online, it affects your business’s productivity.
Using a corporate travel agency can save time. Also, the agency negotiates volume discounts on car rentals, hotel stays, and airfares. However, it would be best if you chose a corporate travel agency that suits your budget. Since you do not want to spend a lot of money on the agency, choosing the right corporate travel agency can save you a lot of money in the long run.
8. Pick a Hotel with several Amenities
As a business owner, you want your business to grow. However, some employees may want to stay in the best and expensive hotels. They only care about their comfort and doing their job. You know that all these expenses are not necessary. But you want the best hotels for your employees, so search for hotels offering amenities like coffee makers in the rooms, refrigerators, afternoon snacks and appetizers, a complimentary cocktail hour, and a complimentary breakfast. Ask your employees to use these amenities. This can save you a lot of money.
9. Ask Your Employees
It is important to ask your employees to come up with ideas for reducing business travel expenses. If your employees are the ones who travel frequently, they may know the best opportunities for saving money.
Listen to the ideas of your employees because you will get many great ideas. If you can implement some of these ideas, you will see your business travel expenses reducing. Make sure your employees are comfortable with the changes. Do not force all of your employees on some of these changes. They need to be comfortable with the changes, especially if you want them to be excited about your business trips. If they are unhappy, it can affect their productivity.
These are the best tips on how to reduce business travel expenses. It might take time to come up with the best ideas for reducing your business travel expenses. You can start with the ones mentioned above because they work. Reducing your business travel expenses can increase your profits, which you can reinvest into your business. Reinvesting your profits can help you grow your business quickly.
