Business travel can be one of your biggest expenses when traveling is a core component of your business. If you are meeting with clients, traveling to seminars, or visiting satellite offices around the globe, you will need a large budget to cover your airfare, your lodging expenses, and also the money you spend on dining while you are out of town. If you are looking for ways to reduce your travel budget, here are 5 valuable tips on how to save money without compromising the health of your business.
1. Book a Private Jet
You might be surprised at how much money your business can save on traveling expenses by booking a private jet. Most of your travel budget is spent on airfare and other related expenses like parking at the airport. If you have several associates traveling at once, it might be more affordable to book a private jet so that the associates can all travel at once. The associates can also drive to the site of departure together to prevent having to write off long-term parking as a business expense.
2. Use Corporate Credit Cards
Another effective way to save money on travel expenses is to have corporate credit cards issued to each traveling associate. This will help you cut down on how much time and money you spend on bookkeeping and will eliminate the need to process reimbursement checks. You may also be able to take advantage of rewards that come with the card that offer discounts for hotels, dining, and airfare. Make Sure You Have Spending Limits. If some employees like to order lobster dinners on the company’s buck, you might want to consider establishing spending limits that all of the employees are familiar with. You can set spending limits on food, rental cars, hotel rooms, or anything else the company will pay for. Make sure the limits the reasonable but very specific so that you’re traveling associates never get too spend happy.
3. Avoid Letting Your Employees Make Their Travel Plans
It is very tempting for your employees to book the most convenient flight or the more luxurious hotel if they are allowed to make their own arrangements. If you want to save money, you should try to centralize travel plans as much as possible. You can hire an agency to make the travel arrangements for you and they will make the arrangements based on the lowest cost. These agencies are also very good at teaching you how to save money.
4. Pay for a Taxi Instead of Parking
Do you know how much long-term parking can cost at the airport when you are away for 7 days or more? Now, consider how many employees you have attending an extended meeting and you will see how quickly the parking expense will add up.
5. Have employees travel to the airport together
It is very important to take time to write up a detailed travel policy so that there is never a question about what is covered and what is not covered by the company. You need to make sure you cover reasonable expenses. You also need to make sure your employees and managers can make it to their meetings with time to spare so that they are not late due to delayed flights. Consider trying these tips to save money on travel expenses and more of the revenue you earn can be considered profits.