Corporate travel savings: How to budget and save money

Business travel will likely reach new heights in 2024, but you can expect 3% to 7% higher airline fares, 3% to 8% higher hotel rates, and a “moderate increase” in corporate travel spend. These creeping expenses could take a big bite out of your budget if you are not proactive.

But business travel doesn’t have to be a bank-breaker.

With the right strategies, you can keep costs under control and ensure your team travels comfortably. Let’s show you how it’s done.

Managing travel costs isn’t just about saving a few rands i it’s about making intelligent, strategic choices that boost efficiency. It’s an opportunity to get more value from your travel budget, keeping your finance team and travellers satisfied.

Let’s get down to business and talk about how to make your corporate travel budget work harder for you.

1. Book in advance

You know how we love a good braai, right? Early booking is like getting the best cuts before they’re gone. Nearly a quarter of business travellers overspend just because they book too late. Eish, that’s like throwing money away.

Take Portnex International, for example. They were struggling with loads of last-minute bookings. But they turned to Corporate Traveller for help. We hooked them up with flexible tickets and after-hours support. The result? They saved between 5% and 10% on airfares and cut down booking time dramatically.

So, next time you plan a trip to Durban or London, remember: the early bird doesn’t just get the worm; it gets the best deals, too! Book smart, save big - it’s that simple.

2. Use travel management companies (TMCs)

Do you ever feel booking business trips is as stressful as peak hour on the N1? Missed connections, last-minute changes, and endless booking hassles can drive you mad.

But what if you had a travel pro in your corner, sorting out those corporate flights, hotels, and transfers, and you could focus on nailing your presentation instead of wrestling with booking?

That’s where TMCs come in. A TMC is your personal travel team, snagging better rates and keeping everything policy-friendly. Plus, they’re on call 24/7, handy when things go wrong at 3 AM.

You might think, “What about those travel management company fees?” Fair question. But when you weigh up the savings and stress reduction TMCs bring, it’s like getting a business-class experience on an economy budget.

3. Leverage technology

Why should booking business trips be any different in a world where we can order pap and wors with a tap on our phones? It’s time to ditch old-school methods and embrace tech.

That’s where YOUR.CT comes in. This comprehensive travel management platform is designed specifically for South African businesses. It brings everything into one place - booking, profile management, and travel alerts - all at your fingertips. No more jumping between systems or stressing about missed deals.

One of the best features of Your.CT is its integration with the powerful booking tool Concur. This combination lets you quickly find and book the best travel for your trips to New York, Cape Town, or anywhere else your business takes you while aligning with your company’s travel policy.

It remembers your preferences, too - passport details, frequent flyer numbers, and even meal choices - so you never have to fill them in again.

4. Negotiate corporate rates

We all know haggling is practically a national sport here, but it gets trickier when it comes to corporate travel rates. A quick win is not enough. You’re after long-term corporate travel discounts and savings. You could try negotiating deals independently, but why stress when you can let the pros handle it?

That’s where tight connections with airlines, hotels, and car rental companies come in handy. TMCs have the bulk buying power to score sweet deals for you.

We’re talking discounted flights, room upgrades, and perks to make your team feel like VIPs without the hefty price tag. Plus, these aren’t just one-time specials. TMCs keep the savings flowing trip after trip.

5. Encourage flexible travel dates

Being flexible with your travel dates could save you some serious bucks by shifting your travel by just a day or two. Flexible tickets let you change your travel dates or even your destination without those pesky fees that usually make your wallet cry.

Mid-week travel is often cheaper than weekends. Swapping a Friday flight for a Wednesday one could save you about R628 on average. And what about corporate hotel rates? Check in on a Thursday instead of a Friday or Saturday, and you might just pocket an extra R1,076. So next time you book, why not play around with those dates a bit?

6. Implement a comprehensive travel policy

A travel policy is the foundation of efficient corporate travel planning. It’s ultimately your company’s game plan for business trips— a solid strategy that keeps everyone on the same page and playing by the rules.

A good travel policy covers all bases:

How, where, and when to book
Approved technology for travel management
Preferred suppliers for air travel, land travel, and accommodations
Approval process for out-of-policy bookings
Trip extensions and personal travel
Expenses and what is covered or not covered
Reimbursement processes
Business travel insurance information
Emergency procedures and contacts

Don’t stress about creating this from scratch. We’ve got a travel policy template builder with a step-by-step walkthrough. With a solid policy, your team will travel smarter, spend wiser, and stay safer.

7. Monitor and analyse travel expenses

Tracking your business travel costs and expenses helps you spot saving opportunities and ensure that every rand works as hard as you do.

Why is this so important? Without a clear picture of your travel spending, money can disappear fast. Keeping tabs on your corporate travel expenses is how you spot trends, tweak your policies, and keep your bottom line healthy.

Our reporting offers a detailed overview of your travel programme, allowing you to track expenses for car hire, accommodation, and airfare. You can compare the number of bookings made through the online booking tool with those handled by your Corporate Traveller travel manager, see how far in advance bookings are made, and identify potential opportunities for savings.

Let’s realise those savings!

There you have it - your ultimate toolkit for cutting down those business travel costs while keeping your team happy and productive. Let’s recap the key strategies:

Book in advance

to lock in the best deals before prices rise.

Use a TMC

to get expert guidance, better rates, and 24/7 support.

Leverage technology

to streamline booking and expense management.

Monitor travel spend

to make data-driven decisions.

Be flexible with travel dates

to uncover hidden savings.

Implement a solid travel policy

to manage trips efficiently and within budget.

Negotiate corporate rates

by letting a TMC handle the deals and secure perks.

Ready to make travel more affordable?

Managing travel expenses isn’t just about saving a rand here and there—it’s about building a travel programme that brings long-term benefits. By following these steps, you’ll optimise your travel spend and ensure your team travels smarter and more comfortably. Start putting these strategies into action today and watch your savings grow!

About Flight Centre Travel Group
The Flight Centre Travel Group is one of the world’s largest travel retailers and corporate travel managers. The company, which is headquartered in Brisbane, Australia, has company-owned leisure and corporate travel business in dozens of countries, spanning Australia, New Zealand, the Americas, Europe, the United Kingdom, South Africa, the United Arab Emirates, and Asia. ASX listed Flight Centre Travel Group (FLT) also operates the global FCM corporate travel management network, which extends to more than 100 countries through company-owned businesses and independent licensees, along with Corporate Traveller, the flagship business specific to the small-to-medium-sized enterprise sector. For more information, visit fctgl.com.