Earning On Expenses Has Never Been Easier
Development and Innovation Business travel has the potential to be as all-consuming and demanding as conducting business itself, but it need not be such a strenuous venture.
Many smart business people are navigating life on the road seamlessly — and even finding the experience enjoyable. It’s all about knowing the avenues for cutting costs and gaining efficiencies in order to steer a smooth course when engaging in company travel.
Keep in mind that it is in the best interest of the travel industry to cater to the business jet set. Increasingly, hotels and even tourism boards are customizing packages for corporations and their respective business travellers. These days, it’s not uncommon for a corporate traveller to arrive early to a destination to monopolize on the offerings of their host city.
Anthony Lau, Executive Director, Hong Kong Tourism Board, notes that business travellers in his region spend twice as much as leisure travellers — proving that business travel is a lucrative and luxurious enterprise, when facilitated with ease.
Know what’s necessary
Greeley Koch, Executive Director, Association of Corporate Travel Executives, says the simplest way to assess business travel spending is to begin by examining the motive for company travel to begin with. Internal meetings, for example, produce no revenue. Travelling for meetings between teams or team members isn’t smart business if it’s not optimizing the company’s bottom-line. Set up conference calls or Skype and save exponentially on travel costs — if there is no benefit to taking business on the road, stay put.
Minimize the number of suppliers
Koch says when it comes to paying for business travel — from flights to car rentals to rooms — it’s essential for companies to understand what they’re spending, and where that money is going, to ensure a return on their travel investment. He deems the smartest way to add value to dollars spent is to minimize the number of suppliers used in order to isolate and leverage spending.
“Rather than spend money on 100 different hotels, consolidate to one so you get better rooms,” he says.
By consolidating, you’re also racking up more rewards points/miles, which leads to more efficacious and comfortable travel experiences all around.
“Everyone thinks about loyalty programs as getting free air miles, which is important, but a lot of these other benefits such as upgrades and late check-out — some of these other benefits are important to the business traveller because it keeps you on the road, it keeps you productive and it makes travelling that much better,” says Koch.
Use a travel business card
“If you can consolidate all of your business spending onto a business card, you’re going to see those points rack up.”
Richard Thomas, Vice President of Business Credit Cards for RBC, agrees that fusing business travel plans is the smart way to go — especially when using a business travel card.
“It’s a great way to benefit from spending on your business,” he says. “If you can consolidate all of your business spending onto a business card, you’re going to see those points rack up.”
Using business travel cards grants companies and their employees access to added bonuses such as travel and trip cancellation insurance; affording peace of mind and ease of expenditures for all parties involved.
“It’s valuable for clients, he says. “It gives them piece of mind when they book the trip, but if plans change or whatever it may be, they already have that coverage.”