Finally your company has started to gain traction the clients are happy with your email and virtual manner, the product is to their specifications and it’s all running along smoothly. You have the want to expand now, the immediate market is lucrative but what about the overseas clientele, they could be a brilliant source of income as well, in walks business travel and you have no plan for it but you just go for it and start booking trips to see potential clients none of which work out and the capital that you had raised has almost dried up, so before that happens implement a Corporate travel budget to ensure overspending and rewards do not get missed,
7 ways to slash business travel expenses
Booking restrictions
From the outset you can put into effect a plan of action for all bookings that go through the company, this means that charges like room service, laundry service, necessary tipping, entertainment, eating and drinking can all be accounted for so that you and your employees understand the guidelines before they’ve even left their seat. Also make it a pre requisite for any travel to be made through comparison sites like Airbnb, Uber, Kayak and Booking.com then the same tickets checked through the home site.
Budget for travel
This should assist you in making the right decision on whether you can make that arrangement at this point in the business, if your outgoings do not allow for the maximum expansion plan right now then look for a minimal way to expand then add to that when the initial travel is successful.
Spreadsheet it all
Although you have these other plans in place you will still need to keep track of them and be certain that they are being adhered to. Unnecessary expenditure could be OK the first couple of times it crops up but down the line it will just end up hurting the business so keep it all in check, yourself and your employees.
3 Ways to Save Money on Business Travel
Plan ahead and last minute
Always book ahead if it’s possible, avoid weekend travel, early morning travel and peak travel destinations if it’s possible. Try booking meetings around the time of the cheapest flights and accommodation.
Rewards for everyone
Have a rewards system interlinked to all travel where if there are places that you will travel to consistently then get discounts with the locals on the promise that you will provide them the business of your colleagues and clients. Then communicate this to your team so they know how best to keep the business running well and grab a bonus if it’s up there. Claiming on these expenses is also extremely important so a guide as to what is and isn’t claimable is great for you.
Conclusion
Planning your corporate travel budget can be a daunting task, but it doesn’t have to be. By following these five steps, you can create a budget that is both realistic and effective.
- Set your goals. What do you hope to achieve with your corporate travel budget? Do you want to save money, improve employee morale, or increase sales?
- Research your options. There are a variety of ways to save money on corporate travel. Do some research to find the best deals on flights, hotels, and rental cars.
- Create a budget. Once you know what you need to spend, create a budget that will allow you to reach your goals.
- Track your expenses. It’s important to track your expenses so that you can stay on budget. There are a variety of ways to do this, such as using a spreadsheet or a travel management company.
- Review your budget regularly. As your business needs change, you may need to adjust your budget accordingly. Review your budget regularly to make sure it is still meeting your needs.
By following these five steps, you can create a corporate travel budget that is both realistic and effective.
