2018 is coming to a close and it’s time to look forward to next year. From revisiting your travel policy to looking into invisible spend, consider these adjustments in order to enhance your corporate travel program in the new year.
Saving money on business travel throughout an organization often includes strategically consolidating business to just a couple of vendors. For example, if a company sends a lot of travelers to New York, they should choose 2-3 preferred hotels to use each time an employee is traveling there. When an organization works with only a few key partners, they are able to reap the benefits of discounts, upgrades and status with that vendor.
Tighten up your policy
The right travel policy lays out exactly what employees need to do in order to get where they need to go in a safe and efficient way while saving the company money. Now is a great time to review the last year. What worked? What needs improvement? Ask these questions to find opportunities to improve upon your policy.
Revisit duty of care and risk management procedures
As an employer, keeping your business travelers safe is a crucial legal and moral responsibility. Be sure your company is fulfilling its duty of care obligations with the proper plans and procedures in place for all travelers. Consider adding additional levels of safety and security to your program, including policies and training specific to women business travelers.
Take a look at invisible spend and noncompliance
Invisible travel spend is any expenditure that takes place outside of an approved channel. This spend does not appear in official reports and so it often leads to an inaccurate picture of overall travel volume. Not only does invisible spend skew reporting, it can lead to serious money loss and most importantly, a lack of safety for your business travelers. Review the last year to determine where, and why, invisible spend is occurring. Whether your travel policy needs revamped or employees need to be re-trained, the best way to reduce invisible spend is to address it quickly.
Don’t let unused tickets go to waste
Whether it’s due to illness, the weather or something else, cancelled trips and unused airline tickets can lead to serious money loss for a company. Don’t let unused tickets impact your bottom line in 2019. Learn how a travel management company makes sure unused tickets don’t go to waste.
Amp up your reporting
Do you know exactly how much money your company spends on business travel? Are you reviewing spend quarterly, or even more often? If not, it’s time to start. Analyzing reports frequently allows you to identify areas of opportunity and/or ways to cut back in order to save you money on your bottom line.
Working with a travel management company will allow you to do all of this and more. If your travel program needs some enhancements or you are just looking to make a change in 2019, give Professional Travel a call!
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