In the world of interwoven business environments, where virtual meetings have become a norm for business needs, face-to-face meetings and corporate travel are still essential to boost business growth and expand new markets. However, there are many challenges behind the curtains for providing effective and profitable business travel while managing travel expenses to a minimum, primarily in SMEs (Small and Medium-sized Enterprises). From flight and hotel bookings to maintaining travel expenses, there are ample things to consider in order to maneuver the trips smoothly without any budget overruns and financial stress.

This article will offer tips to manage travel costs efficiently so SMEs can gain a sense of control over their expenses, leading to a more satisfying and lucrative journey. 

Reexamination of travel policies

Reviewing your travel policies is significant in identifying holes within the policy system and altering them to better serve the company’s current objectives and cost-cutting initiatives. 

Constant retrospection of travel policies is also essential to provide flexible travel options for employees, such as when choosing their own flights, hotels and travel times. A rigid balance in the travel policies should be attained while managing the company’s goals, budget, and employee satisfaction.

Prefer alternative stays

Looking out for hotels is a large task while arranging for a business trip. Cost-saving stays are important, but choosing quality hotels that provide comfortable experiences for employees is also important. So, considering stays that satisfy both needs is the effective way to approach this aspect of the trip.

Advance Bookings

A significant way to be more economical on a trip is to book flights and hotels many days before the journey, as this avoids frantic bookings. Also, last-minute bookings tend to be more expensive and can strain the overall budget. 

According to multiple sources online, flying in the middle of the week is 12% cheaper than on the weekend. For domestic travel, the savings may jump to even 20%. However, these may change due to seasons, festivals, and routes. Employing research similar to these for trip planning is highly helpful in managing the costs. 

Enhancing the approval process

Setting clear criteria in the approval process of a trip plays a huge role in maintaining travel expenses as it avoids unnecessary trips. Asking the employees to come up with a clear purpose, objectives, and expected profits of the journey ensures the necessity and contribution of the trip to the company.

Employ specialists in Expense Management System

The central issue that all SMEs face is the staggering amount of invoices and paperwork they receive for each business trip. In order to resolve that, they can opt for Expense Management Software, which is an all-encompassing guide that facilitates the whole management process. It is an extensive tool that automates processes such as flight and hotel bookings and provides real-time visibility for finance teams.

WegoPro is the leading corporate travel and expense management app. Request a demo and see how we can help you streamline your business management & ROI tracking today.

Set up partnerships with vendors to get corporate rates

Establishing partnerships with vendors who can provide facilities at discounted rates is an efficient way to control travel expenses. This also leads to long-term alliances and boosts business volume.

By utilizing these ideas, SMEs can achieve proper control over their expenses and maintain the financial health of their organization effectively.