2020 has been a devastating year for businesses and there are now difficult times ahead with the recession and continued worries about the virus. It is an intelligent time for businesses to be reducing expenses where possible, to free up cash and to improve the bottom line. Business travel is one area where many business owners may be looking at.
The Value of Business Travel
While business travel should certainly be an area to look at when identifying areas to make savings, it is important that you do not cut this area out completely. Business travel is an effective employee perk, it is helpful for keeping morale high and it is also the best way to secure relationships with individuals and businesses in other countries. Therefore, you should try to find ways to make savings on business travel going forward and there are a few ways in which you can do this.
Early Bookings & Alternative Flights
One of the best ways to make savings on flights is to book your tickets as far in advance as possible. You should also look to travel at off-peak times and look into flying from different airports, as these can all help you to make savings.
Rewards & Loyalty Schemes
You should also keep your eyes peeled for rewards and loyalty schemes for regular travellers. If you have employees travelling often, there are always schemes with hotels, airlines and even places like restaurants, which could help you to make savings while also providing the best possible experience for your employees.
Serviced Apartments Instead of Hotels
Accommodation can be a major expense when arranging business travel, particularly for groups. A great alternative is to look into serviced apartments in London or wherever else you are travelling to, as this often works out cheaper and provides employees with private and luxury accommodation to enjoy during the trip.
Food & Drink Limits/Alternative Options
Food and drink is an important part of a business trip and you do not want to stop people from enjoying themselves, but you might find setting limits is useful for stopping people from going overboard. You could also look into alternative options, such as arranging takeaway as opposed to going out for an expensive meal.
Business travel can be much more effective than digital communication alone. These are all great ways to make savings on your business travel while still getting all the benefits that business travel can offer. Making cuts is smart during a time like this, but you do not want to deprive staff of a nice perk (especially after a challenging few months).