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9 Ways Your Company Can Save Money On Business Travel

  • 06 March 2024

If you are a founder of an organization or a manager worn out by the incessant expenses made on corporate travels, then this blog is righteous for you. No matter how challenging it sounds, your organization can feasibly save money on your corporate travels. The bigger the organization, the more employees will travel from one state to another or even countries. To become sustainable in the long run, companies need to know the art of saving. And, business travels turn out to be one of the exceptional ways to stack up some money. With strategic planning and a focus on cutbacks, you may optimize your business travel expenses without sacrificing productivity or staff well-being. Here are nine efficient techniques for your firm to save money on business travel.

Top 9 Amazing Finds To Help Your Company Save Money on Business Travel

Get going with the ultimate money-saving business travel tips and save heaps of money. 

1. Establish a Proper Business Travel Policy

If you are aiming to soar high, you ought to have a coherent yet uniform business travel plan for addressing the travel expenses. Fixing a business travel policy will ensure a sound engagement among diverse departments, leaving you stress-free. Deciding the business travel policy is the task of the travel manager and in this regard, SKIL Travel offers comprehensive information. Check out the below list to know what should be included in your business travel policy

The booking procedure for flights, accommodation, trains, and rental cards

  • Expense limit
  • Airport transfers
  • Meal allowances
  • Expense policy and reimbursement process
  • Approval process

2. Embracing Technology for Virtual Meetings

Virtual meetings have become increasingly useful in this age of modern communication tools. Instead of spending money on flights, lodging, and meals, consider using video conferencing platforms for business meetings. This not only cuts travel costs but also promotes a more sustainable attitude to company dealings.

3. Embrace Flexibility

Flexibility is truly the key to stacking on money during corporate travels. The primary reason behind this statement is that airline and accommodation fares majorly fluctuate based on demand. Therefore, you would most likely notice the surge in price during festivities or holiday seasons as compared to regular times. Monitoring fare calendars and recognizing the most cost-effective options for planning a business trip is an approachable manner of saving money.

If there are high chances of the trip to rescheduled, the ideal precaution would be to opt for free cancellation options for both accommodation and flight. Moreover, there are numerous online discounts available that will help you get your hands on lower fares and more amenities, keep a watch on the same. These are some of the tricks that a reputed corporate event management company like SKIL Travel is adept at.

4. Strategic Accommodation Choices

Consider alternatives to typical hotels. Short-term rentals or serviced apartments are frequently more cost-effective, especially for longer periods. Examine the local market for solutions that strike a balance between comfort and budget. Additionally, loyalty programmes with hotel chains can yield long-term savings, so look for agreements that correspond with your company's travel patterns.

5. Expense Management Tools

Investing in powerful cost management solutions can help speed the reimbursement process and provide real-time insight into travel expenses. Automated systems aid in the tracking of spending, the enforcement of policy compliance, and the identification of possible savings areas. These tools not only increase efficiency but also help to make the cost management process more open and responsible.

6. Group Bookings and Negotiations

When several employees are travelling to the same location, look into group bookings. Discounts for group reservations are frequently offered by airlines and hotels. Negotiate rates directly with service suppliers for large conferences or events. Establishing long-term ties and alliances with vendors might result in preferential rates for your firm.

7. Employee Travel Training

It is highly essential that you educate your employees on cost-saving measures during business travel. Offer them training on the ideal way to find the best deals for flights, transportation, and accommodation. Encourage them to avail of public transportation or ride-sharing options for both saving cost and maintaining sustainability. Equip employees with the proficiency to construct informed conclusions by aligning with the organization’s economic goal. 

8. Outsource Corporate Event Management

Businesses that regularly host corporate events can save a lot of money by outsourcing event management to an organization like SKIL Travel. Expert event management companies often have existing connections with suppliers and venues, which enables them to bargain for lower prices. Their expertise can ensure that events go off without a hitch, speed up the preparation process, and save money.

9. Enroll in an Airline Loyalty Programme

Once you enrol on an airline loyalty program, you are opening doors to an abundance of perks and benefits like promotions, rewards, lounge access, and more. Advantages such as priority boarding, lounge access, and cheaper airfare are provided by these programmes. For companies looking to maximise their travel expenditures, loyalty programmes are an invaluable resource as accruing miles through frequent travel can result in substantial savings.

To sum up, maximising business travel costs necessitates a planned and proactive approach. Your company can minimise costs associated with business travel by utilising corporate travel agencies, adopting technology for virtual meetings, preserving flexibility in travel dates, enforcing travel policies, selecting accommodations strategically, putting expense management tools into place, investigating group bookings and negotiations, offering employee travel training, and outsourcing corporate event management. Business travel doesn't have to be an expensive burden on your organisation if you have a clear plan and a dedication to efficiency.

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