Like any other controllable expense, business travel needs to be managed strategically.
Although there are some great bargains around, businesses including SMEs should be focusing on buying business travel at the most competitive cost in the most convenient way. We understand that travelling to visit clients or colleagues is an important aspect of revenue generation for any business, but it can also be costly. Which is why we’ve put together five ways to strategically manage and improve your companies’ business travel costs and how to make the most of your Business Travel needs:
1. Work with a dedicated travel manager or team:
At Corporate Traveller we believe business travel should be personal. Businesses require expertise from people who understand their company’s unique travel patterns, needs and cost parameters. A single point of contact, like your account manager can help streamline everything and in doing so save your business time and money. Here at CT, you can rely on us 24/7 for support and assistance and you can trust us with every aspect of your travel management.
2. Review your current travel and expense (T&E) policy:
If you don’t have one, set it up immediately. A T&E policy must have input from the top down to achieve better compliance. With travel and entertainment being the second largest expense for many companies, policy compliance and business travel cost control are major priorities. At Corporate Traveller we can help your business reduce its travel-related operational costs, improve compliance with your travel policy and boost the overall efficiency of your travel for the long term. We offer several monthly reports to help track travel spend and maximize your company’s investment. Get back to the basics and look at the nature of your business travel – is it proactive (planned well in advance) or does it need to be reactive? Your travel manager will help you consolidate and integrate all of the data available to improve your T&E spend visibility.
3. Decide which airfares are better suited to your business:
If you know your travel plans aren’t going to change, consider booking a travel special to optimize cost savings on a cheaper, restrictive ticket or if you think you may need to change your booking down the track opt for a flexible fare to avoid additional costs associated with booking changes. Choosing the right fare to suit your travel needs can save you considerable cost in the long term. Your travel manager will provide the guidance you need.
4. Maximize the value of your hotel bookings:
Your travel manager can assist your business to further leverage your existing hotel booking processes. Ask your travel manager to assess your room night volumes to bolster your rate negotiations. Your travel manager also can negotiate on the total cost of your accommodation by including value added services specific to your company’s requirement (eg telecommunications, food, beverages and laundry etc). Here at CT, we regularly evaluate your processes/systems, benchmark your performance, implement better expense management systems, negotiate sharper rates with suppliers, and customise management information to suit your evolving business model.
5. Make sure you have the right insurance coverage:
Don’t get caught out with the wrong travel insurance. Poor travel insurance choices can lead to unnecessary physical, mental and financial hardship. Insurers like RBC developed a superior suite of travel insurance policies that range from full corporate coverage to individual cover for business and leisure options. Your travel manager can explain which cover will benefit your business and people.
To discuss your business travel needs, feel free to contact one of our Corporate Traveller Managers at 1-877-525-4292 or visit our website: http://www.corporatetraveller.ca