5 Ways SMEs Benefit from Business Travel Management

As with larger companies, smaller ones need business travel. Being able to meet customers, partners, suppliers, investors, and other stakeholders in person at events and trade fairs is a fantastic way to network and exchange ideas. Particularly in the aftermath of months of shutdowns and economic turmoil, this is crucial for SMEs.

While online meeting spaces and video conferencing were adequate substitutes during the pandemic, nothing beats face-to-face communication. This was especially true for small enterprises. As a result, business travel is an essential component of the recovery and operation plans of SMEs.

When we talk about "small business travel," what do we actually mean?

SMEs may need to travel for a variety of reasons. As an example of small business travel, consider the following:

• During conventions and other gatherings
• Conduct interviews for jobs or the press
• In order to participate in gatherings
• Setting up shop at wholesale markets is necessary.
• Delivering speeches or presentations face-to-face
• In order to search for suppliers and purchase goods
• Participation in educational initiatives is necessary.
• The workforce organizes outings and getaways for participants.

What are the difference between corporate travel for large corporations and smaller ones.

Small and medium-sized enterprises (SMEs) often send out a single or double representative on business trips, in contrast to larger multinational corporations. Companies with larger expenditures, greater emphasis on risk management, and the use of a specialized travel manager or corporate travel agency to arrange work trips are more common.

Despite lesser budgets, SMEs frequently spend more in relation to earnings on business travel compared to larger enterprises. Consequently, small and medium-sized enterprises (SMEs) must take charge of their small business travel planning, establish a policy for business travel expenses and a duty of care, and utilize a specialized tool for business travel management to cut costs and increase profits.

Small and medium-sized enterprises (SMEs) encounter various challenges when it comes to small business travel, such as managing their budget and understanding the various safety implications and health regulations specific to each location where their employees work. Workers' health and safety must be ensured at all times, regardless of work hours. All companies, no matter how big or small, are required to follow this.

Small and medium-sized enterprises (SMEs) must be prepared to respond swiftly and assist their employees in the event of an emergency or travel disruption that occurs while they are away from the office. This may be difficult if they do not know their location or schedule. Businesses, especially smaller ones, run the risk of endangering their employees' safety and well-being when they don't have a centralized system in place to track all the relevant business travel data.

Is there anything else that can go wrong for small businesses when they don't use a specialized travel management system?

It takes a lot of time and money to plan a business vacation. A whole business trip booking, including researching and selecting affordable flights and lodging, can take an employee up to 45 minutes on average.

In addition to the risk that SMEs may fail in their duty of care to their employees when traveling, there is also the possibility that employees may spend too much on things like hotels, car rentals, and flights, or may be unsure of what counts as a travel expense and is eligible for reimbursement. In rare cases, employees may submit receipts for work travels that end up costing more than anticipated because they booked their vacations anyway they wanted.

A company may have to allocate administrative resources, time, and money to deal with all of this. Organizations of all sizes use a wide range of business travel solutions to facilitate the organization of company travels. There are paid options like travel agencies and management firms, and there are also free options like Booking.com for Business.

The advantages of a digital platform for managing business travel are numerous.

Using a specialized travel management platform or agent streamlines the booking process by coordinating with all of the many travel service providers (airlines, hotels, vehicle rental agencies, etc.). Establishing a clearly defined policy, such as a business travel policy, ensures the professional and responsible handling of business travel.

While small and medium-sized enterprises (SMEs) do have the option of working with a travel agency or a specialized TMC, the fees associated with these services might occasionally be too costly. Businesses of all sizes can benefit from free digital travel management software by centralizing all of their trip-related expenses (hotels, flights, vehicle rentals, etc.) in one convenient location, cutting costs, and keeping tabs on spending. They are able to keep an accurate and transparent online record of all the data that is required for a journey.

Online travel management solutions, with their intuitive dashboards and no additional assistance from a travel agency during setup, can have users up and running in minutes. The platform syncs across various devices such as phones, laptops, desktops, and tablets, capturing all the company's trip information to minimize administrative expenses and claims disputes.

Additional staff members, such as the financial manager, travel manager, office manager, CEO, or personal assistant, can use the platform by configuring it with special permissions.

Additionally, travel platforms do away with the necessity for companies to personally negotiate costs, as the system takes advantage of the company's volume to access discounts and loyalty programs. Getting the greatest rates and pricing on hotels, flights, and automobiles is as simple as signing up for the proper corporate travel platform.

A corporate travel platform also makes it simple for SMEs to arrange a whole trip with no effort at all, including flights, hotels, and rental cars, all with a few clicks. They can skip looking for and booking each individual bargain. By taking advantage of its large search traffic, the site finds all the available travel bargains on their behalf. As a result, staff output goes up while costs go down.

At the click of a mouse, you can access all the information on your employees' whereabouts in online business travel solutions. If businesses have a decent idea of where their employees are at all times, they can find them and adjust their schedules accordingly in the event that something unexpected comes up.

When it comes to planning business travels, small enterprises can reap a lot of additional benefits by using an online travel platform. Some examples are:

While planning a work trip, you can access the best prices on lodging, transportation, meals, and more—all in one convenient location.

• Ensure everyone adheres to the company's travel policy and maintains their safety
• Cost savings: Compared to traditional travel agencies and managers, many online travel platforms are more affordable. Plenty of them don't cost a dime.
• Collaboration on a trip involves sharing an employee's schedule and arranging necessary arrangements with other employees.
• Cutting down on administrative expenses related to expense report compilation.
• You have the option to combine business and leisure travel, such as digital nomading or luxury travel.

How to get the most bang for your buck when planning a business trip using Booking.com for Business

The most effective strategy for organizations looking to cut costs on small business travel is to use a reliable online corporate travel management service. You won't pay a dime to use Booking.com for business. There are zero booking fees and zero registration fees. Small and medium-sized enterprises (SMEs) may take care of all their business travel needs with this convenient turnkey solution. Workers can plan complete business trips with ease by accessing the best rates on airfare, hotels, and vehicle rentals. You won't have to look for them all individually.

For small and medium-sized enterprises (SMEs), Booking.com offers a wide range of travel and hotel options, as well as millions of honest reviews written by actual customers. In addition to accessing discounts at the Genius level, users can save even more money by linking loyalty cards or frequent flyer programs to the application. Additionally, the Travel Sustainable Program and Travel Sustainable badge provide an industry-leading sustainability framework, allowing customers to simply book hotels that follow sustainable travel regulations.

Photo by Gustavo Fring