When attracting international clients and more investors, it can be difficult to cut down on business travel expenses.
Corporate travel is the key to having a business that reaches across the nation and into other countries, and as a result, it can take up a larger part of any business expenditure than you might anticipate. However, as a necessary expense when attracting international clients and more investors, it can be difficult to cut down on business travel expenses. Sometimes, you need to assess where your money is going on these trips and think about the savings you could make that will benefit your business if they are channeled into more useful areas. To help you cut back, take note of these ideas.
Make a budget
Some businesses will be booking large business trips every day, where their employees travel in bulk to exotic locations. This means they often assess the financial situation after the business trip receipts come in, rather than before. Save shocked faces in the long run by sitting down and planning a business trip budget at the beginning of the tax year, so that you can work within the limits of the allowance you have set, but get the most for your money on such trips. It should be noted that having a small surplus amount on the side will accommodate any last-minute trips that are a necessity.
Apply for small loans
It could be that you are a small business who needs to go on business trips to boost brand awareness and attract new clients. As such, you could be low on funds to make these happen, which may be detrimental to the growth of your business. Having a small loan during this period can help you make all the connections you need before you must pay it off in small increments that are more manageable for your pocket. One of the best places to find such loans is Bonsai Finance, who make the whole process quick, easy, and fair.
Travel in economy class
For long-haul flights, business class is the best way to travel to ensure the comfort of your employees, which will set them up for the meetings that lie ahead. Yet, if they are traveling on a short flight that doesn’t require them to be on the plane for long, then you should consider booking economy class flights for them. The price difference between these flight classes is noticeable, and if you send out a lot of employees on a regular basis, this could truly help you save some extra money.
Look for discounts
It is easy when you work in a business to enter the details of a business credit card to book everything you need for a trip, but it is better to look at the price you are paying at the same time. If the flight or hotel you are booking is expensive, then it is always recommended that you look for corporate discounts to save you money. Where some can be found through a quick search on Google, you can get corporate discounts if you fly frequently with the same air carrier, or if you stay often in a certain brand of hotels. It may feel wrong to ask, but you won’t get any discounts if you don’t put yourself out there, and it could see you getting access to higher quality rooms if you are a regular customer.
Don’t book the most expensive hotel
Where flights make up the bulk of a trip, hotels account for another huge portion. This is because many business members elect to stay in five-star hotels, which offer the best of the best. Although you will want to have your staff staying in premium comfort and enjoying their trip, you can do so by looking into hotels which have fewer stars. This doesn’t always mean they have less on offer, but it will mean that your employees can relax in the same comfort and homely service as they are used to. The key is to book somewhere that has a high TripAdvisor rating, which doesn’t always translate into the hotel having a higher price tag.
Book in advance
Last minutes business trips can sometimes not be avoided, but for those who are months and weeks in advance, you shouldn’t leave it until the last minute. Doing so means you usually pay higher airfares, and will need to pay full price for hotel rooms. It could also mean that you may not enjoy the same benefits as staff usually would. Booking in advance is the best way to avoid soaring plane ticket fees. There is an ideal time for booking both short-haul and long-haul which means you are getting the best value for what you are paying. Luckily, some hotel booking sites allow you to book first without having to pay until you reach the hotel, which means any changes in plan won’t take a chunk out of your budget. Locking in the low price by reserving allows you to make the most of online deals.
Think outside the box
Many businesses follow the status quo when it comes to booking trips, such as flying into main airports, and suggesting business meetings in places like New York and Las Vegas. You can cut costs and plan an enjoyable trip by researching before you book. For example, if you fly into an airport nearby, rather than the main airport, you could save money on airfare, which you can make up for a short drive. Not only this, but meeting in a place that everybody finds accessible and affordable will be better for both parties involved.
Conduct meetings over Skype
Sometimes, business trips need not take place at all. While they are mostly used to network and attract more clients, those that involve meetings with partners can easily be done over Skype for Business calls or Google chats. This not only cuts costs, but it also means any urgent problems can be resolved in the space of a few short minutes. If you can cut out this side of business travel altogether, you can use the money you are saving to reward your employees for all their hard work and use it to make the business a better space for everyone to work in.