Running a business requires you to balance many different responsibilities at any given time. It’s great to have a business account for necessary expenses, but one thing you can’t risk is bleeding your resources dry. Business travel can be one of the most stressful financial burdens you will face, but you can’t always avoid it. Even as some meetings move online, you will still have to get out there and meet new clients and suppliers in order to grow your business. Read on to find out about the six ways you can be thrifty while traveling on business.
1. Compare Hotel Prices
Instead of settling on the nightly rate listed on the first google search result, spend some time comparing hotel prices to find the best deal. For example, you may find that Miami Gardens Inn & Suites has a weekly rate different from weekends or partners with a credit card company for even lower deals.
When you’re traveling for a conference or exhibition, the host organization may encourage you to book a room with their preferred partners. But it’s worthwhile to look around and compare rates, because you may find that the conference venue is at a hotel that far outstretches your needs and budget.
2. Book During the Cost-Friendly Window
Although some travel may come up last minute, try to book the majority of your work trips during the cost-friendly window, which is roughly two to three months ahead of time. If you book much earlier than that, you will have a hard time finding the best prices on airfare and accommodation. If you get distracted or procrastinate and leave your plans until just three or four weeks before the trip, then you will certainly see higher prices on just about everything.
3. Travel in the Off-Season
One easy way to save money on travel is to book your trips during off-peak times. Simply, off-peak refers to times when fewer people travel. Although travel trends can shift from year to year, there are certain patterns that reoccur. You should avoid traveling during weekends and holidays, especially Christmas time, which can see prices almost double on airfare and hotels.
It may be even cheaper to travel on a Thursday and Monday than to take a Friday flight and return on Sunday. You might even find that you save enough on flights to cover more than the extra days in a hotel.
4. Use a High-Return Rewards Card
When you’re choosing which credit card companies to work with, pick one with a great rewards program that will allow you to maximize your returns on travel. Some companies may offer great rewards for new customers over the first year, but then the benefits downgrade. For this strategy to pay off, you have to create a long-term strategy when it comes to travel spending. After two to five years, you should begin to see great returns.
5. Make Your Own Meals
It’s always cheaper to make your own meals than dine out. Whenever possible, try to book a room with a small kitchenette. That way, you can do minimal grocery shopping and take care of breakfast and lunch on a tight budget. With those savings in hand, you won’t worry so much about covering the cost of dinner with clients.
6. Hop on Public Transportation
When you’re staying for one week or more on a business trip, you can save money by hopping on public transportation to get around. The easiest option is usually the train or trolley system because buses are often late or unpredictable. Rather than relying on a timetable to get you to a meeting on time, It’s best to use public transport when you’re returning to your hotel or running errands.
It’s not impossible to be thrifty while traveling on business. Use these tips to help you save money for your business.