Saturday, April 20, 2024

How to Keep Business Travel Expenditure Under Control

For businesses that cater to an international market, travelling abroad is an inevitability. According to the latest figures from the Office of National Statistics, the number of business trips to destinations overseas grew from 7.9 million in 2013 to 8.3 million in 2014. Interestingly, despite employees seemingly becoming more used to international travel, expenditure during these visits has been increasing. If steps aren’t taken early on, these can quickly spiral out of control.

Learning to Better Manage Your Finances

If travel expenses are becoming too high, you may want to consider switching to a cheaper airline. Similarly, providers that offer frequent flyer miles or other rewards programs could save you money in the long-term. If the thought of losing your premium seat is too much for you, though, don’t despair just yet. Planning early and booking your flights far ahead of time is often the best way to cut the costs without sacrificing on the overall experience.

While laying out these solutions often seems simple, completing the tasks necessary is another matter. Many businesses simply don’t have the time or personnel to keep track of the latest discounts. If this is the case, you may benefit from working with a corporate travel management company like Reed & Mackay. Firms like this can prepare personal schedules for you in advance and, thanks to a mixture of industry contacts and expert negotiation, provide you with lower airfares.

Protecting Yourself Against Any Problems

However you decide to travel, though, one thing doesn’t change. Protecting yourself against any potential problems by taking out business travel insurance should be a number one priority. Traveling to a foreign country for the first time will bring a lot of new experiences, but sometimes these aren’t all positive so you should look to take out basic coverage at a minimum. This will typically cover any medical bills for pre-existing conditions you may have.

Depending on the policy, you might also expect to be provided with a replacement item should your smartphone, laptop, or other piece of business equipment be lost or stolen during the course of your trip. Finally, you may also want to consider additional policies like cover for flight cancellations and curtailments—this could be crucial for self-employed travellers working on their own time—or even replacement colleague cover should your partner suddenly not be able to make the trip.

Elliot Preece
Elliot Preece
Elliot is the Editor at ABCMoney. He manages a team that writes and contributes to many leading publications across a number of industries.

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