7 secrets to cutting your business travel costs

Cutting your business travel costs

Travelling can be a costly exercise and can have a significant effect on a business’s bottom line, especially when it is frequent. Here are seven practical tips for minimising the cost of business travel.

Secret 1: Use a single travel manager

Using a central point of contact saves you time and takes the hassle out of frequent bookings and changes, allowing you to get on with your work. Your travel expert should get to know your business and travel patterns and ensure that you are travelling in the most efficient manner possible.

Secret 2: Consolidate your travel suppliers

Using the same airlines, hotel chains and car hire companies for your business travel can give them an incentive to offer you discounted rates, loyalty miles and other extras. Partner with an expert travel management company who can assist with supplier negotiations.

Secret 3: Implement a travel policy

A travel policy is critical for making travel savings. It is a framework for your travel and outlines how people travel, where they stay, cabin classes and so forth. A good travel management company will assist in drawing up your travel policy and ensuring compliance.

Secret 4: Get access to the best rates every day

Rates for flights, transport, accommodation and other travel necessities fluctuate daily, with new specials and season changes coming along. An expert travel manager can search multiple platforms and compare prices while adhering to your travel policy. You will also save money by partnering with someone who has global negotiating power and long standing relationships with suppliers.

Secret 5: Employ cost saving strategies

By employing best practice booking and buying processes, such as purchasing airfares 21 days in advance, you can save up to 54% on your travel spend. By choosing an experienced travel partner your business will benefit from travel advice and strategies that will translate into significant savings.

Secret 6: Insist on free after-hours assistance

For many businesses time is money and when your employee’s time is being spent waiting in airports or trying to rebook travel during an emergency, the delay will come at a cost to your business. A dedicated travel expert who is familiar with your needs should be on hand to provide immediate assistance.

Secret 7: Take control of expense management & reconciliation

With comprehensive management reporting you can take better control of your overall travel costs and performance, gaining clear insight into you business’s travel patterns so that you can identify savings opportunities. Partnering with a travel management company who can assist in consolidating hotel and car hire bills will also help to streamline the expense claim process.  You should also ask for payment options (credit card, lodge card or 30-day accounts) and invoicing solutions tailored to your needs.

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