More than half of small companies had greater travel spend in 2013 versus 2012 — and a third spend between $50,000 and $500,000 annually, according to a recent study. It may be the price of doing business, but containing those costs is a top priority. Here are three strategies to rein in travel expenses and get the most out of what you shell out.
Clearly articulate your travel policy: Business class or coach? Compact or midsize? Single or double? Waive collision and personal accident coverage or purchase? The more precise you are with your policies, the more compliant your employees will be.
Earn your just rewards: Don't overlook SMB rewards programs offered by hotel chains and car rental agencies. Some programs offer savings of up to 20 percent and throw in free rentals and rooms, upgrades and discounts for personal use.
Be on alert: Is your travel spend too small for a full-scale travel management solution? There are other affordable options that allow you to get control and visibility over expenses. For example, price-scanning apps and websites notify you via email when lower airfare, car rental and hotel rates become available; encourage booking with preferred suppliers; and let you know if an employee purchased tickets out-of-policy. And many deliver real-time reporting so there are no surprises when that overdue expense report is finally submitted.