Travelling for business can lead to further expenses on top of each business trip. Here is how you can keep travel costs low for your SME with 6 simple suggestions.
Travelling for business can turn out to be more expensive than the deal you make or the hotel you stay in. If you implement the correct strategies, however, you can minimize the costs travelling presents while still retaining the same results… you just must be smart about it.
One of the fastest ways to save money on business trips is to look closely at the type of transport you use. This article encourages you to do just that, while also suggesting 6 top ways you can reduce your travel costs and make more profit, instead.
6 Ways to Cut Costs When Travelling for Business
Do you routinely travel to negotiate and network on behalf of your small business? If so, these 6 tips could help you reduce overall travel expenditure. Over time, this could add up to tidy savings for you and your SME.
1 – Avoid Taxis
Taxis are the single most expensive cost we accrue while we are travelling for work. Why? They are easy to use, convenient, and a great way to plan to arrive at the right time. Unfortunately, you will pay the price for their convenience. They quickly drain your budget, so try substituting a taxi, Uber, or Lyft with the bus, metro, or train. Even switching from the traditional taxi to an Uber or Lyft driver can produce savings.
2 – Plan an Itinerary
If you plan, you can make better use of your time, making it easier to get well-connected public transport. Creating an itinerary of where you must be and for what times can help you with this. It is especially helpful if you decide to book your train and bus tickets in advance and calculate which bus or train you must be on to arrive on time. Planning like this allows you to take advantage of the most affordable travel routes. Also, booking in advance means you get discounted travel fares when compared to paying for your tickets on the day.
3 – Search for Corporate Discounts
If you are travelling on behalf of your company and you can afford it, taking advantage of corporate discounts is a great way to save money. Many larger companies have negotiated better rates with certain hotels or transport businesses. Hotels, airlines, and rental coach companies can all help you save when it comes to business travel. If you make sure you choose from the list of approved vendors issued by your company, this might help you save money. Yes, you can claim it all back later in travel expenses – but you still must pay for it yourself in the first place to do so.
4 – Try Budget Accommodation
Travelling for business doesn’t have to mean travelling business class – particularly not if you are the sole trader fitting the bill. Why not opt for budget accommodation instead? You can get all the same features which you need from a 4-star hotel for half the price if you are willing to travel using budget alternatives. For example, the local B&B might well have far cheaper rooms than the local Hilton, but it will still have exactly what you need to make your business trip a success.
5 – Don’t Eat Out
Now imagine you can tie the budget alternatives to hotels to fewer occasions dining out. This sounds complex but is not really. Say you choose to rent an apartment or stay in an apart hotel for a prolonged business trip in the city. Instead of staying in the hotel where you must order food in a bar, café, or restaurant for each meal, you could buy groceries and make your own meals, just like you do at home. Think how much this could save you over a few weeks.
6 – Track and Record Expenses
So, if you are on a business trip for a larger corporation, you will spend money on things you need to survive, which the company ought to reimburse you for. Keep track of what you spend on food, transport, accommodation, and any other business-related expenses while you travel. The more detailed a record you can hand in to your workmates, the better your situation overall.
Travelling for Business Doesn’t Have to Break the Bank
In short, you shouldn’t have to take out a second mortgage simply to travel for your business. By implementing the six tips above, starting with avoiding those taxi ranks, you can effectively cut your business travel expenses by a substantial amount. Remember to take advantage of those corporate discounts, choose budget accommodation, and minimize your dining out days to make further savings. Set a budget and stick to it, just as you would for a personal holiday, and you should do just fine.