Travel is an integral part of business but can quickly become a major expense. In this guide to cost-effective business travel, we’ll look at the reasons why travel is so important and how to ensure you’re getting the most for your money out of your company’s business travel plans.
Why is Business Travel Important for Businesses?
Business travel opens up the possibilities for your company. It gives you the benefit of face-to-face interaction with existing or potential clients, which can have numerous advantages over virtual meetings, including stronger bonds and better working relationships.
It also enables you to position yourself within your industry or sector, getting your company name noticed and on people’s lips. By being present at conferences and key events, you benefit from networking opportunities and also ensure that you’re up-to-date on recent developments that could affect your business.
Business travel is also great for your employees. It’s often seen as a perk by many, and can encourage loyalty and improve engagement, as well as being a source of inspiration and motivation.
All this said, how can you make travel more cost-effective for your business?
Set a Travel Budget
All too often, spending can get out of hand, and with no budget guidelines, a simple trip can quickly become unprofitable and an unjustifiable expense for your business. That’s why it’s vital to set a travel budget for your business and stick to it.
Not only should you have a fixed travel budget in place for the financial year, but you should also allocate a set budget and spending guideline for each trip that you plan to take, prioritizing those that are essential for your business goals for the coming year.
Plan Ahead
Effective planning in advance reduces the unexpected costs associated with spur-of-the-moment travel, such as last-minute flights and accommodation, both of which are often more expensive if not booked in advance.
Proper planning also ensures that all schedules are free with no conflicts, something that is much more difficult to organize if left until the last minute.
Shop Around
When making travel arrangements for an employee or executive, shop around for the best option to ensure you’re getting the most for your money. For higher-status employees, this could be charter private jet flights to ensure timely arrival to meetings and events, while still getting a good price. You could also utilize comparison sites and play around with flight times or departure dates to reduce costs.
Have an Itinerary
For business travel to be truly cost-effective, you need to get the most out of the trip that you possibly can. Ensuring that everyone on the business trip has a clear itinerary will increase the likelihood of them achieving what they went there for, which not only helps to avoid follow-up trips in the future but is also good for business relations.
