Last Updated on Feb 25, 2020 by James W
Business expenses account for millions of pounds worth of company expenditure every year, and from travel to accommodation, eating out to entertainment, businesses are looking to reduce the amount their employees spend and claim back on business trips. If you’re self-employed, you’ll want to limit your business expenses as much as possible, and unless your start-up company has been lucky enough to generate a tremendous amount of early capital, then saving money while on business should be at the top of your ‘to do’ list.
In a faltering economy, reducing business-related expenditure is one of the top priorities in order to maintain sustainability. When it comes to business trips however, there are a number of ways to save money without cutting corners, and companies all over the world have started to implement cost-cutting strategies on business trips to ensure the survival of their brand. Here are just some of the ways that companies are reducing the costs of business trips.
Big Lunch, Little Dinner
Did you know that lunch prices can be 20 to 30 per cent cheaper than evening meals? Companies have recommended that employees on business trips should eat like a king at lunch times, and only snack during dinner. The price of drinks with your lunch compared to your dinner is also costly, and while employees are less likely to order any alcohol or cocktails when dining in the evening, they are even less likely to use the company credit card for a stiff beverage during their lunch.
Don’t Pay Luggage Fees
One of the easiest ways to reduce your business trip expenditure is to make sure that you don’t check-in any excess luggage when travelling. The key is to pack light, and if you are going away for only a day, a small overnight bag is all that’s necessary. In fact, many hotels provide a variety of toiletries for free, so don’t bother buying toothpaste or soaps are the airport! If you are in the process of setting up a new business, and you think that you are going to be hauling lots of luggage on your trips, then it’s best to invest in a business ticket instead of economy-class – many airlines won’t make you pay fees for excess baggage if you have purchased a business-class ticket!
Stay In Hotels with Kitchens
Eating outside your hotel on a business trip will undoubtedly cause the company credit card to take a battering. By eating in your hotel, you’ll be saving money on travel, and also the extortionate prices of inner-city meals. Furthermore, lots of hotels offer discounted meals to guests already staying in the hotel, so make sure you enquire about the meal prices at your hotel bar the next time you’re peckish.
Parking a company car when on a business trip can cost you lots of money, so it’s best to use long-term parking services if you’re going to be based in the same area for a long period of time. By heading to the airport a little earlier and finding an offsite parking location, you’ll be able to save money and even negotiate rates to get better deals.
Zoe is a British business blogger with extensive experience blogging and contributing helpful and informative posts on behalf of websites. She is currently working with contractor accountant specialists Brookson.