Business has always been about the bottom line. You want to minimize cost and maximize profit. Business travel is the same. Sometimes you have to travel to acquire new customers, meet potential partners, participate in industry conferences, among other things to stay competitive and grow.
Business travel overspending is a huge problem. Spending money on traveling is necessary for most organizations, but travel expenditure can spiral out of control. Your business is most likely doing everything possible to stay within budget when employees have to travel. Not all business travel has to be expensive. Wondering how you can reduce the amount your business spends on travel? These are a few ideas you can consider.
Incentivize employees to save
Employees don’t foot the bill. And since they’re not paying for it, they don’t have a good reason to find the best rates or keep their daily spending to a minimum.
When it comes to high travel expenses, most companies attempt to cut costs with tight spending limits and restrictive travel policies. Your business travel policy should clearly state what travel expenses are appropriate and what aren’t. Instead of strict travel policies, other businesses are using smart ways to reduce costs, eg. choosing to reward employees who save on travel.
Look for any discount you can find
Business travel deals and coupons are two of the best ways you can consistently save money on your company trips. Booking online increases savings and gives you a lot of options. If you’re checking several websites before booking flights and hotel rooms, you’re already doing better than many travelers.
Groupon offers Coupons that helps you find the best savings. You can find some awesome savings available to pair with deals on your favorite travel and hotel sites including Expedia and Hotels.com. Never miss a great travel coupon again. Groupon Coupons has an amazing list of travel coupon discounts and coupon codes you can use to cut travel costs. Browse the most popular travel coupons, promo codes, and other free offers.
Book in advance
And here is an important tip to remember when you are making travel arrangements for your business – increase the advance booking period! The general rule of thumb for business travel is the further ahead you book the cheaper the price will be.
Increasing the advance booking period (also known as lead time) is best achieved by educating your employees and continually reminding them why it’s important. And encourage your employees to book online instead of booking over the phone, so you’ll reduce your transaction fees too.
Don’t forget to try ride sharing instead of car rentals
If you are traveling to a major city for business, then by all means, learn how to use Uber, Lyft or other popular ride-sharing app. When you rent a car in a city, you are paying for the car, insurance, gas, parking and worst of all, negotiate through traffic. You don’t want that when you have to focus on the purpose of your trip. With ride sharing, you choose your destination on the app and in minutes you have a cab.