Business travel is a fact of life for a lot of people. In fact, business passengers make about 75% of airline profits, according to the market study of Investopedia. So if you regularly travel for your business, you need to look beyond being able to run your business from anywhere. The advent of regularly traveling for business is a good opportunity to put in some practical travel options for the future. In this vein, what travel options would be the most practical?
Official Business Vehicle
Not every business trip requires a plane ticket; often, driving there will suffice. The average cost of renting out a vehicle for a day can go anywhere from $93 to $101. This can stack up significantly over time, so it’s not really practical for you if you need to travel often. Purchasing a vehicle specifically for your business might be expensive at first but it helps you save up over time—especially, once you factor in tax deductions. It’ll also help if the vehicle is suitably insured to cover any unforeseen events. In the event that the company car is in an accident, your personal liability, as the driver, is minimized in term of insurance.
Maximize Card Rewards
It is not unusual to use a credit card to charge for business travel. Luckily, credit card rewards come in many different forms like rebates, cash back, and even special deals says Atish Davda of EquityZen. If you’re a frequent flier, a good way to be practical is to maximize any card rewards you have. Beyond scoring free flights, you may also be able to get discounts to stay at your card’s partner hotels or dine at your card’s partner establishments in your destination. Not to mention that being able to use a credit card and pay on time will do wonders for your credit score.
Book Only After Confirmation
One of the biggest perils of business travel is having a meeting or a convention suddenly change its schedule after you’ve booked your travel details. So one of the best ways to be practical is to make it a habit to only book your details after you have explicit confirmation of your schedules. Also, avoid booking at the last minute. Any flights or cars that are booked within three days of use are 47% more expensive, says Dan Ranch of Rocketrip. It also helps to make use of flight tracker apps to make sure that you and your trip are on schedule.
Taking full advantage of the opportunity to be practical with your business travels help to save you a lot of money. It will also help to alleviate a lot of stress from your shoulders. Don’t hesitate to look around and test out different methods to best inject practicality for your business trips.