SINGAPORE, 19 July 2023: Business travel continues to grow, with a projected 188% rise forecast over the next five years, but at the same time, costs are expanding
In response to these trends, a seasoned business travel expert offers nine tips – from taking flights on the half-hour mark and early weekdays to booking eight days in advance – to help businesses get more value from their travel in the next financial year.
FCM Asia managing director Bertrand Saillet says: “As travel experts, we know the tricks of the trade to secure the most convenient, cost-effective travel options for corporates that travel regularly. Here are some money-saving hacks that business travellers have tried and tested over the years.”
“FCM Asia has helped more than 7,000 businesses with their travel through a whole suite of offerings, from expert advice through dedicated travel managers and 24/7 support to innovative booking technology and AI-powered travel assistants. Our team knows that, ultimately, service, efficiency and value are priceless for businesses, which is why many of these hacks will also improve the travel experience and save time,” added Saillet.
Here are nine travel hacks to cut business costs
Save up to 20% on airfares by booking eight to 14 days ahead. FCM Asia’s experience shows that the cheapest domestic airfares are those booked eight to 14 days before departure. Airlines tend to release cheaper seats around this time to fill their flights. Business meetings are often arranged one to two weeks ahead, so this hack is more useful to businesses than leisure travellers.
Book flights on the quarter-hour or half-hour for cheaper fares. FCM Asia’s veteran business flyers swear by this rule, and they put this down to a classic case of supply and demand. Flights that leave on the hour are more costly, as they are booked more frequently. For example, an executive assistant or travel booker might be instructed by management to book a flight at 0800, and they will simply book a flight at that exact time. By booking flights 15 or 30 minutes on either side of the hour, travel bookers can find a less busy, and therefore more affordable, option.
Book early-week flights. Google Flights data shows that, on average, flights that depart on Monday, Tuesday or Wednesday have been 12% cheaper than weekend departures. This hack will be useful for business travellers who have the flexibility to book early-week meetings. Late-week flights, while more expensive, come with other bonuses: a traveller may be paying more for a Friday flight, but they have the added advantage of taking on a weekend away in that destination.
Stick to one or two airline rewards programmes. It’s tempting to sign up for every rewards programme, but FCM Asia recommends maximising just one or two of the major ones and growing your membership status. The most covetable perks in these programs – such as the first pick of seats, additional luggage, and business lounge access – are available for members that reach gold or platinum status, which is difficult to achieve across multiple programs. The major programs, such as KrisFlyer by Singapore Airlines, allow you to accumulate and redeem points when flying with a broad range of alliance partners.
Negotiate prices across your travel suppliers every 24 months. Many businesses have a ‘set and forget’ approach to their travel policies. This year, FCM Asia has seen several policies that have not been updated since 2019. If you want to reduce your business’s travel budget in FY24, it’s worth negotiating prices and scope of services with providers – such as hotels and car hire companies – set out in your policy. It may be worthwhile switching to providers that offer better value. Whichever way your business travel has changed over the past few years, you should have a travel policy to match it.
Use the ‘five-block rule’ to cut costs for city bookings. Avoid booking within five blocks of the CBD to save on hotels and restaurants in cities. When looking for an alternative, choose areas with good public transport and easy access to the CBD.
Bundle your trips. Since the pandemic, many of FCM Asia’s customers have changed the frequency and length of their trips. While same-day trips were hugely popular in 2019, weekly trips are taking over, as businesses bundle several meetings in a single two- or three-day trip – and occasionally a leisure trip tacked onto the end.
Flexibility trumps loyalty for cutting costs. Sticking to the same hotel group or airline because you’re on a loyalty program can give you unique perks and deals but may not equate to cheaper travel over the year. Regularly compare prices with other travel providers to ensure you have the best value. Alternatively, set a cost cap for travel and allow your employees to pick their hotels and flights. This gives travellers ownership over their business trips and better employee satisfaction while ensuring costs meet an agreed rate.
Join value-add programmes and sign up to travel newsletters. It’s worth selectively signing up for hotel and airline e-Newsletters to keep up with sales and discount codes exclusive to subscribers.
About FCM
FCM is one of the world’s largest travel management companies and the flagship corporate travel arm of the ASX-listed Flight Centre Travel Group. Discover more at www.fcmtravel.com.
