5 Ways To Save On Corporate Travel Expenses

Travel expenses are one of the expenses businesses must prepare and include in their budget planning. For instance, there may be seminars, conferences, in-person meetings to meet new clients or close deals, site visits, or networking events and expos in another state or country.

While business travel can be advantageous for your business, it can take up a significant chunk of your finances. Fortunately, there are things you can do to prepare to be financially ready. With that, here are some ways your company can save on corporate travel expenses:

1. Book Flights And Hotels Early 

This tip may seem counterintuitive, but booking your trip early can be an excellent way to save money on flights and accommodation. The reason is simple: the demand for flights and hotel rooms tends to increase as the date gets closer. And if demand rises, prices tend to go up. That said, if you book early, there’s less chance you’ll pay more than necessary. 

Most corporate events and business and networking expos are usually announced ahead of time. This means that you can take this opportunity to book flights and hotel accommodations for your team members before the event date.

2. Select Non-Peak Dates For Your Business Trip

In line with the previous tip, another way to save on corporate travel expenses is by selecting flights for non-peak dates. For example, suppose you are planning to visit one of your offices or a supplier’s warehouse. Instead of scheduling your trip during the holidays or peak seasons, which are most likely to be busier days than usual, opt for dates when there may be fewer people traveling.

This can be a strategic way to cut down travel expenses since some airline companies and hotels tend to offer discounted rates, especially during the off-season. This method could help save costs if you’re flexible about when you leave and return from your trip.

3. Use A Multi-Currency Visa Card 

If you need to make purchases while traveling abroad, consider using a multi currency visa card instead of dealing with foreign currency exchanges and fees. These cards allow you to lock in your exchange rate at the time of purchase. This way, you will be charged in the local currency of the country where you are traveling without paying conversion fees or other charges associated with foreign transactions. 

4. Consider Alternative Modes Of Transportation 

For most corporate travelers, flying is usually the preferred mode of transportation due to the speed, comfort, and convenience it brings. However, there may be instances wherein opting for other transportation options besides flying may be ideal since it lets you save resources.

For example, renting a car may be much cheaper than booking a flight if your destination is within driving distance. This can help you save on transportation costs while providing flexibility in terms of when you travel and where you stay. 

In addition to modes of transportation, if an event or conference requires you to travel for work purposes, you may book a hotel close to where the event will be held instead of booking a hotel far away. This can help cut down some of your on-site expenses since you can save on cab fares, especially if the venue is within walking distance from your accommodation.

5. Implement A Corporate Travel Policy

One of the simple yet effective ways to save on corporate travel expenses is implementing a firm corporate travel policy or guidelines regarding any work-related trips. To start, detail the approval process for travel intent and reimbursement and the procedure for booking flights and accommodations. You can also list the expenses the company will shoulder once they’re on-site.

Having a clear set of rules can help establish the financial support your employees will get when traveling for work and avoid confusion on what’s covered and what’s not. It can also aid business owners in managing expenses and keeping travel costs low since your employees can be guided when traveling, avoiding incurring additional expenses outside your budget.

Wrapping It Up

Work-related trips are part of any business. And depending on how frequently you or your employees need to travel interstate or overseas for business, it can take up a significant amount of your company’s budget. You’ll have to prepare for travel costs, hotel stays, and other expenses associated with these trips. 

With this, businesses must find ways to efficiently manage these costs to avoid going over budget and spending more than what’s necessary. With the tips outlined above, you can be guided on how to save on corporate travel expenses.