Travel is one of the highest discretionary spend for many small business owners. It is also one of the spend items that you cannot skimp on either. You have to let employees travel to meet with customers, attend conferences and find prospects. There is only so much you can accomplish via phone or video conference. While there is no way to avoid travel there are ways in which you can reduce the travel expense without sacrificing your business. Below we share 5 tips to help you achieve that goal.
1. Book in Advance
Whether employees do their own booking or you plan trips for them as a business, booking in advance reduces hotel and flight costs. The closer you get to any trip, the higher the prices tend to get. Plus, when you book in advance, you have time to wait for the best days of the week to book your travel plans. You’ll also have more flight and hotel options to consider. If sending employees on the red-eye is the cheapest option, you’ll be able to book that flight before it fills up.
2. Create a Travel Policy
Instead of determining a specific travel budget or capping employee spending at the same amount each time, create a travel policy that employees must follow. This might mean specifying what kind of expenses require prior authorization or making a list of preferred hotel brands and airlines, especially if your business has a deal or an account with those brands. If you ask for preapproval for things such as flights and hotel bookings, your employees will have a harder time waiting until the last minute to book their travel plans.
