Maximise your business travel budget

A business travel budget shouldn’t be viewed as a cost line, it’s an investment in growth, innovation, and competitive advantage. When managed strategically, corporate travel delivers measurable value through stronger relationships, market expansion, and employee engagement.

Below are practical ways to maximise your business travel budget and ensure every dollar delivers value.

Understand the business travel landscape

Comparing last year’s airfare or hotel rates offers little insight without context. Pricing is shaped by factors such as staffing, supply and demand, inflation, and fuel costs.

To manage budgets effectively, travel managers should stay informed about current market conditions and supply chain dynamics, adjusting booking behaviours to align with realistic pricing and available inventory. A market-aware budget sets the foundation for sustainable cost control and value creation.

Leverage a travel management company for savings

Partnering with a corporate travel management company (TMC) helps organisations uncover efficiencies beyond simple cost reductions. A dedicated account manager supports supplier negotiations, traveller safety, programme reporting, and continuous optimisation, ensuring your programme achieves both financial and strategic results.

Stuart Birkin, CTM’s General Manager, Scotland explains: “We are here to provide tailored travel management solutions to our customers which focus on driving value through savings, safety and efficiency. We do this through providing customer service excellence, innovative technology, and regular programme review and optimisation strategies that take into consideration current and evolving market conditions to maximise opportunities. Cost savings is not solely about achieving the cheapest hotel rate or airfare; It is also about being able to demonstrate a return on investment. Did the organisation retain or win new customers, launch a new product, recruit and train more staff, or open new office locations as a result of the business travel? Did the business gains outweigh the expense? This is important as the cost of not traveling can be far greater.”

Improve compliance through travel policy design

A strong corporate travel policy drives compliance, safety, and savings. By consolidating suppliers, defining booking behaviours, and encouraging aligned product choices, organisations can better manage spend and traveller experience.

“We encourage clients to drive bookings through their online booking tool to improve compliance,” says Amy Lloyd, CTM Client Value Manager, Western Australia. “Capturing reasons for out-of-policy bookings builds visibility and supports future training and policy refinement.”

Regular training sessions and internal communications help maintain engagement and reinforce compliance expectations.

Use technology to streamline approvals and booking

If your organisation is not currently using an online booking tool, there may be untapped savings opportunities.

“Utilising a self-service corporate booking tool is an easy way to lower booking fees and improve productivity with access to all your policy-compliant content in one place”, says CTM’s Head of Client Value Management – Asia, Molly Choi.

Integrating travel policies and pre-trip approvals directly into your booking process ensures compliance while reducing manual oversight.

Analyse booking behaviour to identify savings

Reviewing booking data helps uncover patterns and opportunities. Ask:

• Are trips being booked far enough in advance to secure lower fares?
• Are flexible fares being purchased unnecessarily?
• Are travellers optimising trip itineraries to maximise productivity?

Integrating booking best practices into onboarding and ongoing education ensures consistent cost awareness across your teams.

Reuse unused travel credits

Travel credits represent an easy win for budget optimisation. Regularly audit credit balances, check for expired funds, and reassign credits (where permitted) to active travellers. This ensures every dollar already spent is fully utilised.

Book early to secure the best fares

Advance purchase remains one of the most reliable ways to save on business travel.

CTM’s Fare Forecaster helps organisations identify the cheapest travel days, including corporate rates to empower data-driven booking decisions.

Optimise supplier relationships

Analysing travel data allows your TMC to identify opportunities for improved supplier agreements. CTM’s strategic supplier management approach focuses on ensuring that airline, hotel, and car rental partners remain competitive, reliable, and aligned with duty of care and traveller experience goals.

Key takeaways

• Stay informed about market and pricing trends.
• Partner with a TMC for expert strategy and savings.
• Strengthen policy compliance through OBT integration.
  Educate travellers on booking best practices.
• Reuse travel credits and book early.
• Continuously optimise preferred supplier agreements.

By reframing your travel budget as an investment, not an expense, you’ll achieve better outcomes, improved traveller experience, and stronger business returns.