Business travel expenses are rising: how to control the price bump

Business travel expenses are rising: how to control the price bump

Over the years, business travel expenses can add up quickly, especially for companies that rely on manual reports. A firm might want to use state-of-the-art tools to assist employees, but could struggle if it fails to recognize the value of its investments.

(Credit: Serko)

For example, recent data indicates that the average cost of domestic travel is $111.7 billion each year. Additionally, business travelers spend an average of $949 on airline costs, hotel fees, and other expenses during trips around the U.S. annually.

Meanwhile, for every dollar spent, company business travel expenses commonly see a $2.90 profit increase and a $9.50 rise in revenue. The corporate world can make it tough for a business to establish itself, however, which is why Certify is a top solution for firms that want to control their travel costs for years to come.

What might come as a surprise is the fact that one of the biggest business expenses to an organization in terms of business travel is time. It’s not uncommon for a business to spend hours on arranging a single business trip. Revisiting the white paper’s case study, we find that the client was previously spending an average of three hours when arranging a single trip. Anyone who hasn’t booked a business trip but has spent hours searching for the best holiday deals knows just how much time can disappear when searching for the best prices.

One of the simplest ways to reduce your corporate travel spend is by having an approval system in place for every booking. By making it clear who needs to give approval for travel, you won’t have the problem of trips having to be cancelled after they’ve been booked, triggering wasted expenditure.

If you partner with a travel management company, make full use of their Online Booking Tool. This should give you better oversight when it comes to setting up travel arrangements. QUp global solution booking tool for SMEs allows you to book travels within clicks, and monitor all the bookings easily. It means you can take immediate action if they venture outside your travel policy!