Business requires you to be on your feet. There can only be so much done over Skype or basic telephonic conversations and exchanging thread mails. Studies suggest that face-to-face encounters are 34 times more impactful than virtual conversations alone.
Sailing actual business through requires face-to-face interaction, ideas and prospects discussed, matters looked into on a vis-à-vis basis.But, in the wake of globalisation, and considering how businesses have gone overseas, how affordable is it to rendezvous your clients?
An average business traveller in the US annually spends roughly $949 on airline costs, hotels and other expenses. If you happen to spend most of your profits on travelling, how is this going to generate revenue for you in the long run?
The year 2017 saw $1.3 billion spend on Global business travel. The idea is to get this figure down to something more feasible. This can only be achieved by going about business travel smartly.
Here, we have enlisted some ideas that can save you some money. This will considerably bring down your travel expenses and leave you with extra profits in the end.
Tips to save money on business travel expenses
- Cut down on the travel policy leeway
If you are running a business that requires you, or your employees to constantly travel from one location to another, you might want to cut down on the travel policy reimbursements.
Every expense matters; you as a business person would definitely understand that the most. Each recurring expense, irrespective of how minor it may seem to appear at first, is an expense nonetheless.
Having a streamlined travel policy would cut out unnecessary expenses and require you and your employees to only focus on what’s needed. It generally is easy to lose track of money when there’s no leash holding it back.
- Have a pre-trip approval process in place
Considered to be one of the simplest ways to cut down on expenses; having a pre-trip approval process is super effective.
Once you establish who gets to give approval for travel, there won’t be issues coming up about trips being cancelled thereby saving up on money which would otherwise seem wasted.
Merging up with online travel management companies will allow you to implement it more accurately, with the help of online booking tools.
- Look for savings while booking flights
You have to understand the underlying motive of your travel. You, or your employees, are heading somewhere to get a business deal sorted. To get from point A to point B is the ultimate goal, not the quality of the airlines you opt for.
If you check properly and make early bookings, you might end up cutting down on the costs drastically. Flying economy when you have many flight trips to make that month will be a lot cheaper than flying business class.
- Make the best of the meals offered to you by your chosen hotel
Food is one of the most integral parts of travel. No business can safely be secured in the presence of a void in your stomach.
You have to check the offers your hotel provides you with. Whether are those offers inclusive of meals or no? If not, check for the ones that offer complimentary meals.
You could do with simple bagels and fruit juices. Travelling light is a healthy habit, right? By going easy on the food, you can easily save up a healthy margin on your travel expenses.
Companies budget out 21 per cent of their travel budget for meals alone. If you go about it prudently, this percentage can duly be lowered.
- Stay ahead of the curve
Saving money always requires you to stay ahead of the curve at all times. Much like, “the early bird gets the worm.” If you happen to book flights in advance, you get to save up on the tickets.
It is a general rule of thumb, while booking tickets, that the closer you book the ticket to the date of departure, the pricier they get. Also, you can always consider the nature of the meeting.
Is it something that really needs a face-to-face encounter? You would not want to travel thousands of
kilometersto discuss something that could be done on Skype.
- Figure out your telecommunication
Irrespective of how communication technology has grown, communicating abroad is still relatively expensive. There are tariff plans and discounts you need to be aware of before you set sail.
You can call up your carrier service and figure out a plan that works in your favour. You might want to need your phone or your internet abroad, and you would not appreciate your bill skyrocketing because of it.
Keep in mind that you have to keep the expenses to a minimum, in order to get something profitable out of the encounter.
- Think about tying up with a Travel management service
Your Company may be exceptional at the services it offers, but managing may not be its strongest
suite. Why not let professionals handle that?
When you consider getting help from a travel management service, think of it as an investment, and not an expense. Because in the long run, this will only end up saving you a lot of money.
There are human errors and silly avoidances that can occur, costing you a lot of money. When professionals handle this, they can guarantee you the most affordable travel.
- Look out for reward programs that hotels offer
Hotels are out there offering discounts and offer to frequent fliers. Missing out on those would be considered foolish. If you have a specific location where you keep flying often, you would be eligible to avail certain offers or even room upgrades.
Since you would be travelling often to these hotels, you get to learn from the experience. You would be better equipped to make use of a particular hotel’s resources the next time then.
There are third party companies these days merging up with hotels and offering discounts, to encourage online booking. Make the most of such offers, in every way possible. This would cut down on the hotel expenses, but not on the quality of travel.
Fly away with this
Travelling can incur a considerable expense on your overall budget. But if you streamline the whole process, and only focus on the fundamentals, travelling can eventually prove to be rewarding.
The amount of money you would end up spending on travel, would consequently allow you more money. With that, you can cover more ground, generate newer leads, and essentially grow as a person.
Let not travel be the thorn in your side, especially if it is a crucial aspect of your business. All you got to do is go smart, and your profits will seem slightly higher than before. After all, that is the whole point of running a business, right?