5 Steps of Efficient Corporate Travel Management

Small businesses need to know how to efficiently manage their business travel needs just as much as the bigger corporates do, if not more. But this can be slightly challenging because where large companies are able to allocate big budgets for travel management, smaller businesses have to rely on strategic steps to achieve effective management of business-related travel. Read this article to understand what these steps are: 

  

As businesses are expanding, making their presence felt all around the globe, corporate travel has become a necessary aspect of fostering client relationships. But this also implies having to deal efficiently with the challenges that materialize alongside it. Travel admins have to deal with several issues related to corporate travel bookings like- 

 

• Innumerous emails related to travel requests. 
• Multiple questions regarding itineraries. 
• Having to resolve flight booking issues. 
• Entertaining last-minute changes and cancellations. 
• Considering scheduling complications. 
• Follow-ups on approvals and reimbursement claims. 

 

What if the need to answer each mail could be replaced by a travel management solution to streamline all the issues related to business trips? What if tracking bookings, approvals, travel spend, and reimbursements could be done on a single platform? 

 

Despite the aforementioned challenges, corporate travel management can be smoothly managed by keeping a few important points in mind. As long as the travel admins are mindful of a few key things, business travel can be stress-free. So, here are a few steps to get started on the journey of efficient travel management: 

  

Step 1 - Streamline Travel Policy for Corporate Trips:

A travel policy makes sure that all the guidelines regarding bookings, spending, reporting, and tracking of expenses are clearly outlined. In the absence of such a policy, employees are bound to make bookings as per their preference, overshooting the travel expense budget of the company. It can even lead to delays in approval that can once again cause the prices to rise, costing the company heavily. The lack of travel policy even creates discrepancy in expense reporting. Hence, in order to optimize the business-related trips employees in your company take, it is vital to have a clear and transparent travel policy. So, here are some points to consider while setting up an effective travel policy- 

 

• It should be easily accessible. 
• Make sure that the guidelines are easy to understand. 
• It should be easy to comply with. 

 

A travel policy is meant to guide employees regarding what to do and what to steer clear of. Hence, accessibility and clarity are two of the most important aspects of a company’s travel policy that can easily ensure that employees enjoy hassle-free business travel. 

  

Step 2 - Travel Policy Compliance for Corporate Travel Booking:

Hassle-free official travel is possible only when each and every employee is compliant with the travel policy. Therefore, it is imperative to communicate the travel policy guidelines to them once they are set up. There has to be awareness among employees with regard to the policy. Only then can there be compliance, and employees can act in line with the policy. Henceforth, communication is key to effective business travel booking. This ensures that every employee can effortlessly deal with the issues faced when they are on the road. 

  

Despite clear communication regarding the travel policy, employees can make bookings outside the policy guidelines by utilizing the services of a B2B travel agent. Corporate travel management companies, on the other hand, can integrate your travel policy with the bookings as per employee level, ensuring 100% compliance. They can further ensure flexibility in case of unexpected travel issues while making sure that the employees are in line with the company’s policies. 

  

Step 3 - Invoices and Expenses of Business Travel Bookings:

Dealing with expenses is a major part of travel management. This is especially true for small businesses that tend to have budget constraints, making it necessary to carefully track all travel-related expenses. It is important to keep track because this allows SMEs to keep the expenditure within the budget.  

  

Monitoring the expenses incurred during a business trip is important because the lack of it can create confusion and mix-ups. This is where a travel management company like myBiz can come to the rescue by easily offering free expense management and assured GST invoices. Tools like such can resolve your business-related travel issues with ease. 

  

Step 4 - Analysis and Real-time Reports for Corporate Bookings:

While expense management is necessary, analyzing the real-time reports of corporate tour packages booked by employees is equally important. It is crucial to understand that optimizing business travel requires transparency and clarity in travel management. There is a vital need to set up systems and processes in place that help travel admins get access to the expenditure and compliance rate. They have to analyze these reports for better budget management and planning. This is where corporate travel services offered by myBiz simplify your company’s travel needs by providing real-time reports, offering higher visibility and, in the same breath, better control. 

  

Step 5- Accessible Travel Management System:

The world is shifting towards automation because not only does it save time and increases accessibility, but it also helps save cost due to reduced manpower utilization. This is even more important for small businesses that want to keep up with frequent business travels that forge client relationships. Accessible corporate travel services, as opposed to a B2B travel agency, help businesses easily manage employee travel while also making it convenient for travellers to make bookings, keep track, get approvals, and more. Travellers can access the travel policy from anywhere in the world and make bookings with increased flexibility. All of this only point toward greater savings for businesses, making work-related travel manageable. 

  

Achieving a perfect balance between policies, compliance, accessibility, and flexibility is the key to efficient corporate travel management. With myBiz, you can easily strike this balance and ensure effortless travel management for your company. So, Join now!

  

Frequently Asked Questions (FAQs) 

  

Q1. What is a corporate travel policy? 

Ans. A corporate travel policy for employees helps in the cost management of corporate tours. It lists the do’s and don’ts of business travel, giving the employees clear guidelines on bookings, approvals, reimbursements, and more. 

 

Q2. What happens when employees go outside the travel policy? 

Ans. A travel policy must be comprehensive, stating exceptions and the procedures to be followed when such exceptions are met. This is where working with a TMC helps. They can not only ensure 100% compliance but also help you draft policies that cover every aspect of corporate travel. 

 

Q3. Is it important to define what is not an expense in travel policy? 

Ans. Yes, your travel policy must include a definitive list of things that are not covered by the company. This will help you save time while also ensuring that employees abide by the policy. 

 

Q4. What do online booking tools do? 

Ans. Online booking tools are travel management systems that take away the stress of employee travel. They simplify, automate, and support your company’s travel management.