How to Save Money When Employees Travel
Companies that send out sales people and managers on business trips are constantly looking for ways to save money. The best way for business owners to save money when employees travel is taking a comprehensive approach to money management. Most entrepreneurs know that frequent flier miles can mitigate rising ticket prices on their favorite airlines. Cost-saving efforts must extend into overlooked areas such as dining, hotel rooms and rental vehicles.
- Difficulty:
- Moderate
Instructions
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1
Assign responsibility of the corporate credit card to a senior employee during group business trips. The consolidation of dining, hotel and incidental charges on one card allows a business to pick up frequent flier miles and other benefits.
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2
Switch to a reimbursement policy for employee travel to ensure accountability over employee spending. Enforce restrictions on the amount of money and types of purchases reimbursed for each trip to keep employees from wasting company money.
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3
Search for business flights early in the morning and late at night to take advantage of discounted tickets. Most airlines use lower ticket prices on red eye and early morning flights to ensure that every flight is filled to capacity.
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4
Limit the luggage brought by each employee during a business trip to cut down on flight costs. Most airlines are charging for checked luggage and applying premiums for multiple checked bags to offset rising fuel costs.
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5
Instruct your employees to take advantage of free food and beverages offered by clients during business trips. These complimentary items can reduce the need for pit stops and meals after meetings that escalate travel costs.
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6
Create a database of hotels that are located away from downtown areas and airports where employees travel frequently. These hotels have lower demand for rooms on a nightly basis and may offer discounts to travelers who book several rooms.
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Inspect your business insurance policy to determine if auto coverage can be applied to rental vehicles. Your insurance policy may offer better deductibles and coverage limits than rental policies at a fraction of the cost.
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Utilize phone and video conferences as much as possible to avoid the skyrocketing costs of business travel. Reserve business travel for emergency meetings, mandatory inspections and other unavoidable journeys.
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Tips & Warnings
Ask for recommendations from clients on ways to save money before sending employees on business trips. These recommendations can help travel planners find affordable restaurants, select comfortable hotels and get around traffic on busy thoroughfares.
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- Photo Credit Photo by caribb (Flickr)
