If you are a business owner, manager or administrator, you know that corporate travel expenses can take up a significant proportion of your business’ budget. However, there are a number of ways to cut business travel expenses and save money on your corporate travel budget. Here are 10 tips to help you get started:
1. Use a travel management company
Working with a corporate travel management agency can reduce travel costs. A good travel management company can help you save money on airfares, hotels and car rentals. They can also help you negotiate better rates and get discounts that you may not be able to get on your own. As a result, you will be in control of corporate travel expenses.
2. Create a corporate travel policy
Creating a corporate travel policy will be a significant way to reduce the business travel expenses of your company. From flight details to accommodation allowances and transportation, make sure to include everything related to business trips. Having a corporate travel policy will help your business travellers to avoid unnecessary travel costs and spending.
3. Book in advance for better deals
Another effective way to reduce corporate travel expenses is by planning and booking in advance. Therefore, hotel reservations, business class tickets, or regular tickets should always be booked in advance. This will allow you to find the cheapest fares and as a result, you will save money on business travel.
4. Use rewards programs and credit card points
Whether your company travels every week or only a few times a year, your travel expenses can be reduced by using rewards programs and business credit card points. These points can be used to receive incredible benefits, ranging from gift cards to all-expenses-paid trips abroad.
For example with our Inspirations reward program, for every dollar you spend, you are rewarded with one Inspirations point to spend on anything you would like!
5. Plan ahead for safety and security measures
You can also save money by planning and taking care of your business travelers’ safety. Travel budgets can be affected by emergency situations like last-minute changes or health problems. For this reason, consider planning business travel safety measures like travel insurance and emergency support services.
6. Get an expense management system
The world of corporate travel in 2023 will be directly dependent on online booking tools and expense management software. With the help of an expense reporting and management system, you can easily track data on trip expenses. This means you can always be in control of travel costs.
7. Set a budget for ground transportation and food
You will be surprised at how setting up a budget for food and ground transportation can save you money. For example, the cost of meal expenses can be significantly reduced if you find a chain of restaurants and make a deal with them.
In this case, all your traveling employees will know ahead of time where they can eat and how much to spend on breakfast, lunch and dinner. Here you can find the list of Toronto’s 10 best lunch restaurants to partner with.
Using public transportation instead of taxis will reduce the costs of ground transportation.
8. Negotiate rates with hotel chains and airlines
The same practice can be applied when booking hotels and airline tickets. By partnering with the same hotel chains and airlines, you can negotiate the price of hotel rooms and flight tickets. As a result, you will get great deals and save money on your next trip.
9. Help and reward your employees
Successfully closing deals during a business trip should be a win-win for both you and the traveling employee. Therefore, make sure to help and reward your employees. For example, delegate the organization process to travel managers, so business travellers can spend less time organizing their trips.
10. Other expenses
Another tip to reduce corporate travel costs is striking deals to reduce expenses like Wi-Fi and airport parking costs. It may not be cost-efficient when traveling for the first time but in the long run, it can be another way to stay within your corporate travel budget.
Follow these 10 essential tips and you will definitely save money on your corporate travel budget
Work with corporate travel management companies like Inspired Travel Group
Create a corporate travel policy
Book in advance
Use rewards programs
Plan safety and security measures
Use expense management software
Set up a budget for food and transportation
Look for the best deals with hotels and airlines
Help and reward your employees
Cut other expenses