How to Get Savings in Hotel Booking for Businesses?

The success of a business is measured across two parameters- its profit and its savings. While profit-making depends on its other functions, every business can save more by optimising its expenditure on corporate travel. Among these expenses, the travel spend on hotel bookings is a major contributor, and efficient savings on corporate hotel booking can make a significant difference. Learn about the several reasons why corporate hotel savings is significant and how to achieve it:

Savings on business travel expenses is a primary way to cut down on the company's overall expenditure and keep it within the pre-determined budget. Every travel manager is constantly looking for ways to negotiate better rates, arrive at the most advantageous contracts, find the best corporate offers and deals, as well as find the best hotels at the lowest possible rates. However, travel admins also have to constantly think of ways to ensure that their employees' corporate travel is not only cost-effective but also comfortable. However, are you doing everything to make sure that the company's savings on corporate hotel booking are maximized? 

In this article, we explore the best ways to ensure that you get the best of corporate rates and add onto your company's savings, increasing them manifold over time:

More Savings with Travel Management Platforms:

Having overall visibility over business travel trends can enable travel managers to make smart decisions and make the most of business hotels discounted rates. The most effective way to gather this insight is to ensure that the employees utilize the company's preferred travel management platform to book their hotel stays. However, sometimes, poor user experience and inefficient support when travellers are on the go can prevent them from using the partnered platform. They are forced to book outside the enterprise's preferred travel solution, simultaneously being out of line with the company's travel policy. This lack of adoption can thus cost businesses severely. 

myBiz is the best-in-class travel management solution that ensures easy adoption with its 24/7 priority support, fully automated and self-booking features, which ensure the traveller's convenience alongside making sure that the travel admin has higher control, transparency, and visibility over the employees' business travel. It also offers the largest hotel inventory, ensuring that the company's savings are doubled with the most cost-saving corporate hotel discounts.

Pre-Negotiate Corporate Booking Hotel Rates:

It can be a lucrative option to negotiate corporate hotels rate at a company scale. This has the potential to attract significant savings on each hotel booking for corporate. Hotels often want to incur profits through bulk sales as it gives an assurance of booking, thus enabling a healthy partnership between businesses with frequent travellers. 

Partnering with an ideal TMC can further accelerate this process. Having visibility into how and where your employees spend the most can help you detect patterns, thus enabling stronger chances of getting better negotiated rates. Without this insight into where the company's employees are booking their hotel stays from, it can be difficult to negotiate good discounts.

Dynamic Travel Policies:

Business trip hotel booking has to be flexible owing to several factors like-

• •  Business trips are unpredictable as meetings get cancelled, conferences get rescheduled, or another project becomes a priority.
• •  The cost of individual or group booking in hotel can differ based on travel location.
• •  There will also be a significant difference in cost when hotel accommodations are booked in the peak season as opposed to the quieter months of the year.

All these factors must be taken into consideration while setting up the company's travel policy. Doing so can result in direct savings while also saving employees from confusion and frustration whilst booking corporate hotels. This will also prevent employees from looking elsewhere and booking outside the company's policies.

A good business travel management platform like myBiz offers easy set-up and customizations of the travel policy to enable businesses more flexibility and opportunities to save costs.

Large Inventory of Corporate Hotel Booking Companies:

Businesses can draw more savings by connecting their employees with the best corporate rates, thanks to a large inventory. In the world of technology, it is best to take complete advantage of APIs that can connect your employees to inventory suppliers while also ensuring that it is in line with the policies of the company. This allows access to supplier-direct prices as well as highly discounted individual and group hotel booking rates, ensuring manifold savings.

A TMC like myBiz comes with an unrivalled inventory of hotels to help travellers make the most economical choice among various options available. Our smart and innovative solution also offers business travel hotel alternatives based on location, date, and other standard variables to simplify business travel for each employee and guarantee savings for employers.

Hence, employee adoption of the company's travel policy is the key to a successful business travel program and is, therefore, a recurring element in ensuring higher savings. myBiz partners with corporates, big or small, to help them find the best corporate rates on individual and group booking hotel while offering total compliance with easy policy set up. It offers comprehensive business travel solutions- hotels, flights, buses, ground transfer, and more, on a single platform to not only save time but also offer control and transparency, but most importantly, savings! So, Join now!

Frequently Asked Questions (FAQs)

Q1. Do you have to pay a hefty cancellation charge on corporate hotel bookings?

Ans. With a TMC like myBiz, business travellers enjoy reduced cancellation charges on their individual and group booking hotels, ensuring higher savings.

Q2. How can business travellers avail of hotel corporate rates for small businesses?

Ans. Utilize the services of an ideal online travel management platform like myBiz to get the best-in-class corporate rates on hotel bookings regardless of the size of your business.

Q3. Is centralized payment on hotel bookings better for corporate bookings?

Ans. Yes, centralized payment through company credit cards or wallet offers better control and ensures compliance, thus generating higher savings on hotel bookings.

Q4. How to get corporate rates at hotels to ensure savings?

Ans. Businesses can either directly negotiate with hotel suppliers or partner with a good TMC to get access to corporate rates on every booking.

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