Travel can be one of the biggest expenses that your business has to face. It costs both time and money to travel anywhere, whether you’re going across the world or just across the city. Here’s how to get the most out of your expenses where you can.
For many forms of travel, it’s possible to save in advance by buying a season pass. If you have a frequent travel route, such as going from your office to visit your main supplier, then you can purchase an annual or seasonal pass in advance that will allow you to make the journey as much as you like within that set time. It will often turn out cheaper than doing the same number of trips per year and paying each time.
When you’re a frequent flyer, there are lots of points collection programs for you to choose from. For example, the Qantas Frequent Flyer program offers numerous ways to earn points; retail shopping to purchasing your favorite wine online. However, one of the fastest ways is through their credit card comparison tool as banks frequently offer bonus sign ups of up to 100,000 points. These points can soon add up, especially since most credit card partners offer 1 point for every $1 spent. if you pay use your credit card for all for your personal or business expenses you could be getting big savings on flights.
Many travel companies such as Avis car rental services offers you the opportunity to set up a business account with them. This will give you access to more discounts and deals as they recognize that you will be giving them more sales. It’s an easy way to save at no added expense to you.
If you are a small business owner, you may not realize the benefits of being able to claim tax deductions on business travel expenses such as airfare, bus fares, taxi fares and train fares. This can add up so quickly, allowing you to write off a percentage of your expenses because the VAT savings cover them.
If you’re trying to visit partners and suppliers, or meeting with potential new collaborators, then don’t hesitate to take advantage of their hospitality. You’ll be surprised how often you and your colleagues can get free hotel stays or flight tickets. Maximise your relationships with business partners where professionally acceptable to do so and you could successfully reduce business travel costs.
Particularly when your business trip is only going to be a few days long, or even less, you can save a lot by travelling light. Most airlines charge extra for checking luggage into the hold, and if you just take one carry-on bag, you’ll save money. Some trains charge the same, and using a taxi, you might be able to save by splitting your fare with someone else if you don’t have heavy bags to put in the boot. Check out uberPOOL, your trip might take a few minutes longer, but the savings are worth it.
One of the biggest problems with business travel is that you lose both the money on the tickets, and the money on the person’s salary while they travel. In order to maximize your value, make sure that employees are kitted out with laptops and documents so that they can work during the journey. This will allow your business to maximize output during allocated travel time and prevent “dead” time eating into your delivery pipeline. Most trains and planes now offer Wi-Fi, so all employees should be connected to emails whilst on the move.
Business travel can be expensive, but not so much if you use some of these clever tips. Even if you only save a small amount on each trip, that can quickly and easily build up during the year to give you a large annual saving.