How To Help Your Business Save Money On Corporate Travel Expenses
September 7, 2019
Today’s technologies have borne a global economy that differs drastically from that of the past. By providing easier access to larger consumer bases and more customized marketing, they have facilitated big data solutions that make worldwide trade the standard rather than the exception.
Not only are we now able to communicate and negotiate from the comfort of our desks if we choose, we are able to easily research, manufacture and sell products internationally, as well.
But despite the help of modern conveniences, companies still need to put their feet and ears to the ground (literally!) on occasion, as there’s just no replacement for face-to-face commerce. The problem then is this: with markets now routinely stretching across oceans and continents, how can businesses get a grasp on the escalating expenses that come with corporate travel that often spans all four corners of the earth?
Here are a few tips to help your company save money when traveling:
Implement an Official Corporate Travel Policy
Whether you’re a small or large corporation, you should have and enforce rules that govern the way your employees travel for work. Loosely monitored procedures frequently equal unnecessary costs to your bottom line. It’s a bit like sitting for an exam without studying the right material; or applying for a dual intent visa without understanding the law.
Action without proper preparation just wastes time and money. Thus, to ensure that you are aren’t needlessly spending any of your resources, make sure you maintain a process for:
requesting travel approval;
booking transportation (flights, as well as car services upon arrival) and accommodation;
on-site spending (including meals, entertainment and other incidentals like WiFi expenses, parking, conference fees, etc.); and
employee reimbursement (with explicit guidelines regarding the type of receipts needed to guarantee request approval, as well as the time frame in which all requests should be submitted).
A travel policy helps your employees make plans that are efficient, economical and equitable — every single time.
Equip Employees with the Necessary Supplies
To save money on corporate travel, you might be tempted to cut costs in other areas. Resist it. Instead, equip your employees with the tools they need to do their jobs while on the road.
For example, if your team members spend a lot of time online, consider buying portable WiFi routers instead of paying for local Internet service or purchasing a monthly in-fight Internet subscription instead of having your employees pay for access individually. While it might seem counterintuitive, spending a bit of money on the front-end enables you to cut expenses in the long run.
Choose a Corporate Credit Card Carefully
The right credit card not only saves you money, it can earn you money, as well. Research your options and choose a card that will give your company the most bang for your buck! Many cards offer cash back, various types of insurance, airport lounge access, checked bag allowance, foreign transaction fee waiver, reward points on dining and entertainment purchases and/or more.
Carefully choosing the one that gives your company the most benefits can make corporate traveling more affordable (and even profitable) for you.