How to Save Money on Business Travel in 2022
JANUARY 1, 2022
We all know that travelling for business can be costly and comes with a budget. And whatever that budget is, you need to be savvy to ensure you are maximizing your spend and saving wherever possible. We know it can be tough, especially if you are a small business or in your early stages of operation, but also for large organizations.
We’ve created some tips and guidelines to help you get the most out of your money.
Clear & Concise Travel Policy
Having a clear Travel Policy is critical for any organization. This will not only outline processes and procedures to follow when travelling for business, but it also ensures your company is saving wherever possible. Your Travel Policy can include things like: advance purchase requirements, approval process, nightly budget for hotels, cabin to select for flights, daily per diem, preferred suppliers, what to do in the event of an emergency and so much more.
Advanced Purchase
Due to the nature of business travel it is not always possible to book early. However when you can, booking at least 14 days prior to departure will save money. The key thresholds for advance purchase on flights are 21 days, 14 days, 7 days and 3 days. Typically prices will increase the closer you get to departure
Use a Travel Management Company
Consolidate your travel program with a travel management company like Worldgo and let us negotiate discounts with airlines, hotels, and car rental companies. Enjoy added benefits such as airline credit tracking, round the clock support in case of an emergency, and save your company long hold times with airlines (flight changes take us just minutes instead of hours as we have direct access to the booking system). Also, benefit from the industry’s leading technology and experts who can advise on the latest travel restrictions and updates.
Eat out using the 10-15-25 rule
Unless you’re taking clients and stakeholders out to dinner, business travellers should aim to follow the ’10-15-25′ rule for eating out. The simple rule applies $10 for breakfast, $15 for lunch, and $25 for dinner, and if you can find a hotel with breakfast included, you will free up more to spend on the other 2 remaining meals or tighten up your budget. With parts of Europe being a possible exception, there are few places where this rule can’t be followed with ease. To stretch things further, look for Happy Hour discounts, or book accommodations with kitchens and trade dining-out for eating-in – which is generally a healthier option to begin with. Another great option, and increasingly interesting choice, is choosing food trucks. Cities like Portland, Seattle, and Toronto are known for the quality and quantity of their food truck vendors.
Book using an Online Booking Platform
Whether your company is big or small, setting up an online booking platform for your business could make a lot of sense. This will allow travellers to book online quickly and conveniently while following the company’s travel policy and approval process. Your discounted corporate rates for flights, hotels, and car rental are loaded into the platform and you’ll save with reduced service fees (compared to an agent assisted booking). We offer Deem and Concur, two of the best platforms for business travel.
Use cell phone apps to save on roaming costs
There is WIFI just about everywhere now; and smartphone apps like WhatsApp, which is huge in South America, Asia, and Europe, help travellers stay connected for free. Viber, Signal and Voxer are other excellent options for voice and video calling using WIFI.
Also, ensure you chat to your mobile provider about a roaming package. Most providers offer unlimited Canada/US calling and text message plus the use of your existing data package for $10 a month.
Expenses App
Keep track of your spending with a handy expense app. Snap a picture of your receipt on the fly. It’ll save you time on your return, plus with oversight on your spending, you’ll easily see where you can make any necessary changes. According to recent market research, the Expensify app comes up on top for Business users. For more info check out this article https://www.cnbc.com/select/best-expense-tracker-apps/.
These are some simple ways to save while travelling for business, but it all starts with awareness and the desire to save. Reach out to us today, and we’ll help you take this to the next level.