Nudge it to budget: keeping the business travel spending under control
July 27th, 2022

By 2020, global business travel spending was expected to reach 1.1 trillion euros. However, pre-pandemic, business travel was in the top 5 highest expenses faced by organizations of varying sizes. 

In a post-COVID world, this trend is likely to continue as the pandemic has only highlighted the importance of business travel. That’s why it’s so important for companies to keep business travel costs under control. And although it can be easy with the right tools, companies usually keep handling this problem manually. 

Mid-week flights

One of the best-kept secrets in the travel industry is that flights don’t cost the same throughout the week. Generally, Fridays/weekends and Mondays tend to be the most expensive days to travel, so you can save money by booking mid-week flights.

Plan in advance 

Although it’s not always feasible to plan business trips early, the ideal timeframe is to book three months ahead to get the best prices. And like air tickets, an advanced hotel booking is another way to keep the travel budget down. Many hotels offer deals like a free night for advanced bookings and may offer cheaper room rates.

Be flexible

Usually seats are cheaper or more expensive during different times of the week or months, depending on public holidays and other events. However, if you’re flexible with dates and can move things around, you can often get great deals you wouldn’t otherwise.

Keep a budget

Establishing a budget helps set expectations on spending habits right from the start. And before booking your flight, make sure to compare options. Make sure to compare prices with at least 2-3 providers before you book.

Airport parkings

Skipping airport parking can make the trip cheaper, although perhaps less convenient. Compare pricing between nearby airport parking garages beforehand.

Location matters

Hotel location might not be as important if a city has a great local transportation network. For example, hotels near the airport or city center tend to cost far more and might not even be worth it, depending on the city. Do some research on the country and the best ways to get around to help you determine which areas to look for hotels in.

Use the rights meeting planning tool

TROOP is a meeting planning software on a mission to reinvent meeting planning, taking what is an inefficient process today and making it simple and quick for anyone. 

The platform powers decisions for global organizations across multiple industries by providing all the data required to make the best decision on how to meet, be it Covid related restrictions, costs of travel and accommodations, the environmental impact or the travel experience such as needing a visa or taking a stopover flight. It provides up to date data to make the right decision on whether to meet in person, virtually or in a hybrid format, which is a must have for companies nowadays. 

Besides, the platform also takes into account staff wellness, which is key to optimizing performance in today’s workforce. It helps meeting planners understand the range of timezones people are attending and the time spent traveling to attend the meeting, which allows for more thoughtful scheduling of the meeting and choice of location. 

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