7 Ways a Travel Management Company Can Save Your Business Money

Written by Emma Marais

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March 5, 2024

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Christian Dubovan Y X747Yshlw Unsplash Scaled

Businesses are all looking for business travel that is efficient and cost-effective as it has the potential to become expensive very quickly if not managed correctly. Businesses are looking for travel solutions that can save their business money. Business Travel is amongst the three biggest expenses of a business so finding ways to save money is important.

Many businesses assume that hiring a travel management company (TMC) to handle their business trips will cost them more money when in fact they are able to save businesses money and can lead to more savings in the long run.

Below we will look at exactly how these travel management companies can actually save you money.

Travel managment companies offer many services that can result in businesses saving money on their business trips.

Here are the 7 Ways Travel management companies can save you money:

1. Their Access

Travel management companies have long-established relationships with airlines, hotels, and many other service providers, this ensures they have access to competitive pricing and exclusive deals not accessible to individuals or the general public. By using these connections they can significantly cut your business travel costs and ensure you are getting the best deals for every business trip by negotiating lower prices and better amenities.

Their access to booking systems and industry expertise means they are able to see which dates and times will allow for cheaper flights and travel saving your business money. TMCs have access to exclusive discounts and promotions that you can’t find online.

2. Their Advice

Travel management companies are filled with industry experts who are able to provide valuable advice and guidance in order for you to get the most out of your business travels. Their knowledge can help you create streamlined itineraries, provide cost-effective routes, and find alternative options that will lessen your business trip costs. Their industry experts offer you strategic planning in order for you to minimise your costs and maximise your savings without losing quality and convenience. This advice is highly beneficial and can save your business money.

3. Their Valuable Time Saving

Having a TMC handle your business travel saves you time, and as the saying goes, time is money. Instead of you or other employees spending valuable time researching and looking for cost-effective travel options, TMCs can do it all for you saving your business money. This enhances productivity as well as makes sure attention to detail and precision is given to all travel arrangements. Allowing a Travel management company to plan and organise your trips also means the business trip itself will have increased productivity. They ensure all aspects from flights to itineraries are thoroughly thought out and planned ensuring your travellers can focus on the important goals of the business trip.

4. Their Avoidance of Common Mistakes

Mistakes are the main way businesses end up spending too much money on their business trips. Due to their experience and knowledge travel management companies know how to avoid these common mistakes. A simple mistake like losing your ticket can cost your business money. TMCs are there to avoid this as well as provide you with assistance in these cases to ensure you can continue your journey with ease. They ensure your trips are planned out and organised well in advance and no last-minute travel arrangements are being made or booked as this wastes money.

Mistakes like wrong destination and dates, spelling mistakes of names and dates of birth, travel plans that don’t match your needs etc. can all cost a business heavily. A TMC ensures none of these mistakes happen and that your business travel is smooth and exactly what you need, saving your business money.

5. Their Packages and Group Rates

Travel Management Companies can bundle flights, accommodation, transport etc to give you one inclusive price which can save your business money. They can negotiate group rates for accommodation, transport and activities cutting down individual traveller costs. They can also negotiate extra benefits like free meals, room upgrades and more.

6. Their ability to ensure better flexibility

Life happens and many times last-minute changes need to happen, therefore having flexibility is important in business travel. Travel management companies offer this flexibility but without the penalty costs individuals are charged. They also ensure efficiency as instead of phoning the airline, hotel, and transportation company to explain the changes in your journey, you just call your TMC who does it all for you.

7. Their policy compliance

If you have employees booking travel it’s easy for them to sway from the policy especially if they are not being monitored. This can lead to employees overspending on business travel. On the other hand, if you use a TMC once they know your travel policy, it becomes an integral part of the booking process. They make sure to book travel according to the agreed rates and rules. This also allows a more standardised process which enforces your policies and keeps costs under control.

Although some businesses may see a TMC as an additional cost the benefits and services that come with using a TMC are of high value. By using a TMC for your business travel you receive cost-effective and efficient travel. The services and resources provided to a business can achieve cost reductions in their business travel expenses.

In conclusion, having a travel management company handle your business trips will save your business money and time. The Travel Group are industry experts who understand how important cost-effective travel is for business. Their travel consultants are ready to help save you money and plan a productive, successful business trip. If you want to find out more complete a free travel assessment and see what they can do for your business.