Reduce Travel Expenses | Lower Business Travel Costs

How to Reduce Business Travel Expenses
Tips on how to Lower Business Travel Costs

Unfortunately, traveling is a necessary expensive, part of business life. According to one estimate, business travel is the third largest controllable line item affecting profitability. In this video we will discuss a few ways your company can reduce its travel expenses by lowering business travel costs:

1. Meet via videoconference: The quality of Web-based conferencing services have improved to the point that flying cross-country to meet face to face is becoming less necessary. This will instantly reduce travel expenses by removing the need for air travel, car rentals or hotel stays. This lowers business travel costs

2. Establish preferred vendor relationships: Most major hotels and car rental companies will negotiate reduced rates with business customers that agree to make them their preferred vendor. Preferred vendor relationships will reduce your business travel expenses by lowering your travel costs

3. Create an In-house Booking System. Along with a specific travel policy designate one person (or an online service) to book travel for your company. Using a company credit card can also offer additional benefits such as free car rental insurance and air miles that include lower travel costs for business travel

4. Plan ahead of time. Money is saved when air travel is booked well in advance. In one case, a plane ticket that would have cost $300 booked a few weeks in advance became over $1200 when reserved two days before the event. Reduce travel expenses by booking in advance. This lowers business travel costs significantly.

5. Require your employees to use shuttle services. Most large conferences offer free shuttle service between the hotels and the conference center. Less taxi usage equals lower overall business travel costs.

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