Reasons SMEs Must Try Business Travel Management

Business travel is vital for a robust business strategy. It can help expand your business far and wide. The advantages of managed business trips are not just for large-sized companies; smaller businesses can also avail of them. Read this article to understand why the benefits of consolidated corporate travel management are so relevant for your business now more than before:

 

A travel management system resolves issues related to every aspect of business travel, like booking trips, keeping costs under check, managing employee safety, increasing travel policy compliance, and more. This helps companies gain control and visibility over their corporate tours. 

 

However, the vital thing to note here is that travelling for business is not only restricted to the larger corporates. Small and medium-sized enterprises are also exploring business opportunities and building client relationships in the modern era. They are, therefore, expected to increase their expenses on corporate travel at a quicker rate owing to the fast approvals within the organization. Travelling for business can give SMEs an upper hand over their competition, and therefore, the right travel management solution is the need of the hour to achieve business growth and increase savings.

 

Here are the top 5 reasons why you should consider switching to a managed corporate travel portal that can systematize your company’s work travel needs:

 

 

Often the most significant challenge small businesses face is the time spent comparing and researching different platforms, searching for the best deals. Moreover, there are multiple requirements and restrictions related to travel that need to be considered. This is, however, not the most organized way to book business travel. Furthermore, compared to larger corporates, SMEs have limited budgets, which restricts their choices. For this reason, opting for a travel management company as opposed to a corporate travel agency will enable you to have a one-stop solution to your work travel needs, offering you various travel options that fit your budget. A more considerable travel inventory will ensure that your travel admin and employees get access to a broader pool of flight options, hotel accommodations, and car rentals that suit the employees' needs and your company's travel expenditure. Having all these options in just a click will save valuable time that your employees can use more productively. At the same time, this will make business travel simpler and more convenient for you and your employees. 

It requires skill and time to be able to find cost-efficient travel bookings. This entails searching for the cheapest booking options while at the same time ensuring that comfort is not compromised. In the absence of this expertise, companies often end up paying more for their flight and hotel accommodations, resulting in an inflated expenditure. A travel management company can offer increased savings to your small business, but apart from this, they can also show you how much you have saved and exactly where you are saving. The reporting and data tools can help optimize your company's travel budget by allowing you to not only visualize your spending but also compare it against the industry's benchmarks. Simultaneously, the ease of comparing the best flight and hotel options before bookings provides greater price transparency. Lowest fare options, corporate discounts and negotiations are some of the features of a travel management platform that can make work-related trips cost-effective for small businesses.

 

 

A corporate policy outlines the guidelines concerning the corporate tours of a business. Each employee must refer to these guidelines while making travel arrangements. Business travellers must make bookings by being mindful of their company's travel policy. But it isn't easy to adhere to the policy at all times, which results in going overboard on the company's travel budget. This happens because the employees have to be watchful of the travel policy and prices across different carriers as well as check the prices of hotels, air tickets and car rentals on multiple platforms. With the best corporate travel platforms, enterprises can integrate their travel policy with booking options, thus ensuring complete travel policy compliance. As a matter of fact, such platforms help you to even create a sensible policy by taking a holistic look at your travellers' needs, the travel program and more. This will enable your employees to have booking choices that are not only cost-efficient but also in-policy. This will also keep them compliant while also saving money for the company.

 

 

Compared to a corporate travel agency, opting for an online corporate travel management system will resolve the need for multiple back and forths with regard to bookings. This process can be complicated as well as time-consuming. Furthermore, business travel needs to be flexible, but it can be challenging to have modifications and add-ons on standard bookings when availing of the services of a B2B travel agency. However, a corporate travel portal like myBiz gives you the benefit of customizations and last-minute changes and cancellations, ensuring that the travel budget of small businesses does not get overburdened. Similarly, booking on the go is a feature that can enable employees to make bookings or modify their travel plans over the app or website, saving valuable time owing to the accessibility offered by an online TMC. These companies also provide easy access to insurance details, travel regulations, delays and other resources that can otherwise be time-consuming. Small businesses cannot afford to waste valuable time, which can cost them a significant amount. By relying on a TMC on the contrary, businesses can increase their company's agility while also saving costs on corporate bookings.

 

 

Business travel management companies have recently made their presence felt, and this is why small businesses have not yet jumped the bandwagon. However, they have not only simplified travel for official purposes, but they also bring expertise and skill to this area. Travel providers create whitepapers and case studies to make an extensive profile for each industry, thus being able to tailor suggestions for bookings that are best suited for and are within the company's budget. Additionally, most business travel management systems like myBiz offer dedicated support to business travellers because human intervention is the best to alleviate an unforeseen situation or guide employees along the various steps of corporate travel planning. Delayed flights, hotel cancellations and other last-minute trip changes require more than a standard automated response. Automated resolutions cannot replace the need for a dedicated support team that is available 24*7 with expert insights and last-minute resolutions. 

 

Keeping the above-mentioned reasons in mind, small businesses should consider switching to a corporate travel company that aligns best with their business goals. If your business needs to save expenses, keep track of policy compliance, or require GST invoices to reduce your tax liability, myBiz can thus be the perfect choice for you! 

 

 

Frequently Asked Questions (FAQs)

 

Q1. What are the things one should look for while choosing a corporate travel management company?

Ans. In order to ensure that your small business keeps up with the evolving landscape of corporate travel, there are a few things that can help you to choose a corporate management company like, easy bookings, intelligent reporting, policy integration and more.

Q2. What is a corporate travel portal?

Ans. A TMC automates business trip bookings for a business on their corporate travel portal. This portal offers consolidated features like one-stop bookings, changes and cancellations, reporting, policy integration and more, ensuring time management, visibility and savings.

Q3. How does technology help a TMC?

Ans. The technology ensures that businesses have easy access to integrated and industry-leading software that can make the management of work-related travel seamless. Technology, therefore, streamlines the different processes involved, helping a company save money.

Q4. What is the benefit of an integrated travel policy for SMEs?

Ans. TMCs allow SMEs to set up a travel policy, creating guidelines and rules for business travel. This ensures that employees comply with the company's policy automatically when they make bookings, ensuring they don't stray away from the travel budget.