Do you have a business trip coming up and plan to bring your whole team with you? Are you looking for ways to save money but get the most out of your travels?
If so, then you should understand how corporate travel management can help you avoid budget issues in the near and distant future. This process allows you to avoid high expenses while maintaining a professional appearance to stakeholders and potential partners.
With our knowledge of money management, you can help your team achieve your goals while giving yourselves chances to relax and have fun along the way.
Here is your ultimate guide to corporate travel management.
1. Stick with Beneficial Trips
The first factor to focus on as a corporate traveler is what kind of trip will help your business grow. You will also need to consider how many trips you plan to embark on within the next calendar year.
After determining the number of trips and their dates, you can determine expenses and how they can fit your budget. You'll need to factor in how long you plan to stay in each location and how much traveling you plan to do in each visit.
2. Create Your Policy
Your employees need to be on the same page as you if you want to make the most out of your business trip. That's where corporate travel policies come in, as they allow your team to arrive on time and accomplish objectives efficiently.
Give your team a policy that helps them spend the right amount of money on food, traveling, and hospitality. The policy should also help them provide information securely and let them know when it's appropriate to provide tips and other small expenses.
3. Use an Approval System
The next step in your travel budget template is to establish an approval process for booking. This will help your trips getting canceled after you've already booked them so that you don't spend extra money and waist business opportunities.
Find a corporate travel service that provides online booking tools to save time on organizing your trip. These tools can help you figure out when it is appropriate for employees to book their own hotels and flights.
4. Look for Savings on Flights
One of the factors in business travel that you need to focus on for your budget is the airline(s) you use. You can save money on flights by buying tickets weeks to months ahead of the trip and looking for special deals online.
We recommend buying tickets with the option of return dates so that you can save money on two tickets at once. Take advantage of discount rates and airfare promotions that can work for your whole team, and use tracking tools that can cancel and rebook tickets in case a cheaper deal comes along.
5. Budget for Hotels
Another way that a business travel agency can help you save money on your business trip is by finding affordable hotels. Whether you take your team to one hotel or let them choose their own places to stay will depend on how much your budget can afford.
Consider star ratings for prospect hotels, as well as the availability of Wi-Fi, bedroom types, pools, spas, and other accommodations. If the hotels in the area are short on discounts, then see what your options are for corporate housing to help your whole team save.
6. Create an Allowance
Your business trip plan should also include a way to help your team spend correctly on food and transport. Some trips may be cheaper than others, so you can give your employees more control over their expenses in this case.
However, your team should always have cash available for when you take them out to five-star restaurants or local attractions. Depending on how far you're traveling, you should consider letting employees take their own cars to save time and money on transport.
7. Encourage Productivity on Trips
Some of the time spent before and during your travels will go towards planning different stages of the trip. When your team isn't helping you put together budgets or schedules, you can encourage them to use that time to get ahead on assignments for the trip and other purposes.
Whatever travel services you use should have software that can help your team put together plans and find discounts for flights and hospitality. When that's taken care of, your employees can handle other assignments so that they have more chances to relax on the trip.
8. Travel Light
One way that you can save with corporate travel management is by bringing online what you need. Some trips may only last for a few days, so your team may not need more than a couple of bags or suitcases for their clothes and business equipment.
Encourage your team to find ways to pack as much as they can in one suitcase so that they can save on extra luggage and space on flights. Consider the weight of all of your items and how you can fit them in one or two cases or bags.
9. Reward Employees
While we recommend saving as much money as possible on traveling, food, and other expenses, that doesn't mean you shouldn't get the most out of trips. You can find special deals for attractions in the location you're visiting so that your team can have fun in their free time.
Another way to reward your team for successful meetings and presentations is by taking them out to luxurious restaurants and bars on the last night. With corporate reward schemes helping you save on the business side of the trip, you can use extra money to make the trip fun for everyone and motivate them for future trips.
Our Take on Corporate Travel Management
With corporate travel management, you can better decide where your money should go on business trips. You can take advantage of discounts and rewards to make your flights and hotel expenses as cheap as possible.
Consider how many trips you plan to go on in the near future and how your employees can help create a budget. What your team brings along for the trip and buys during their stay can also benefit your budget.
With these tips, you can make the most out of your corporate travels and give your team a fun way to apply their skills.
For more of our money management expertise, check out our guides today to make your money work for you.