Although corporate travel expenses are necessary, it does not take much for things to spiral out of control. Unfortunately, thousands of businesses fail every year because of high or mismanaged funds. If you are in a situation of needing to decrease the amount spent on business travel or you have a new company and want to start things out the right way, the information below will help.
Tips for Lowering Expenses
If you want to run a successful business and stay competitive, certain expenses are mandatory. For instance, there is the cost of hiring a Chicago limo company, booking hotel rooms, flying from one destination to another, dining out, client entertainment, etc. However, if you make good decisions, there is no need to eliminate any of these items.
- Return on Investment (ROI)—Before anything, be sure your trip makes sense from a financial perspective. After including all associated costs, including limos in Chicago, restaurant meals, hotel rooms, meeting venues, airline fees, and so on, you can determine the return on investment. At that point, you can make a decision on a trip-by-trip basis.
- Establish a Company Travel Policy—The rules of your travel policy might differ somewhat depending on the individual’s position. For example, the CEO, president, CFO, and other top executives might have authority to use a limo service in Chicago while lower management cannot. Regardless, set ground rules and stick with them. You need to make sure the per diem allowance falls in line with reasonable miscellaneous expenses, use frequent flyer programs, take advantage of rewards credit cards, establish rules for tipping, and so on. All of these things combined will help reduce corporate travel expenses.
- Good Planning and Rewards Programs—The further out you book travel, the more money you will save. As an example, you can easily save up to 50 percent off airline and hotel reservations by booking a minimum of one month out as opposed to booking just a week in advance. Sign up for different rewards programs for even greater savings. Most major hotels offer discount rates for corporations, airlines have special pricing, and some Chicago limousine companies are even willing to reduce rates for long-term customers.
- Alternative Airports—Something as simple as choosing a regional airport over an international airport will make a huge difference in your business expenses, but without compromising on routes or quality of service.
Comfortable and Safe Chicago Limo Service
For a more enjoyable and safer business trip, leave the driving to a professional Chicago limousine service. Having a licensed chauffeur behind the wheel ensures comfortable, convenient, and safe transportation without overspending.
