Regardless of economic conditions, owning and running a small business isn’t easy. It’s always tough to find clients, allocate your funds effectively and maximize your bang for the buck. And, business travel is a big part of this. When you go out on the road, you know you’re committing some serious cash to the endeavor, and you want to make sure you get as much value out of it as possible.
Part of this has nothing to do with what you’re spending: you want to make sure the reasons for your business trip are smart. But, you also need to keep an eye on the expense side of this to ensure you aren’t spending unnecessarily. Business planning covers the first aspect of this, and travel planning addresses the second.
So, how can white collar travel folks spend more intelligently on business travel? Here are five ideas:
1. Forget brand: are you loyal to a particular airline? Cut those ties. Sure, you’re thinking that accumulating miles can get you free business travel later … and there is some truth to that. However, you could be spending more than the price of a ticket when working toward that benefit. Also, there may be constraints on when you can take free travel.
2. Stay a little loyal, though: even if you aren’t buying on loyalty, you should still enroll in the loyalty programs for every airline, rental car company and hotel you use. It may take longer to accumulate benefits when you spread your purchases around, but the free perks you receive won’t come at the (literal) expense of your travel budget.
3. Shop around a bit: time is money, and the hours you spend looking for a flight are hours you could sink into other business activities. So, look at your effective rate per hour (i.e., how much your time is worth). Let’s say, for example, that an hour of your time is worth $100. If you could spend an hour to save $250 on a flight, that’s a good return – swallow the pill and do some comparison shopping for airfare and room rates.
4. Look at alternatives to airline loyalty: some online travel agencies have loyalty programs. Remember to join them, as you can accumulate benefits with them as well as with the airlines. As with airline choices, though, don’t choose a particular booking site just to accumulate points. Cash comes first!
5. Play the credit card game: use a branded credit card to make your travel arrangements. Choose one for the airline you use most. So, if you have a Delta card and wind up flying American Airlines every now and then to save money, you’ll still accumulate some benefits with Delta. Just don’t forget to pay the card off at the end of the month!
[photo by codepo8 via Flickr]