Business travel remains essential for building client relationships, attending industry events, and exploring new markets. However, with rising costs and changing travel dynamics, it's crucial to implement effective strategies to manage expenses without compromising on productivity.
Start your booking early for flights and hotels and use online travel-aggregator sites to compare pricing across airlines and discount sites. If your schedule is flexible, avoid peak travel times: traveling mid-week or outside popular travel seasons often yields lower rates.
Establish a clear travel policy that outlines preferred vendors, booking procedures, and expense-reporting protocols. This helps ensure consistency and cost efficiency. Require pre-trip approvals for bookings for this oversight to help prevent unnecessary or non-essential travel.
Leverage travel management software and expense tracking tools to streamline bookings and monitor spending in real time. After trips, review and analyze expenses to identify patterns, flag overspending, and refine travel policies accordingly.
Flexibility in travel dates, times, and even airports or routes can lead to significant savings. Consider virtual meetings when appropriate to avoid unnecessary travel altogether.
Work to establish corporate agreements with airlines, hotels, and car-rental companies to secure volume discounts and better terms. Enroll in loyalty or reward programs to earn perks which can translate into discounts, free nights, or other travel benefits over time.
Pack light and, when possible, stick to carry-on luggage to avoid baggage fees. Reassess optional expenses for example, check whether your regular auto insurance already covers rental-car insurance before paying extra.
Regularly reviewing travel expenses helps identify trends, detect anomalies, and make informed decisions about future travel policies. Use data analytics to assess the effectiveness of current strategies and adjust as needed.
If you need help developing a travel policy, tracking expenses, or forecasting future travel costs, Porte Brown is here to assist. Our advisors can help you implement strategies that not only save money but support your long-term financial goals.
Once you've arrived, local transportation can quietly eat into your travel budget. To manage costs without sacrificing convenience, consider a few practical strategies.
Consider public transportation: Many major cities offer reliable and inexpensive public transit systems, including trains, buses, and subways. While it may not be suitable for every occasion, it’s a great way to keep costs down for routine travel between meetings or hotel and conference centers. Many transit authorities now offer mobile apps for easy navigation and digital ticketing.
Look into corporate rental programs: If your team travels frequently, consider enrolling in a corporate car rental program. These programs often offer discounted rates, loyalty perks, and more predictable billing, which can help with budgeting and expense tracking. Some services also allow you to include GPS or toll passes as part of a negotiated package, saving time and avoiding surprise fees.
Use rideshare options strategically: Rideshare services like Uber and Lyft offer business accounts that make expense tracking easier, but surge pricing can increase costs significantly during peak hours. Encourage employees to plan ahead, carpool when possible, and use scheduled rides to lock in lower fares.
Explore hotel shuttle options: Many hotels—especially those near airports or business districts—offer complimentary shuttle services to and from nearby destinations. Taking advantage of these offerings can cut down on short-distance travel costs and eliminate the need for daily parking or rideshare fares.
Walk when it makes sense: If your hotel is centrally located, walking to nearby meetings or events may be both practical and cost-effective. Encourage employees to consider walkable accommodations when feasible. It’s not only budget-friendly—it can also support health and wellness goals for your team.
Even small decisions can lead to meaningful savings when it comes to local travel—especially over time and across multiple trips.
Get in touch today and find out how we can help you meet your objectives.
