Here are a few practical suggestions to cut down or save big on Travel Expenses.
1. Stop Overspending on Hotels to Cut Down Travel ExpensesPicture Credits: Frobes Images
One of the top things to focus on is the selection of hotel rooms and lodging. This is where you’ll either make or break the bank, so to speak cutting down the travel expenses. While you may want to stay in a luxury suite in the heart of downtown, there are ample savings to be gleaned from seeking out more modest accommodations.
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Small savings add up when it comes to long funding rounds and weeks at a time being spent on the road. For example, say that you and your partners need two hotel rooms, for a total of 21 nights, across various cities. Saving just PKR 2500 per hotel room per night will equal savings of PKR 52,500. That’s a significant amount for a fledgling startup.
2. Use Rewards Programs to Cut Down Travel ExpensesPicture Credits: Go Abroad
Now’s the time to join as many rewards programs as you can to cut down travel expenses. Most hotel chains and airlines offer some sort of program, so you may as well accumulate points.
“My business saves sometimes hundreds or thousands of dollars on airfare and hotels,” one business owner says. “For example, I saved [only] PKR 14,000 on Air Blue last year, but I also saved similar rates on PIA, which added up to roughly PKR 30,000.”
3. Search for Flights StrategicallyPicture Credits: Cafe Chezsam
You likely already know that the earlier you book your flight, the better deal you can get. But, just how early should you buy tickets? According to new research, you should book 30 days before departure for domestic flights ideally and 171 days before international flights.
4. Pack Light for Less Travel ExpensesPicture Credits: Packing Bags to Travel
Checked baggage fees add up. So, make it a priority to pack only carry-on luggage. Not only will this save you money, but it will save you rather a significant amount of time checking and picking up luggage before and after flights.
If you absolutely must check baggage, try using airlines that allow reward program members to check bags for free. This is a handy perk that you’ll want to utilize.
5. Use Your Own Money to Cut Down Travel ExpensesPicture Credits: Aero Voices
Here’s a novel tip: Instead of expensing everything on business cards, use your own cash and cards, then obtain reimbursement after the trip. When you see money come out of your own account, you’re much less likely to overspend or to purchase things that you don’t need. This little psychological hack will make you more aware of your spending habits.
6. Use a Travel AgentPicture Credits: Caasco
This may seem like archaic advice in 2016, but it often makes sense to use a travel agent in order to cut down travel expenses. Many agencies have long-term relationships with hotels, airlines and travel services and will get you better deals than you can find anywhere online.
While a travel agent will cost you some money, you have to remember that any money spent up-front will be validated in terms of savings on the backend. Very rarely will a travel agent not save you money.
How Else Can You Cut Travel Expenses?
Some Bonus advice to really cut down Travel Expenses even further: Every individual and business is unique. You may be able to save money where another startup can’t — and vice versa. The important thing is that you identify areas where you can save, and focus on eliminating superfluous expenses that are weighing down your business.
Aside from the obvious benefit of saving money on a given funding round, instilling these positive habits in your leadership team and employees will have a positive long-term influence on the way that you approach all spending and budgeting procedures.
So, it’s time to ask yourself, “How can I cut travel expenses?”