South African businesses and consumers have grown more cost-conscious, particularly when it comes to their discretionary spending, as a result of the country’s record-high inflation and interest rates.
Meals account for 21% of expenses per trip and the biggest chunk of a normal business travel budget, according to research from Finances Online.
Furthermore, hotel breakfasts can be costly; according to OTA statistics, the average price per person across 100 popular European destinations is estimated to be £11.20. These breakfast expenses can mount up rapidly, particularly if you have to travel to several places.
The cost of housing can increase dramatically when business travel is scheduled during peak travel periods. Additionally, hotels and other lodging providers might charge higher prices during periods of high demand.
Collaborating closely with your travel manager or travel management company (TMC) to carefully schedule travel around slower travel times will help keep these costs under control.
Due of their ease, ride-sharing services like Uber and Bolt have grown in popularity among business travelers. Ride-sharing isn’t always the more economical option, though.
According to the travel expert, using internet booking tools only when making business trip arrangements may result in unanticipated costs due to hidden fees.
Finally, one of the most crucial things companies can do to control their travel spending is to pay close attention to and monitor any unforeseen expenses that may arise.
According to the business travel expert, businesses can automate the creation of comprehensive reports that highlight these trends by linking the cost management platform with the travel booking system.
Equipped with this information, you may begin to make well-informed decisions regarding where to modify spending limits, bargain for lower prices, or instruct travelers on how to cut back on pointless frills.
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