Innovative Travel Management Company
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.
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:
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.
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.
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.
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:
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 budgeting is a straightforward and simple way to approach business travel.
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.
As opposed to the hard cap, dynamic budgeting is a more flexible, albeit more complicated way for businesses to handle
their travel budgets.
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.
While traveling for work is the norm for most businesses now, there are many ways to save money while doing it. Setting up a budget or signing on with a dedicated travel management company will ensure growth for a budding business and increase returns for larger businesses as well!
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* Average Savings From 10% To 12%, Depending on travel program adoption.
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