Save money on business travel with these 7 tips

Business travel, for many industries, is a necessary yet expensive ordeal. Learning to be more economical with bookings can make this process cheaper while still catering to employee wellbeing.

The cost-of-living crisis isn’t dissuading organisations from making business trips. In fact, research from Corporate Traveller revealed that 91 per cent of SMEs would continue to travel regardless of economic pressures.

With the inevitability of business trips, it stands beneficial to implement some money-saving hacks.

“Simple but effective hacks such as booking airfares a month out from the travel date can alone save a company up to $200 on a single one-way domestic ticket. And given there was a 28.7 per cent increase in ‘revenue passenger kilometres’ to 67.6 billion last year within Australia, we know Aussies are spending more and more on travel,” said Tom Walley, Corporate Traveller’s Australia-based global managing director.

“With Australians projected to spend a record US$1.77 billion on ride-hailing apps this year, our savviest customers are realising a well-located hotel can reap major annual savings.”

So, how can organisations be savvier about travel expenses? According to Corporate Traveller, seven key tips are:

1. Ditch the myth of last-minute travel deals and ensure you book those flights more than two weeks from the travel date.

“Remember that many travel hacks that worked years ago have changed. Travellers used to think travelling on a Tuesday, for example, would guarantee the best fare. But now, by tracking flight prices, booking in advance and being flexible with meeting times at the destination, you’re far more likely to reap savings,” said Mr Walley.

2. Maximise travel value adds by signing up for travel programs.

“Travel management companies are typically able to secure better deals because of their buying power and their strong relationships with suppliers. By signing up to hotel or airline newsletters, our clients have also nabbed special coupons and offers,” Mr Walley explained.

3. Book a flight that offers the best terms and conditions for changes, credits, or cancellations.

Mr Walley continued: “Some flight credits only allow you to purchase a flex fare, which means, in some cases, you’ll end up paying hundreds of dollars more. Others hit you with hefty fees for changing flight dates. Our smartest customers opt for flights with good credit and refund policies.”

4. Encourage a carry-on luggage culture.

Corporate Traveller commented: “During domestic travel, encouraging staff to fly with just carry-on luggage for short trips can save a company significantly over the course of a year. Some of the more budget-conscious businesses are educating their travellers about what they can pack and how to do it efficiently, leading to savings of up to $90 per airfare.”

5. Always ask for last room availability.

“Hotel rates vary wildly based on the time of year and city events, says Tom, but by utilising ‘last room availability’, Corporate Traveller’s budget-conscious customers get a guaranteed set contracted rate at the hotel they partner with. Last room availability is a contract between a company and a hotel that ensures a hotel sells [its] rooms to the company at a contracted price, regardless of how many rooms are left or whether a rare event, such as a concert, has inflated prices,” said Corporate Traveller.

6. Package your flight, hotel, and airport pick-up and drop-off service.

“Some business travellers make the mistake of booking each component of their travel separately in the hopes of snagging a better deal, but by bundling the trip, their customers usually pay the same, Tom says. This means less time spent organising a car rental or a rideshare, less hassle, and less room for error – after all, for busy business travellers, time is money,” outlined Corporate Traveller.

7. Select hotels that are in close proximity to the CBD, transport and meetings.

Corporate Traveller concluded: “Businesses that booked hotels [within] walking distance to major amenities and meeting locations also clocked major savings last year by cutting down on rideshares and even restaurant expenses. By booking a hotel in the city centre, Tom says corporate travellers enjoyed more dining options and less need for a rental car or taxi.”