Saturday, 19 May 2018

Controlling Business Travel Costs The Easy Way

In a bid to control Business Travel Costs, I personally wouldn’t go to the extent of asking my employees to share rooms while out there. However, the overspending by employees may sometimes drive the company crazy. This overspending generally makes up to a third of the total travel expenses.

Business Travel

Here are a handful prudent tips to control business travel costs, at least in a manner that is less stressful and offensive to the employees:

Policy Compliance

You certainly employ the services of a travel management company. First and foremost, such should be required to maximize traveller policy compliance. Technology comes in handy here. The company can for instance challenge a hotel reservation that violates the Company’s policy. Also, real time KPI reporting by the employee will go a long way in controlling the business travel costs.

A good Travel Management Company plans business travel at those times with awesome fare deals. These can easily be predicted by online sites such as Bing.com. Booking in advance is also a policy that helps manage travel costs intelligently. If last minute changes are sometimes inevitable, employees should be encouraged to buy a ticket that allows rebooking without high penalties.

A good travel policy should also encourage employees to use that means that saves costs but still convenient. For instance, a short ride from the airport to the office or hotel doesn’t always justify the hiring of a cab. Shuttles are far much cheaper. Sharing a taxi should also be considered if the schedule is not too pressing.

Real time tracking of expenses

Companies should take advantage of centralized technology solution to efficiently gather data insights into employee travel costs. Such programs streamline the booking and approval process and are able to track employee spending real time. This helps in enforcing the company’s travel policy and mitigate risks before things get out of hand.

Take advantage of discounts

Taking advantage of discounts would not in any way damage your corporate image. If let’s say your employee is out for a 1 week convention, there is a high possibility the convention organizers have made a deal with the nearby hotels for discounted rates to those who attend. Go for this.

Discount

The employee likewise does not have to take all meals at the hotel restaurant. This is normally pricey while there may be cheaper eatouts just nearby. The minibar should also be avoided, as well as the room service.

Financially organized employees

With one ATM card for both personal and business expenses, it may prove difficult to track which expenses belong where. Therefore, encourage your employees to have a seperate ATM card for business expenses. Their finances will be more organized and they’ll be in a better position to check the business travel costs.

Manage stress, the number reason for overspending

As earlier mentioned, the need to control business travel costs should not be stressful to the employee. A frustrated employee is more likely to overspend. On top of that, their productivity is compromised and thus the objectives of such business trips may end up unachieved. This stress normally comes from tight trip schedules, overcrowded with business engagements, the employee can hardly breathe.

A prudent tactic would be to mix business and leisure. Fix some leisure days within the trip itinerary and you’ll be amazed at the value added to work engagements.

Search the web for bargains

Lastly, don’t overlook the services of popular travel sites. It’s here you can find awesome bargains, be it on hotels, tickets, or rental cars.

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Controlling Business Travel Costs The Easy Way

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