Travel is a necessary component of many business endeavors. With travel ranking as one of the 5th most costly business expenditures, it is also one of the most expensive components of business endeavors. Understanding how to reduce business travel expenses can greatly increase your profitability. Our travel experts have compiled a list of the 7 most effective ways to reduce business travel expenses.
1.) Take advantage of high quality, low cost flight inventory.
Flights can be one of the most expensive travel costs. Gaining access to flight inventory will allow your business to choose from the highest quality flight options at the lowest available price. Airline companies reserve VIP prices for their business partners so the best way to gain access to these prices is through a reputable corporate travel agent with an extensive business collaboration portfolio. Such corporate travel agents also have the expertise necessary to navigate the flight inventory and negotiate rates to get the best rate possible. Quite often, such corporate travel agents have access to flights and prices that are unavailable to the general public.
2.) Have a streamlined pre-travel planning process.
Whether you are planning travel for a sales representative or the company president, having a streamlined process will maximize efficiency, ensure employee satisfaction, and will mitigate any spurious costs that may be indirectly related to travel. Having a pre-travel planning process will also facilitate in booking hotels, car rentals, and other related expenses in advance. Since prices for such expenditures can drastically increase as the travel date nears, booking in advance is always ideal.
3.) Promote travel flexibility.
Travel flexibility has the potential to save a company an enormous amount of money. Knowing whether an employee has travel flexibility given both personal and business obligations can go a long way. One way to promote such flexibility is to have your travel manager ask for a few possible travel date and time options. Encouraging employees to be flexible is also important. Working with a personable corporate travel agency could be really beneficial in this process.
4.) Tighten up reimbursement requirements for travel expenditures.
There are numerous potential auxiliary expenses that may have been unaccounted for prior to the travel, such as Wi-Fi, transportation, tips, etc. These types of expenses can quickly add up and lead to total travel costs that exceed travel budgets. Being clear about which auxiliary expenses are allowable and about the documentation required for reimbursement could save a business a lot of money and reduce payment for erroneous expenditures. Using a corporate travel agent can facilitate in streamlining this process and ensuring compliance with a business’s guidelines.
5.) Monitor travel spending trends.
Accurate accounting of travel expenses enables business owners and managers to monitor spending trends and weigh the benefits against the costs of different types of travel. This enables business owners and managers to cut out the travel that is less beneficial to the company. Using a corporate travel management company can greatly facilitate in this process because such companies have already established efficient, streamlined processes that empower business owners and managers to view spending trends at the touch of a button.
6.) Increase employee productivity on the road.
Streamlining your travel administration takes the burden off the individual employee. By reducing the stress of travelling (i.e. having to book hotels, coordinate transportation, etc.), you empower employees to spend more time preparing for business rather than wasting time on travel related nuisances. Relying on a corporate travel management company can greatly increase productivity of the individual travelling and saves your company money lost by decreased productivity. With a corporate travel management company, you can rest assured that, in the event that something goes wrong, the corporate travel agent will handle everything.
7.) Capitalize on the expertise of a travel management service.
Running a business is hard work. When your goal is to increase profitability, holding the additional responsibility of managing cost efficient travel can be nearly impossible. Relying on the expertise, network, and necessary infrastructure of a corporate travel agent will not only drastically save your business money, it will also greatly increase business productivity and profitability.
Business travel, while necessary, can be very costly for a business. It is nearly impossible for a business to ensure profitability without the expertise and network of an expert in the field of travel. Utilizing the services of a travel management company is absolutely vital when trying to grow your business. This is why the most successful businesses always capitalize on the services offered by their corporate travel agents.
Carlisle Travel, a branch of Tzell Travel, is an indispensable resource for businesses. With its 75 years of collaborating with big companies in the travel industry, Carlisle Travel has developed a robust network of partnerships in addition to becoming adept in providing exceptional customer service.
Carlisle Travel can facilitate in achieving all of the 7 cost saving strategies mentioned here, resulting in the accomplishment and surpassing of budgetary goals and increased revenue. Carlisle Travel has unique access to flight and lodging inventory that is unavailable to the general public. In collaborating with Carlisle Travel, business owners will also gain access to this inventory, which can save the company an inordinate amount of money.
From start to finish, Carlisle Travel uses its streamlined approach to achieve efficient, cost effective travel management, ensuring all costs are accounted for and meet the standards of each individual business. In addition to having an efficient, cost effective travel management process, Carlisle Travel agents are extremely personable and work one on with businesses and employees. Carlisle Travel prides itself on maintaining a speedy response time while adhering to the goals of individual businesses. With its consolidated global reporting, Carlisle Travel grants business owners and managers the ability to quickly and accurately monitor travel spending trends and make cost effective decisions. Relying on the expertise, network, and infrastructure of Carlisle Travel will not only save time and money for businesses, but it will also increase business productivity.
If you want to see what Carlisle Travel can do for your business – give Jerry Saxe, VP of Sales, a call direct at (323) 869 6102 or email firstname.lastname@example.org