Since the worldwide economic recession began, businesses large and small have scrutinized their travel budgets. According to the National Business Travel Association, about 85 percent of companies have economized by decreasing travel budgets.
However, some businesses may be rethinking that strategy. While taking fewer business trips may save money in the short term, it can sacrifice the long-term benefits of meeting face to face with clients. In fact, some businesses report that they are now increasing their travel budgets, seeing an opportunity to maintain a stronger presence with their clients at a time when competitors may be cutting back on in-person meetings.
Whether a business is shrinking, maintaining or even increasing travel budgets, road warriors can take steps to make the most of each dollar spent on business travel.
For example, before scheduling a trip, be sure that the trip is justified. Does it present good potential for return on the travel investment? What is the potential cost to the company of not making the trip? If a trip has the potential to cement a client relationship, win a large order or secure a lower price from a supplier, it may justify the travel expense.
Making one trip that covers multiple destinations is usually more cost efficient than taking multiple, separate trips. Try to schedule client visits so that you can cover several locations in one trip. Check in with your coworkers and ask if they want you to call on any of their clients in the same area. You may end up spending more consecutive days on the road, but the cost savings and results may be worth it.
Also, schedule your meetings carefully. Everyone needs some time for relaxation while on the road, but if you can compress four days of meetings into three it will mean savings on hotel and meal expenses. If you have only one meeting and can arrange to fly in and out the same day, you can avoid hotel costs altogether.
Finally, carefully consider all possible agenda items before each trip. Your trip may have one main objective, but take some time to think about what else you could cover while on site with your client. Again, check with coworkers to find out if they have any issues that you could make part of your agenda. When you make on-the-road meetings as productive as possible, it will help make business travel more affordable for your company.