Whether it’s your salespeople courting prospective clients or staffers attending important industry conferences and seminars, T&E plays an important role in most firms.
Here are a few simple tactics to help make T&E costs more manageable:
- Require more approvals. Many firms take a blanket approach to T&E spending and approve just about every request that comes through. But a closer look at T&E requests can net some serious savings.
Example: Adding a second-level manager for approvals on all air travel — or having executive management pre-authorize all business trips. The added level will prohibit employees from requesting unnecessary extras. Approvals from influential decision-makers translate into more prudent T&E spending.
- Alternatives to trade-shows. Many firms rely on industry trade shows to bring in business. But companies that can’t afford to pay top dollar for prime floor space can still reap trade show caliber benefits.
The alternative: Renting hotel suites at $300-$400 a room. On top of hundreds of dollars in savings (money that could be spent doing more to attract key prospects), the more personal setting gives companies a competitive edge.