Overview
Some businesses operate completely locally without the need to travel while others may require a significant amount of domestic or international travel. Business travel costs can make a significant dent on your company finance when care is not taken. As such, each trip should be carefully planned and reviewed. Here are 5 ways to cut down on your business trip expenses
1. Book in Advance
As much as you can, book in advance (months ahead if possible). This includes flight, train or bus tickets. Hotel bookings should also be done in advance. Given the unpredictable nature of running a business, sometimes having to make a last-minute trip might be unavoidable. There is usually a significant price difference between on-the-spot booking and booking in advance. Business trips such as attending a seminar in another city usually have the dates published weeks and months in advance. Booking for those in advance not only cuts down cost but also provides flexibility for any last-minute changes without having to suffer extra charges.
2. Travel When Demand is Low
There are certain times in the year when traveling is generally expensive due to high demand. For example, during the months of summer (particularly June, July, & August), a lot of tourists choose to travel around that time. So also around December, during the Christmas holiday. Most people head back home to various destinations and given the weather challenges associated with winter, supply tends to be in short supply. With short supply comes higher prices. To save on travel fares and hotel fees, aim to travel during off-seasons.
3. Find Alternatives
Sometimes, in the search for convenience, business trips end up costing a lot. But with a little change in itinerary, you can cut down on expenses significantly. For example, low-budget airlines such as Southwest Airlines and EasyJet avoid flying into major airports. They fly into nearby airports which makes all the difference in price. Other alternatives to consider could be using a train or bus instead of flying if you have enough time to spare. Although your travel time would increase, you would be saving up to 50% on travel costs. Using a taxi or ride-sharing solution at the destination instead of renting a car is yet another way to save some more.
4. Find Technology-Driven Solutions
In the past decade, many technology-driven solutions for finding cheaper flights and making travel easier have sprung up. They help you save by scanning multiple flights and hotels, compare the prices and recommend cheaper yet reliable options. These solutions are available for both individuals and enterprises.
5. Seek Out Reward Programs
Airlines and hotels are particularly renowned for rewarding loyal customers. They offer programs such as the frequent flyer programs where air miles are redeemed in exchange for flight tickets. These programs sometimes make it possible for travelers to fly not only fly for free but to stay a night or two in the hotel for free as well. This is a great way to save on business trips.
Summary
The goal of each business trip is ultimately to profit the business. With proper planning, you can still embark on your business trips without worrying about breaking the bank.
