Travel expenses can really eat into a business’s bottom line, and it can be even more of an inconvenience for small businesses. However, drastically reducing employees’ accommodations and imposing strict budgets for travel can lead to dissatisfied employees and costly turnover. So what are some cost-efficient business travel options that don’t inconvenience you or your employees? Here are four of them.
1. Utilize Reward Programs
Many major chains offer rewards programs, and, even if stingy, they can pay off over time. Airline miles are perhaps the most obvious, but don’t forget about rewards programs offered by hotel chains and restaurants as well. It’s probably best to analyze different companies’ programs and accommodations and then decide which ones you want to use for business travel most often for best results.
2. Plan In Advance To Get Better Rates
Air and hotel fares are generally more economical the further away from your departure date you order them. Obviously this is not always possible, but if your business can make adjustments to plan travel ahead of time, you should. Having more organization and better planning in your business can also increase productivity and prevent last minute stress and chaos when trying to get something done, so it’s really a win-win.
3. Seek Cheaper Alternatives
Purchasing or renting a company car or taking the train can be much cheaper than flying. The big drawback is that these modes of transportation take more time, but the savings are usually significant, especially if the destination is only within a few hours. Obviously, if your travel requires going abroad, you’ll simply have to fly. But there’s even a possible solution to that:
4. Chartered, Private Flights
This may sound crazy, but new services are popping up that make traveling on small, chartered, private jets more cost-effective. Some services offer deals on unfilled seats that you could slip an employee into for a great price. Especially if your business involves significant travel or international travel, even purchasing an older, small plane for business travel could be the most cost-effective option over time. ICT Aviation is one of several companies specializing in brokering aircraft to businesses, which Patricia McCurley can help you with.
Business travel expenses don’t need to be expensive. There are a number of things you can do to cut down on business expenses without upsetting employees or having worse accommodations. Get creative, think outside the box and do what’s best for your business, and any necessary business travel will be a breeze in no time.