Ebook

Guide to Creating a Corporate Travel Budget

Unlock the secrets to optimizing corporate travel budgets! This e-book provides essential insights into balancing travel costs, enhancing user experience, and maximizing attendance for successful event and meeting planning. Perfect for corporate travel managers and event planners looking to streamline their planning process!

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Guide to Creating a Corporate Travel Budget

What you'll learn

The Truth About Corporate Travel Budgets

Travel budgets can be a challenging topic, but they are crucial for successful corporate travel and event planning. This e-book explores the realities of travel budgets and provides valuable insights for meeting and event planners as they gear up for the busy Q1 travel season.

The Good, Fast, Cheap Dilemma

“Good, Fast, Cheap—pick any two (but you can’t have all three).”

Let’s unpack what this really means:

Good and Fast won’t be Cheap: Delivering high-quality work quickly will cost more.
Good and Cheap won’t be Fast: Producing quality results at a low cost will take more time.
Fast and Cheap won’t be Good: Quick and inexpensive work may compromise quality.

As meeting planners analyze their travel budgets, it’s crucial to understand the trade-offs.

Goals of Corporate Travel

Balancing Travel Priorities: User Experience, Cost Savings, and Attendance

Goal #1

Provide a Good User Experience for Attendees

If enhancing user experience is the priority, cost savings may take a hit.

Case Example:

AllFly has a client who prioritized user experience by allowing up to $3,000 per passenger to fly in any cabin.

End Result:

Higher expenses, but greater satisfaction for travelers booking their preferred flights.

Goal #2

Save Money

When the primary goal is cost reduction, attendee experience is likely to suffer.

Case Example:

A client attempted to fly 52 people from the US to Europe with a budget of $1,000—far too low for international travel.

End Result:

Over 80% of booking requests were out of policy, leading to frustration among travelers and a negative sentiment toward the company travel manager.

Goal #3

Optimize Traveler Attendance

While maximizing time spent together is important, it can negatively impact budgets.

Case Example:

A client mandated that all attendees leave after 3PM following a 1PM meeting.

End Result:

Increased travel costs as limited flight options forced several attendees to stay an extra night, leading to an overspend of over $3,185.

Choosing with Purpose

You can’t save money, provide an exceptional user experience, and enforce strict rules all at the same time. It’s essential to prioritize what matters most for your program and align your travel policies accordingly.

Prioritizing Your Goals

Thoughtful Planning

In the world of corporate travel, you can’t have it all, but with thoughtful planning, you can achieve what’s most important to you.