Business Travel Budgeting Tips For 2022
The continued rise in corporate travel has given travel companies and managers something to look forward to. With the comeback of business travel, we are witnessing an increase in the cost of travel. This rise can be associated with the increase in travel protocols and safety measures which is why it’s critical to plan budgets for 2022 to meet this unprecedented rise in cost. Travel budgeting is the saving grace for travel companies. According to the current market scenario below are some budgeting tactics that can be applied by travel managers for the year 2022.
1. Allocate Spending Budget Wisely
To capitalize on the expected growth of business travel in 2022 business travel managers should review their company’s travel spending in the year 2018 and 2019. Take into consideration the number of business trips taken, the average length of stay, and the costs of flight, transport, food, accommodation, and entertainment. Afterward, analyze new avenues that your company invested in throughout the pandemic. Did the firm supply staff with personal protective equipment (PPE)? It’s critical to have these safety measures in place to keep your staff safe and comfortable while on the road. Has the mode of transport preferred by staff changed? Travel managers are encouraged to book trips through preferred suppliers with the rising costs of traveling abroad. According to a Deloitte survey, corporate travel decision-makers are reconsidering travel expenditures by pushing the use of corporate booking platforms and agents, which will help them get the most out of the money allocated for work trips.
2. Rely on Technology to Optimize Budgets
Expense management solutions that were focused on lowering the cost of processing charges have evolved to include tracking employee spending habits and incorporating company rules into travel expense choices. Traditional procedures like choosing hotels with pre-negotiated prices, identifying staff on the road in the event of an emergency, auditing and reconciling travel expenditures can now be handled using these digital solutions.
3. Prepare a Dynamic Plan
Modern software technology has made it easier and more efficient for travel administrators to perform their duty. However, the future will remain unpredictable and the only thing that travel managers can do is to analyze the market scenario in the best way they can. The recovery of business travel is imminent. Countries are on the verge of opening up, an example is the United Arab Emirates and Saudi Arabia accepting international travelers. It is only a matter of time before the state of business travel becomes normal once again.