As a business that requires a lot of traveling, travel costs can easily eat away at your budget. Fortunately, there are several money savings techniques you can implement to reduce your business's corporate travel expenses.
#1 Purchase Fixed Price Tickets
When you purchase tickets, the most affordable tickets you can purchase are generally the economy-level tickets. The one catch with economy level tickets is that they are generally not refundable. Economy level tickets are great for business arrangements with set time frames, such as a business conference. When you know you are booking travel for employees that has a hard start and end date, use the economy option to save money.
Only splurge for flexible tickets where you can change the date and time of return when an employee needs a ticket for something that is flexible in nature, and you don't have a good idea of how long it will take.
#2 Work with Specific Airlines
Second, you may want to consider working with specific airlines instead of shopping around all the time. Getting a company credit card for specific airlines can allow you to take advantage of discount rates and to gather up mileage points that can be used to help offset the cost of future trips. Register for notifications about special deals and use those deals where appropriate for corporate travel.
#3 Set Guidelines for Hotels
Third, set guidelines for the type of hotels that your business will pay for. Hotel prices vary greatly from one location to the next, so it may be more realistic to create a list of amenities that you are willing to pay for. For example, you will pay for up to four-star hotel with a standard room, wi-fi, and breakfast. This can be a more realistic way to curtail your hotel spending than setting a specific budget as a hotel room for a conference in downtown Los Angeles with those amenities could cost way more than a similar hotel room in Boise, Idaho.
#4 Negotiate Lower Hotel Prices
If you have a location that your employees have to fly to frequently, for example, to the location of your corporate offices, it may be worth it to reach out to the location where your employees stay the most often or like the most to work out a special rate. Many hotels are willing to offer special corporate travel rates in order to ensure repeat business.
Get your corporate travel costs under control by purchasing fixed-price tickets when possible, setting up guidelines for the types of hotels you will pay for, and work with hotels to negotiate lower hotel prices. You don't have to do all the travel planning on your own; your business can always outsource your corporate travel planning to help you get the best deals and schedules for your employees who are on the road.