In the modern business world, travel expenditure is a big hurdle to be negotiated. Flights, taxi bills, hotel and dining costs quickly add up. If you are looking for ways to reduce your travel expenditure while remaining competitive in the business arena, read on.

1. Book as Early as Possible

Business trips can’t always be planned months in advance but, whenever possible, they should be. Arranging a travel schedule with ample time to search for and book flights and accommodation can save your business hundreds of thousands of dollars a year. Your company may have a preferred carrier, or they may be open to finding the most convenient itinerary for travellers. Either way, always leave room for research.

Travel specialists like FCm Travel Solutions have industry knowledge of how fare classes work and provide corporate travel management services, which can make a big difference to your bottom line. Understanding what each class of seat represents in terms of traveller points, change costs and refund options can also save your company from costly fees if your agenda changes. Where possible, schedule your trips mid-week. Monday morning and Friday afternoon are peak demand days, making it more expensive to travel at those times.

2. Manage and Co-ordinate Business Trips from One Office

If you are part of a large company that has employees travelling regularly, have a designated travel co-ordinator in-house. Having one person handling the travel arrangements can make it easier for you to keep track of spending. Setting a travel policy and expenditure guidelines ensures claimable expenses are managed under one roof.

A company travel policy should also outline acceptable guidelines for car hire, hotel bookings and dining. With a clear policy in place, employees will understand the limits on what the company will reimburse.

3. Shop Around and Know Your Options

Shop around for affordable options on airfares, hotels, rental cars and even travel insurance. Whether you have someone in-house do it or you work with an agency to find the best deal, shopping around can save you a bundle. An agency has more people to do the research, which means you often get results faster. An agency also has buying power to broker travel deals. While some companies may shy away from a corporate booking service for fear of fees, the savings can often far outweigh the cost.

If your employees regularly travel by air, a loyalty program can save the company a lot of money. When booking all travel through one office, set up a corporate credit card that allows you to accumulate frequent flyer miles or other travel incentives. It can be more cost-effective to book flights, hotels and car rental through one website, rather than chasing the best deal through a number of sites. Keep in mind that several credit card processing fees, as well as transaction fees, will all contribute to the overall cost.

Flying first class for business is something we can dream about, but it isn’t always feasible in reality. In today’s business world, what does your company do to save money on travel?