Business trip are necessary for company growth but can cost a small fortune if not planned sensibly.
Here we will go over some methods and tricks that can be used to save hundreds or even thousands of dollars on a business trip.
Let’s jump right in.
Only send essential staff
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Although many team members may want to go on a business trip, it is important to only send employees that are necessary for completing the task.
The expenses paid for each employee’s attendance quickly add up so sending individuals that are not needed would waste hundreds or even thousands of dollars.
Consider sending team leads, managers, and employees with the most experience or seniority.
Discounts and reward programs
There are many discounts and deals available at hotels, restaurants, flights, and more.
If business trips are a common occurrence for your business, consider joining reward programs offered by hotels and booking sites. Some sites have loyalty programs that offer punch card style free stays, large discounts, and free upgrades.
Book your trip early
You can save hundreds of dollars by booking travel and hotels months or weeks in advance.
Hotels and airlines raise their prices as the date of stay or travel approaches due to high demand. Making reservations as little as three weeks in advance can make a flight or hotel discounted by up to %75.
Limit the length of the trip
Limiting the number of days that employees are away is another way to save hundreds of dollars per person.
For every day that an employee is on a business trip, the company will be required to pay for food, lodging, and travel. Therefore, it is suggested that trips are limited to include travel time, event or meeting time, and rest time.
If employees would like to stay for additional time, they would need to cover the additional expenses.
Avoid airport parking fees
Airport parking averages about $15 per day which adds up fast when going on a multiple-day trip.
You can avoid airport parking fees by arriving by uber or getting dropped off by a friend or family member.
Another way to save on parking fees would be to park at work and have employees travel to the airport together.
Carpool
Whether your team will be driving or catching a flight, carpooling saves a ton of money throughout a business trip.
For trips close enough to drive to, the company can rent a large van or divide the team between management’s vehicles.
When at your destination, you can save money by sharing uber rides and renting vehicles.
Carpooling saves money on ride-sharing prices and gas reimbursement. Since most employees will be attending the same events or locations, sharing rides is ideal.
Negotiate pricing
When making reservations, many hotels, restaurants, and ticket distributors are open to negotiating the price of large purchases for a group.
Additionally, many companies willingly negotiate pricing with businesses as a way to encourage the use of their services in the future.
Book an Airbnb
For business trips that have multiple employees going, it may be cheaper to rent an Airbnb.
Airbnbs are usually entire houses with many bedrooms and are perfect for business travelers for many reasons.
Airbnbs provide a quiet and secluded place to focus, have a kitchen for meal preparations, and can be hundreds of dollars cheaper than reserving multiple hotel rooms.
Schedule meetings with catered meals
Providing breakfast, lunch, and dinner per person, per day is one of the largest business trip expenses for a company, therefore, finding ways to save is crucial.
Because many business trips include various meetings, some companies save substantial amounts of money by scheduling their meetings at mealtimes and providing a catered meal.
Catered meals are often discounted because of the large order and if you use the same restaurant for each meal, you may be able to negotiate larger discounts as well.
Keep receipts for tax write-offs
Every dollar spent on a business trip can be claimed on the company’s taxes if the purchases are not personal.
Save receipts from business trips and at tax time, these expenses will lower a company’s total tax owed significantly.
Hire a travel agent
Travel agents can save a company money in ways that most people would not even think of or are capable of receiving on their own.
Hotels, events, airlines, riding sharing services, and even restaurants offer travel agencies exclusive deals that can’t be found online.
Travel agents are normally free or cheap and can help a company find the most affordable dining and shopping nearby. Additionally, if an issue arises while on your trip and a new hotel needs to be booked or a flight needs to be changed, your travel agent will take care of it and ensure that refunds are received.
Conclusion
There are many ways to save money while planning a business trip and the most cost-effective tips would be finding discounts, asking for group pricing, sharing rooms and meals, and carpooling.
