Travel is the lifeblood of corporate America. Yet each year businesses waste millions of dollars on airfares and hotel fees.
It’s a serious problem, but it’s also preventable. The solution is a clearly worded, consistently enforced travel policy.
Companies with effective travel policies save an average of 20% on travel-related expenditures. These businesses tend to:
Book in advance. Companies that mandate booking flights 14 days or more in advance cut airfare costs by up to 50%.
Purchase non-refundable tickets. Many companies steer clear of them, not wanting to pay the cost of exchanging or canceling a ticket. However, statistics show businesses change or cancel less than 20% of tickets purchased. Even when they do, they still save an average of 24%.
Control the comfort. Everyone likes flying business class and staying in five-star hotels. However, by setting parameters on these perks, businesses slash costs.
Rely on travel professionals. Booking through a travel management service saves an average of 13% on airfares and 20% on hotel rates.
A travel management firm is like a traffic cop. It enforces policy “law” while making sure business travelers reach their destinations in a timely and economical fashion. These professionals can help a company:
• Improve an existing travel policy or customize a new one
• Provide clear, comprehensive travel guidelines
• Standardize the policy regionally and globally
• Communicate policy details to travelers
• Train employees
• Integrate the policy into the booking process
• Track policy progress
A successful travel policy is clear, comprehensive and consistently enforced. It’s a must for any company wanting to reduce corporate travel expenditures.
GTI Travel provides travel management services to U. S. companies. They include tailored business plans, documented travel policies, insightful savings projections, proprietary travel technology, and detailed strategic reviews. For more details, visit us at www.gtitravel.com or call 800-223-3863.