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Business Travel for Companies

In this article

Telios Travel helps you find what works best for you and helps to reduce business travel costs, making sure your travel is worth every penny.

Calculate The Cost

When it comes to a prosperous business, smart business owners look to save money where they can afford to. Traveling for business is certainly no cheap endeavor, but it is also an imperative part of business and marketing in a modern marketplace. As such, business owners everywhere are looking for ways to reduce their business travel costs and increase profits. While costs can vary drastically based on the destination and length of the trip, there are a few ways to find out if your business is making the most of its travel budget.

The first step to defining the budgets for business travel is determining the different expense factors that are a part of corporate travel programs. Reduce business travel costs by planning ahead and locating key financial returns on:

Someone counting coins

Airfares

Airlines can often be the largest portion of business travel budgets, especially depending on the industry a business operates in. Reduce business travel costs through returns on repeated bookings and corporate travel cards — Just more returns to add to the annual budget monitor.

Ground Transport

When calculating your budget for business travel, ground transport cannot be ignored. Get a clear outline of what ground transportation options are available to your business.

  • Book Cars, Trains, Shuttles, and More
  • Balance Sustainability Plans and Amenities
  • Browse all the Options and Reduce Travel Costs for your Business

Lodging

Though lodging is a straightforward cost in the business travel budget, planning your lodging right can help provide returns over time, leading to reduced travel costs for the business overall.

  • Hotels During Business or Layovers
  • Browse Amenities like Shuttles and Meals
  • Make Use of Corporate Loyalty Points

Incidental Fees

When budgeting for business travel, incidental fees are a part of spending that can quickly and quietly add up. Incidental fees cover a large variety of small charges that can’t otherwise be covered by the plan, such as:

  • Parking Charges
  • Convenience and Service Fees
  • Cancellations or Missed Connections
A collection of budget overview files.

Defining The Best Type Of Budget For Business Travel

After the costs are defined, it is beneficial to stick to an outline for the budget that best fits your mode of business. While others may exist, these two approaches can help set up a basic budget that can be tweaked for the best efficiency.

Hard Cap Budget

Hard Cap budgeting is a straightforward and simple way to approach business travel.

  • Check trip costs against the total budget and reduce business travel costs.
  • Determine which excess costs are worth it with a travel consultant.
  • Get an easy glance at travel opportunities during the fiscal year

Unfortunately, simplicity comes with its own cost. Hard Cap Budgets are rigid and inflexible, meaning that high travel seasons or departments may need extensive administrative oversight. Further, hard cap budgets should be monitored annually, to ensure that travel plans comply with company policies, and for any market fluctuations that may have changed travel prices.

Dynamic Budget

As opposed to the hard cap, dynamic budgeting is a more flexible, albeit more complicated way for businesses to handle
their travel budgets.

  • Consult live data, market trends, and trip forecasting for a granular and dependable way to manage and reduce business travel costs.
  • Change total budgets based on the season of flight, necessary policy requirements, or frequency of trips in a given part of the year.
  • Gain insights into which flights are being used and why — allowing business owners and travel managers a clear view of what is most important in the business travel budget.

Though dynamic budgeting is more complicated to set up, working with a travel management company can make it easy to get started. Dynamic budgeting allows for trip forecasting, flexible policies, and deep insight into business spending, leading to a budget plan that will save more money in the long term and create fewer hiccups along the way for businesses that travel with high frequency.

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