5 steps to transform your travel budget
Feeling like your corporate travel budget is spiralling out of control? You're not alone. Business travel costs can quickly skyrocket, leaving you wondering where all that money went. If you're tired of watching your travel expenses eat into your profits, it's time to take action.
This guide will help you cut costs and make your travel budget work smarter, not harder. Are you ready for significant savings? Let's get started!
Step 1: Tighten up those travel policies
Firstly, document your processes. Clear, concise travel policies are the foundation of a well-managed travel budget. Without them, you're essentially giving your team a blank check. That's a recipe for disaster.
Creating and enforcing travel policies might seem overwhelming, but it pays off. A well-defined policy ensures everyone knows the rules, which helps prevent unnecessary spending. Simple guidelines on booking procedures, preferred suppliers, and expense limits can save you up to 7% on your travel budget.
Need help getting started? Grab our corporate travel policy template builder and create your customized travel policy quickly.
Tip: Review and update your travel policies regularly to keep them relevant. And remember to communicate them clearly to your team. They're more likely to follow the rules if they actually know what they are.
Step 2: Tap into that insider knowledge
Travel consultants have the insider knowledge and industry connections to secure the best deals and exclusive discounts. You can cut travel costs by up to 25% by tapping into their expertise. Dedicated travel consultants ensure you get the best value offers. They know where to find and how to negotiate deals that you might not even know existed.
Tip: Corporate Traveller offers dedicated consultants with insider knowledge that can significantly boost your travel budget savings. Our solid supplier relationships can give you insider access to various rates. Whether you're looking for air, a car, or a cozy hotel stay, we can offer exclusive deals just for you.
Step 3: Don’t lose those refunds and credits
Don't let unused tickets and travel credits go to waste. This is one of the most overlooked areas where companies lose money. Did you know businesses typically have 11% of their travel spend locked up in unused tickets? For many, this amounts to over $200,000; for larger companies, it can be over a million!
Tracking and reclaiming these funds could result in significant savings. Have a system to manage refunds and credits efficiently. Beyond saving money, ensure you're not leaving any on the table.
Tip: Use technology to track unused credits and automate the refund process. This ensures nothing slips through the cracks and every dollar is accounted for.
Step 4: Flex your negotiation muscles
If you want great deals, you can't be shy. Ask for better rates with hotels and airlines. Many companies miss out on savings simply because they don't ask.
Partnering with a TMC, like Corporate Traveller, will help you unlock exclusive rates unavailable to the general public. With the sheer volume of travel we manage, we have the clout to secure unbeatable deals, making every dollar work harder for you. Hotels typically offer discounts of around 10%, but with Corporate Traveller, you can get even better deals in over 90 countries.
Step 5: Harness the power of global buying
Team up with a TMC to use their global buying power. TMCs book travel for many clients, giving them the leverage to negotiate bulk discounts. Such a partnership can help you save anywhere from 5% to 50% on your travel spend.
When you partner with Corporate Traveller, you benefit from our extensive network and buying power, which translates to significant savings for your company. Plus, you can access our advanced business travel platform, Melon, and dedicated support teams, making travel management painless.
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Ready to transform your travel budget? Let's chat!
It's time to stop stressing and start saving. You'll see a significant difference in your travel budget by tightening travel policies, leveraging insider knowledge, managing refunds and credits, flexing those negotiation muscles, and harnessing global buying power.
You've got the tools, the tips, and the know-how—now it's time to put them all into action. Imagine a world where your travel expenses are controlled, your team travels smoothly, and you're the hero who made it all happen. It's doable with the right strategy.
Are you feeling inspired to make a change? Chat with an expert at Corporate Traveller, and let us show you how effortless and cost-effective business travel can be.