Something that can certainly get out of control is the money spent on business travel expenses. In 2015, the amount of money spent on travel by companies was well above $300 billion. In competitive environments, however, this kind of opulence is not only wasteful. It can also lead to a company going out of business. With that in mind, below are some strategies you can use to make your next business trip a financial success.
Take Advantage of Travel Rewards Programs
One thing companies in the travel business know well is that business people make up a huge percentage of their clientele. As such, there are many rewards programs available from these companies that you can take advantage of. This includes programs from credit card companies, airlines, hotel chains, car rental agencies and more. You could end up receiving significant discounts or free flights, hotel stays, meals or car rentals if you take advantage of such programs.
Fly Instead of Drive
One option you should consider for business travel is flying as opposed to driving. Overall, flight is the more efficient choice. It can get you across the country far quicker than any automobile. Professionals, like those at WayToFly, know that business-class flights are known to be more comfortable than being cramped in a car. Also, while airfare may seem expensive when compared to gas, that isn’t the only expense you are paying for. Miles put on a car also means quickening that vehicle’s depreciation and ruining its market value. Flying also means being able to rack up frequent flyer miles that can certainly slash the amount you spend on airfare.
Do Some Work
Just because you’re traveling doesn’t mean you should be unproductive. Instead, try to finish some work. While you’re on the plane, do some work on your laptop or tablet. Even if you do not have internet access, you can still access files on your hard drive. You could even compose e-mails and send them out later when you gain access to a Wi-Fi network.
Track Your Expenses
One general business principal should apply to all business travel. You should track all expenses to insure that you remain within a reasonable budget. It doesn’t hurt to be thorough. Create an itemized list of every expense you incur. Don’t leave off a single cup of coffee.
While travel can sometimes be enjoyable or exciting, it doesn’t have to be expensive. Like any significant component of doing business, try to slash expenses and lower the overhead. If you do so, you’ll find that business travel is an asset as opposed to a drain on revenue.