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Business travel costs are rising, with the Global Business Travel Association and travel management company CWT saying that travel fares alone will increase by more than 8% in 2023. As a business owner trying to save money, it’s only natural to query whether it’s in your power to cut costs and make business travel more affordable. While you might never be able to eradicate all travel costs, you might save money by taking some of the following actions: 

Research Accommodation

You might have always used the same accommodation providers when organizing accommodation for your employees, but alternative options might be more budget-friendly and suitable for your needs. Use hotel search resources like Hotelicopter to identify the best accommodation providers. 

For example, if you have young employees under 21, you might be looking for affordable 18+ hotel rooms in New York to cater to your requirements. Search specifically for such accommodation, and you might be surprised by the available deals. 

Create a Company Travel Policy

If your employees don’t understand what is expected of them when they travel, you might find it challenging to save money. Create a company travel policy that outlines your expectations regarding expenditure. 

For example, you might set a budget for their expenses and an approval process for airline tickets and hotel bookings. You might also establish rules around private jet flights, business class flights, and economy flights based on their affordability. Clear rules and criteria might prevent unnecessary spending. 

Limit Business Trips

Some business trips can’t be avoided. You might need to meet clients to secure new business or visit your other business locations to check on your employees. However, you can also utilize technology in many situations and save several thousand dollars annually. Rather than booking flights, accommodation, and rental vehicles to meet clients and employees, you can set up video calls and speak with them as if you were in the same room. 

Be Flexible With Travel Dates

Unless you have an important meeting with set-in-stone arrangements, try to be flexible with travel dates to take advantage of travel deals. Traveling at some times of the year is more affordable than others, so try to align your travel plans with off-peak travel periods. 

Historical airfare data shows that airline tickets are typically at their most affordable within three weeks to two months out from departure dates. Average prices also bottom out approximately 44 days before departure. Traveling midweek rather than closer to the weekend might also allow you to save money. 

Discourage Rental Car Use

Public and shared transportation is commonplace in the United States, with many inexpensive travel options available in big cities like taxis, rideshare services, buses, and trains. Rather than renting vehicles for employees, which can cost several hundred dollars in rental fees and parking, encourage them to use more affordable options. Rideshare services can often be just as convenient as rental cars without many of the same associated costs. 

Cutting business costs can be challenging, but consider starting with your travel expenses. By researching accommodation options, limiting business travel, and being more flexible with your travel dates, you might save several hundred or thousand dollars annually.