How to Optimise Your Company’s Travel Budget?

Businesses need a strategic plan to optimise the available business travel budget so it can yield maximum results. Here are a few ways to create this plan and ensure you stay within the budget throughout the year.

Think Long-term

Not all meetings take place within a fortnight; most give advance notice. The same is true for conferences, seminars, trade shows, and conventions. Therefore, thinking long term can help you save a significant amount of money.

Booking well-in-advance can help you maximise corporate travel savings as the prices of the flights or hotels dynamically increase due to an increase in demand as the time to travel comes nearer. To make things easier for your colleagues, use a platform for finding low-cost inventory that’s transferable and has zero cancellation charges.

Automate Your Travel Policy

If you already have a corporate travel policy, you’re a step ahead! However, your aim should be to ascertain whether or not employees refer to the policy when making business travel arrangements. To optimise business travel expenses, your company should rely on technologically-backed platforms capable of reinforcing your travel policy.

Account for Auxiliary Spends

When you think about how to create a business travel budget, you should always take into account miscellaneous expenses. These expenses could be anything, from Wi-Fi charges to parking tickets. With expense management tools, you can calculate business travel expenses and include all additional payments that might come up.

Explore Alternative Routes and Stays

Bleisure (business + leisure travel), as they call it, is far more unconventional and far less rigid. When creating a business travel budget, do account for this trend, and give your employees the chance to select alternate accommodation options and travel arrangements. Not only will you save money, but you will also make corporate travel an experience.

Be Smart about Miles and Reward Points

One of the best things you can do when trying to optimise your company’s travel budget is to account for business travel reward points and airline miles. Corporate travel management tools often include reward points for every booking that you make.

They also let you use reward points to get discounts on future travel plans. With the help of instant notifications, you stay informed about the rewards that may be expiring soon, so you can easily book a flight or hotel at a lower cost.

Employ a Travel Management Tool

You may be inclined towards hiring a travel manager that takes care of all corporate travel arrangements and expenses. However, a travel management platform might be a better choice for you if you would like to avail benefits like exclusive corporate rates and discounts, instant travel expense reports, detailed invoices, smart GST handling, and 24/7 support.

myBiz, powered by MakeMyTrip, is a business travel planning and management platform that offers all of these services, along with a vast inventory of hotels, flights, buses, cabs, and more. It also provides companies with on-trip assistance, instant refunds and modifications, and corporate travel policy integration. Want to know how myBiz helps in saving money on corporate travel?

Sign Up with my Biz!