01 May 5 Business Travel Budget Hacks
Global business travel spend is expected to reach 1.1 trillion euros by 2020, falling within the top 5 expenses of sized business. Managing your business travel is often not seen as an immediate concern to lots of SMEs or independents… until the credit card bills arrive! Here at LateRooms.com Business, we give you our best ‘business travel budget hacks’.
- Company BTG – Introduce Business Travel Guidelines
Having a protocol or policy incorporated into your business no matter its size is a great starting point. It sends the message to new starters too that while business travel is an element of the job, there are perimeters and maximum spends. Some businesses cap hotel stays at a certain point – £120 for middle management and higher rates for senior staff and board members. It’s a good way of setting budget boundaries from the get go and not ending up with any surprises when a junior exec has booked themselves into the Ritz! The same approach can apply to food and sundries allowances – introduce a tiered system and reward cost saving staff with an ‘upgrade’ if they have been performing well.
- The early bird…. Catches the cheapest train!
Yes, encourage staff to book train travel in particular in advanced as possible. This isn’t always practical if an urgent meeting comes up, but our team often finds excellent cost-savings on train tickets even if booked a week in advance. On average, booking 28 days in advance is a massive 44.7% cheaper than booking three days before travel.
Typical fees with Virgin Trains – these can vary:
Cheapest available return train ticket from York to London
28 days in advance = £107
21 days in advance = £141.50
14 days in advance = £170.50
7 days in advance = £239
3 days in advance = £239
(Info: Virgin Trains online site)
- Use a free, expert business travel specialist – like LateRooms.com Business!
Dramatically cut costs by utilising the experts. Unlike many business travel consultants, the team here at LateRooms.com Business is able accommodate all your travel accommodation needs and have access to a vast number of resources and hotel options. And the best part is, we do it all free of charge for you… Impressive, right?
- Pace your payments with the use of our Statement Account
A staff team business meeting can take a huge chunk out of your annual travel budget but these days there are a host of great payment options that mean you can pay for your travel expenditure online and spread it out. We even offer a three-month 0 % incentive for new sign-ups and the feedback has been fantastic, especially from businesses on a modest budget.
- Staying productive away from the office
Being on the road can be quite stressful and eat into important family time as we know, but it is also not an excuse to go AWOL. There’s now a host a great online tools to ensure the workflow can continue, no matter where you are around the globe or just the UK. Commit to a daily single or twice daily check-in – either by email or phone. Introduce a group workflow system like Trello or how about a Travel Whatsapp Group for all those who are out of the office on business? It’s informal and a good way of keeping lines of communication open without turning into Big Brother.
Find out more on our Business Travel offering here!