According to a new report published by Allied Market Research, global business travel lodging market size was valued at $257.40 billion in 2018, and is estimated to reach $450.80 billion by 2028, growing at a CAGR of 14.77% from 2021 to 2028.
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Following are the ways how one can craft a more chiseled-up budget for business travel.
Looking back at the pre-pandemic outlays is highly important
Company owners who have started building a corporate travel budget, reviewing and comparing the travel expenditure from the previous years is important indeed. Factors such as the number of trips the employees took, the length of their stay, places they travelled the most, average cost of lodging & air ticket, and many more should be perfectly covered through the review. Scuttling through the questions will give the team an exclusive view of your organization’s travel history, which in turn can help them formulate a more precise outline of their financial plan and guide the rearrangement of funds.
Similarly, utilizing the present to craft for the future is wise too
Your company’s 2020 and 2021 travel expenditure can also provide you with relevant information to cogitate about for your budget. Although corporate travel has been considerably less in number than that of the previous years, your recent disbursements should likely take in procuring technology that would help protect your travelers. These should comprise contactless payment options, PPE materials, and so on. One should always make up for these kinds of expenses as they fabricate your 2022 budget so that they can keep their traveling employees safe and sound.
Creating a travel policy always makes sense
A travel policy of a corporate firm tends to play a major role in ensuring that the reservations made by the traveling employees for transportation & hotels are within the budget of the company. And, while forming a travel policy for the employees, one should always take certain things, such as their budget, the travelers’ needs & safety, and different aspects of travel incidentals that the organization may remunerate for such as fuel & food, into account.
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