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How important is your business travel budget?

The first half of 2014 has seen business travel budgets swoop low under the radar of scrutiny in comparison to previous years. As budgets increase due to the growth in global mobility for businesses around the UK, it’s not just international travel, relocation and project work that’s making up for the majority of budgets. All sizes of companies are attending meetings, events, conferences and exhibitions more and more, as the emphasis on traditional face to face engagement continues to lay the foundations of business.

Seeking out the best available price, whether it’s train fares, air fares or serviced apartments,  is one way in which companies are keeping costs down at a time when business travel budgets are being closely monitored internally. Companies are also allowing employees the room to book their own travel and accommodation, rather than just relying on options provided by a travel management company. For those who are afforded the time to research their own business travel, going straight to the source, for example, National Rail, British Airways or SilverDoor, could provide a variety of choices to fit the traveller’s budget.

There are a number of developing nations that are increasing global mobility and, therefore, business travel. The increase in global mobility, alongside emerging markets, is always going to grow year on year in regards to the universal spend on business travel. This doesn’t necessarily mean that businesses are increasing their budgets; in fact, companies are now being more stringent and are reigning in careless spending. This is why businesses are now demanding more options from travel management companies. Whilst some companies seek the best available price across all forms of business travel, are they then sacrificing the comfort and productivity of their employee for the benefit of cutting costs? That’s another argument altogether.

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About the Author

Stuart Winstone

With over 15 years’ experience in hospitality and the serviced apartment sector, Stuart has gained an unparalleled knowledge about the industry and how it works. As SilverDoor’s representative on the HBAA Serviced Apartment Committee, he has a comprehensive insight in to serviced apartment news and property partners all over the globe.