Business trips can be quite expensive if they are not properly thought out and planned. You can cut the cost of business trips by hundreds or even thousands of dollars with adequate planning. When traveling for business, expenses can quickly add up without you noticing because you are busy dealing with other things. Small businesses and larger organizations that depend on manual reports usually spend more on business travels. Business trips may also be costly for big corporations that have to send several employees to different locations to conduct company-related work.
Employees may also overspend while on business trips which will cause the company to spend more than what is necessary. Despite all this, business trips are necessary and may be more frequent than you would want. Technological advancements have somewhat reduced the amount of money spent on business trips. Individuals and organizations can now conduct virtual meetings that replace face-to-face interactions that require traveling. However, some things have to be done in person.
When scoping out a new location for a business space, it’s often best you do it in person. Also, some conversations and negotiations are better to be had face-to-face. There are many steps you can take to save when you have to travel for business regularly. Here are a few tips.
Planning is important in almost all aspects of life and business trips are no exception. Planning ahead helps you to get things done efficiently and prepare for possible emergencies. It is also an excellent way to reduce expenses and save money. Planning ahead can be the difference between a trip that you save money or one that you go over budget. When you plan ahead you can save money on things like gas, food, flights, and accommodations.
Planning ahead can also help you decide which mode of transportation is more efficient. It’s best to choose the mode that is the most practical, time and energy-saving and cost-effective. For example, large corporations may choose to send an employee that is closest to a location on a business trip as this will allow them to save on travel expenses.
Create A Budget
Budgeting is the most important part of planning when you want to save money. A budget is a detailed plan of income and potential expenditure. Income should always be more than expenditure to avoid debt and save. It is important to budget for business trips to avoid overspending.
Make a list of all the important expenses for your trip and a practical amount that can cover each of these expenses. This will help you to have an idea of how much the trip will cost and what you can afford and plan accordingly. This will also help you to have money saved for any unexpected expenses. Budgeting will help you to allocate money for food, transportation, and accommodation.
Make Smart Flight Decisions
- Compare prices
You can save hundreds on flights by comparing prices. Some airlines are more expensive than others. Also, prices may be affected by dates. You must compare different flights to make the best decision for your trip that will save you money. There are many apps and websites that allow you to easily compare flights and find the best prices.
- Book flights early
The price of plane tickets is constantly changing. Prices may change in less than 24 hours and you miss the opportunity to save money. It’s best to book flights quickly while prices are low to avoid unexpected increases. Also consider the cost of parking in different places such as DIA airport parking.
- Consider other options
Did you know that it usually costs more to fly into major airports than smaller ones? You can choose to fly into airports that may be further out but the flights cost less. However, calculate the difference including the journey from the airport to your destination, and see if this is a more cost-effective plan. You can also choose to drive or take a train to your destination. This may be cheaper than taking a plane.
Choose Accommodations Wisely
- Consider alternatives to hotels
Hotels are usually the first choice for accommodation when taking business trips. However, hotels are typically expensive. You can save on business trips by choosing alternatives to staying in a hotel. There many places you can choose to stay that are comfortable and cost-effective. Short-term rentals are becoming a popular choice.
You can choose a room, apartment, and even an entire house at a low cost. These are almost always cheaper than hotels. Hostels are also cheaper options. These cheaper alternatives are great for group business trips as they are cheaper than booking several hotel rooms. Individual travelers can also choose to stay with a friend or family member to save.
- Compare prices
Prices for accommodations not only vary based on type. Some hotels are hundreds of dollars more expensive than others. Also, prices for rooms in the same hotel may be different. Similarly, prices for short-term rentals may be different. It’s good to choose the cheapest option with the best quality as comfort is also important. You can find a variety of apps in the app stores that will help you to compare prices and choose wisely. Some even offer discounted rates and coupons.
- Book in advance
Business trips are often planned on short notices so booking in advance may be difficult. It’s a good idea to book your accommodations early to avoid increases. Similar to flights, prices for hotels, and other accommodations fluctuate. Booking early will help you to get the best prices.
Beware Of Additional Charges
Both transportation and accommodation can have additional charges that cause your business trip to be more expensive than you want it to be. Airplanes may charge extra for additional luggage. It’s good to pack lightly and also check the luggage allowance before booking a flight. They may also charge for Wi-Fi and meals. Similarly, some hotels charge additional fees for room upgrades, extra towels, etc. Beware of these charges and try to limit them as much as possible.
Avoid Peak Seasons
Business trips can cost you twice as much if you travel during peak seasons. It’s no secret that prices for things like plane tickets and hotel rooms are higher at a specific time of the year. It’s more expensive to travel during the summer, Christmas, and New Year’s holidays. If possible, avoid making business trips during these times. This will help you spend less when traveling and paying for parking In city airports such as DIA airport parking.
Avoid Last-Minute Cancellations
Last-minute cancellations can cause you to lose money. Planning a business trip can be hard. However, you must pay attention to details so cancellations can be avoided. Make sure everything is in place before booking things like hotels and flights. Cancellations may cause you to lose some or all the money you have already spent. Plan properly so business trips can run smoothly.
Each time an employee makes a more cost-effective decision while on a business trip they save the company money. Offering incentives for employees who opt for cheaper options and save money on business travels can motivate them to continuously make these smart decisions and encourage other employees to do the same. These incentives can be gift cards, small trips, or bonuses.
At the end of the fiscal year, your business will have saved a lot on business trips. Also, many booking agencies offer rewards. Each time your company makes a booking, the company earns a point. Over time these points add up and can be used to decrease the cost of things like transportation and accommodation.