If you’re a business owner, you’ll know that every penny counts when it comes down to budgets. As your business continues to grow, you’ll inevitably find yourself spending more and more on travel. Whether that be to and from meetings and events or sending your employees to offices all over the country, travel can be a huge expense. Luckily, there are plenty of ways you can travel smarter and for less. Here are five ways that business owners can cut back on travel costs.
Review expense policies regularly
As with anything, travel expenses should be regularly reviewed within the business. Realistically looking at your budget and adjusting accordingly could save you some serious money. For example, making sure you’re clear about what exactly employees can cover through company expenses. This can include the type of seat reservation, bookings and on-site costs to name a few. Depending on the nature of the business, you might need employees to frequently travel between meetings and or offices. In this case, you could look into purchasing off-peak tickets from public transport services for a more cost-effective approach.
Make the most of reward schemes
Nowadays, most companies offer reward schemes to customers in some capacity. A lot of hotels and airlines offer points-based programmes which can offer several benefits or freebies for frequent users. This is great for smaller businesses or start-ups that have fewer employees as you’ll be able to see noticeable savings.
Avoid flexibility where possible
There’s nothing worse than having to cancel a business trip, especially when you have to cover the costs. This is particularly true when it comes to public transport. Opting for a flexible return ticket can massively spike the prices on tickets. Instead, try to book precise train and plane tickets for travelling. This can be aided by making sure you’ve got a strong travel approval process in place for employees. Using systems like this mean that employees won’t needlessly purchase travel tickets or petrol money and then decide to cancel last minute.
Rally for virtual meetings
One of the biggest ways to cut travel costs is to simply not travel. If you can, set up calls or video conferences to host meetings. This cuts the need for any travel time and, most importantly, eliminates any expenditure.
Look out for hidden costs
It’s understandable that every now and then you or your employees may have to unexpectedly travel somewhere at short notice. It’s important to be careful in these cases as some travel companies can add on additional costs for these last-minute trips. If possible, book as far in advance as possible and make sure to look into local travel routes when you get to your destination. You may need to pay for another train, bus or tram to get to where you’re going. Budgeting for these extra costs will mean you’re not left out of pocket when it comes to totting up costs.