These days everyone is looking to save money in every area of corporate life. It’s no surprise then, that international corporate travel should come under the microscope. It’s easy to waste money on business hotels and business trips, if you don’t pay attention to the all-important details. With a little planning and a lot of care, however, you will find it much easier to save your company money on business travel.
Top Tips to Save your Company Money on Business Travel
- Review your corporate travel policy
- Make best use of your employees’ time
- Get expert assistance
- Stay flexible
- Simplify accounting procedures
So, if you’re looking to save your company money on business travel, what do these recommendations mean in practice. Let’s look at them in more detail to find out.
1. Review your corporate travel policy
It might sound boring but the best place to start is always right at the beginning. Many companies find that their corporate travel policy is no longer up-to-date or relevant for the types of business travel which their employees are undertaking. So, work how who is travelling, where they are going and take a good hard luck at where your business can save company money on business travel. How long are business trips? What sort of flights are you booking? Where are your employees staying? There could be areas where you see that you can immediately save money on business travel. It may also be that finances are not your only concern.
These days more and more businesses are prioritising the environment. So how are you going to take this into account in your corporate travel policy? Will you be making fewer flight bookings? Offsetting carbon emissions? Arranging for trips to be more productive? Of course, one of the best ways to look after the environment as well as to save company money on business travel is to make sure that time spent travelling is well used. Make sure that your employees get where they need to be as quickly and as efficiently as possible. Use your time better whilst you are away so that you can fit in more meetings to fewer trips.
It is also important that your corporate travel policy is very clear so that there is no doubt as to how company money should be spent on business travel. It is a fine balance to ensure that your corporate travel policy is clear enough that there aren’t too many grey areas, but flexible enough to ensure that smart choices can be made – especially when it comes to how to save your company money on business travel.
2. Make best use of your employees’ time
If your employees are booking their own business travel then quite simply they are not concentrating on the job which you are paying them to do. Some of them may be diligent enough to work out for themselves how to save your company money on business travel, but most of them probably won’t have the time or the inclination. If you are paying someone to do their own job to a high standard, it probably isn’t reasonable to expect them to do the job of a business travel agent at the same time. And it is almost certainly the case that they won’t do it nearly as well as a professional, who is used to providing business travel management services day in and day out.
3. Get expert assistance
Although it may seem counterintuitive, in fact the best way to save your company money on business travel is to give the job to an expert. A professional business travel management service such as that provided by Travelworx has all the expertise and know-how to get your employees to where they need to be in the cheapest and most efficient way possible. If you are saving your employees’ time, then you are definitely saving your company money. A business travel agency will get better rates for business hotels and flight bookings and make sure that your employees travel in the most efficient way, all whilst adhering closely to your corporate travel policy.
4. Stay flexible
Travelworx has many years of experience of working with the aviation industry, so we are extremely flexible and used to dealing with last-minute changes. If company employees are making bookings themselves, especially when booking online, they may well choose the cheapest option, without checking the terms and conditions. This means that if plans change, it can get expensive very quickly, meaning that your business travel expenses get out of hand. We check the details for you to make sure that your international corporate travel arrangements are as flexible as possible. You might pay a little more for flexible flight tickets and business hotel accommodation but it will certainly help keep your business travel expenses under control in the longer term.
5. Simplify accounting procedures
The administration of your business travel expenses can be a hidden cost. If you are wondering how to save my company money on business travel then you really need to look at all stages of the process. Working with a business travel management service such as Travelworx means that you have more control over your finances. You will receive one invoice listing all of your company travel, rather than having to deal with multiple business receipts and business travel expense claims from individual employees. Travelworx offers flexible invoicing options depending on how you choose to work, which allows you to simplify the process.