Whether it’s for business or leisure, traveling for work is a different process than commuting to and from work. Many business owners find that business travel is a positive experience. Eighty-eight percent of small business owners report that they enjoy traveling for work.
Budgeting for business travel
Creating a travel budget can be a challenging task. There are many different factors that determine the average cost of a trip. Here are some tips to help you cut costs without sacrificing quality.
A centralized booking platform is one way to optimize your business travel expenses. You can also use an in-house travel manager to keep up with your company’s expenses. These experts can manage your company’s pre-loaded credit cards and post-trip financial reconciliation.
Having a clear business travel policy is important. This will ensure that your employees understand the expectations you have for them. It can also encourage them to make smarter choices.
Your company’s travel policy should outline how much your employees can spend on meals and other add-ons. Those costs can add up fast.
Adding leisure time to trips
Adding leisure time to trips when traveling for business has become an increasingly popular trend. Many employees are finding that adding a leisure day or weekend can increase their productivity and reduce burnout. Using a blended travel itinerary is a way to improve employee retention and enhance business relationships.
Traditionally, business travelers had long daily schedules. Now, many companies are offering flexible work hours that allow workers to mix business and pleasure. Whether employees are bringing their families along, or taking a weekend off to go on a vacation, employers are looking for ways to encourage employees to mix their professional and personal lives.
As part of the shift to a pandemic-inspired work culture, business travelers are beginning to embrace bleisure. In the past, corporate employees had to face the difficulty of missing holidays and birthdays, and dealing with long trips away from home.
Outsourcing travel to a third-party
Taking the time to outsource your business travel has many benefits. For starters, it allows you to get away from the shackles of your cubicle or cubicle farm. You also get to benefit from the best rates on hotels, airfares and car rentals. This, in turn, reduces your overhead. It is also a good way to improve your brand name and reputation as a provider of quality and cost-effective services to your customers.
Outsourcing your business travel can also be a boon for your employees. This is especially true if your employees travel on a regular basis. The best part is that you are free to concentrate on other more pressing business concerns. The result is a more satisfied and happier workforce. The benefits of outsourcing are well documented and can be a worthwhile investment in the long run.
Millennials are the most active business travelers
Millennials are the most active business travelers in the world. They take 7.7 trips in the past year, and plan to take another 8.6 in the coming year. This represents an increase of 11 percent. The Millennial generation, which is comprised of those born between the 1980s and 2000s, is expected to reach half of the global workforce by 2020.
Millennials are also the generation most likely to extend their business trips for leisure. In fact, 63 percent of business travelers say that they want to spend more time on their trips, compared to 31 percent of Gen Xers.
Millennials are the first generation of digital natives, which means that they are constantly connected to devices. Technology plays a key role in their travel planning. They use multiple content channels to research activities, including YouTube and Facebook. They are also more focused on the quality of their travel experiences.
COVID-19 has turned the business travel sector upside-down
Despite the ravages of the COVID-19 pandemic, the travel industry is looking to the future. Some estimates suggest that the industry will grow 21% in 2021. Those in the business travel space are optimistic that the market will recover in the next six months.
One of the first steps toward a recovery will be to regain confidence in travelers. The industry has been rocked by the pandemic, and many travel-related businesses have already been impacted. As a result, businesses are beginning to think about the return of business trips.
In addition to a strong economic impact, the pandemic has had a major impact on tourism. The world’s 150 million jobs are at risk, and tourism revenues have declined by nearly 50% over the past 18 months.