The MacNair Travel Leadership Blog

Reach Your Travel Program’s Potential with KPIs & Savings Measurements

Posted by Mike MacNair on Jun 30, 2016 12:00:00 PM

According to the GTBA 2016 Global Travel Price Outlook Report, global hotel rates are expected to rise 2.5%, and in North America, meetings and event costs per attendee are projected to rise 4.5%. How much will that impact your T&E budget?

If you’re like many CFOs, you realize that travel expense management is an important component of financial health, yet you may also realize you don’t have the visibility you need to improve your bottom line. In fact, you might feel T&E is something of a black hole.

It’s no secret that the first step to savings measurement is to review your existing corporate travel policy while considering your company’s financial objectives. If one of your goals is decrease spending, an area to look at is how to lower costs related to your travel program. Take some time to go over your current travel processes. The review will help to reinforce your correct assumption that reducing travel costs is largely about streamlining systems and creating easy-to-follow procedures.

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Topics: CFO

4 Ways to Make Data-Backed Corporate Travel Decisions

Posted by Mike MacNair on Jun 29, 2016 12:00:00 PM

Travel is essential to the success of your SME even in today’s hyper-connected workplace. Not all meetings can be managed via video conference or work conducted over email exchanges. Quick growth and globalized expansion are hallmarks of enterprise development and travel is essential to developing and maintaining important relationships, providing customer support and securing new business. Travel can also be one of the most expensive line items in your operating budget. 

Striking a balance between a robust corporate travel program and a tightly controlled budget is possible but typically requires the implementation of customizable online corporate booking toolsand the guidance of a professional travel management company (TMC) to help navigate through the complexities of your program. Companies that realize the greatest savings utilize TMCs and typically see a 10-20% cost savings on their entire annual T&E program budget. In addition, these companies witness measurable impacts on program oversight, control, support and overall employee productivity.

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Topics: Corporate Travel, TMc

5 Considerations for Corporate Travel Expense Programs

Posted by Mike MacNair on Jun 23, 2016 12:00:00 PM

If you’re like many organizations with automated expense reporting, you are well aware of the advantages of improved visibility into travel expenses. Automated expense solutions not only provide insight, but also save valuable time for your travelers and finance team. No more keeping up with paper receipts!

Now you may be ready to expand on your existing solution. After all, how do you leverage all that data to move the needle and increase your ROI even more? As you contemplate next steps, take these five symbiotic considerations as starting points.

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Topics: technology, TMc, Travel Management Company

How Managed Travel Can Reduce Costs When Working with Car Rental Firms

Posted by Mike MacNair on Jun 21, 2016 12:00:00 PM

With the increased competition from Uber and Lyft, many car rental companies have raised their prices. Yet, are they offering you more? If your top travelers are paying more for the same service, it could be a sign that it’s time to review your preferred suppliers and determine your true travel needs.

For example, how often does your company rent cars? What types of cars do they usually rent? Do your travelers typically put a lot of miles on the rental or is it used for short distance travel? What types of upgrades are permissible within your travel policy? What type of supplementary insurance is necessary?

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Topics: Managed Travel

Tax Compliance Implications of Business Travel

Posted by Mike MacNair on Jun 16, 2016 12:00:00 PM

Did you know your business travelers could be liable for double income tax while they’re working in another country? Did you know it’s possible to inadvertently expose the company to a corporate tax liability by engaging in certain types of business while traveling?

Chances are, neither your travel managers nor your business travelers are thinking of the potential tax implications for business travel. Yet, technically, if one of your employees spends a week in another country (or state) they owe income taxes to that entity under the Pay-As-You-Earn type taxes for the amount of time they’re there.

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Topics: travel policy, Tax Compliance, Travel Management Company

5 Strategic Meetings Management Myths Debunked with Travel Management

Posted by Mike MacNair on Jun 14, 2016 12:00:00 PM

You might ask yourself what Strategic Meetings Management is. After all, every business requires meetings. Some of those meetings require travel in order to reach them. So, where’s the strategy? 

In this article, we’ll define what a strategic meetings management program (SMMP) is and how it affects your business objectives, cost savings, duty-of-care and other important elements of your travel program.

What is Strategic Meetings Management (SMM)?

The Global Business Travel AssociationBusiness Travel Association defines SMM as “the disciplined approach to managing enterprise-wide meeting and event related processes, activities, metrics, standards and supplier strategies to achieve business objectives, quantitative cost savings, risk mitigation, and optimal service levels.”

In other words, it covers everything that goes into preparing for a meeting and ensuring your employees are able to maximize their attendance. Whether a large, company-wide event or a small meeting with only a couple of key members of your team, a SMMP affects them.

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Topics: Travel Management, Strategic Meetings Management

4 Systemic Corporate Travel Trends You Can’t Ignore

Posted by Mike MacNair on Jun 9, 2016 12:00:00 PM

The small and medium sized enterprise (SME) is finding that corporate travel is essential for the success of their business. Making the conscious choice to make travel a driver for growth is critical to remaining competitive and relevant in today’s global economy. As the person who manages the T&E budget within your company, it’s imperative that you take a proactive approach to managing your T&E line item – the second largest controllable expense within your business’ budget.

Fortunately, the travel industry and corporate travel trends are making the travel management process more cost effective, easier for finance and offers other staff the ability to provide unprecedented support for your road warriors. As you review the following travel industry trends that can positively impact your business (and your bottom line), understand and assess how they are applied within your travel program, and then incorporate them into your corporate travel policy where necessary.

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Topics: Travel Management, Travel Trends

How the US Chamber of Commerce Saved Over $200k with Managed Travel

Posted by Mike MacNair on Jun 7, 2016 12:00:00 PM

Headquartered in Washington, DC, the United States Chamber of Commerce (USCOC) represents more than 3 million businesses of all sizes across the country. This century old organization is the largest non-profit that advocates on behalf of America’s business interests.

When new management took over the USCOC, they wanted to make changes in their travel program. As with many organizations, they wanted more control over their T&E budget and wanted to put a strategic travel system in place that would benefit the entire organization.

The USCOC wanted to partner with a TMC that would help them reach their travel management goals, so they hired MacNair Travel Management due to our association travel management expertise.

 

We started with reviewing the existing program.

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Topics: Managed Travel

Is Your Corporate Travel Payment Strategy Hurting Your Bottom Line?

Posted by Mike MacNair on Jun 2, 2016 12:00:00 PM

Developing and executing a travel program that supports your business travelers as well as supports your business objectives can be a bit like walking a tightrope.

You’re balancing convenience for your travelers, with risk reduction and cost savings among other concerns.  

In order to have a highly functioning corporate travel payment strategy there are a few key elements you’ll want to have in place. From strong relationships with your preferred suppliers, to improved reporting procedures, there are multiple facets where your travel payment strategy impacts your bottom line.

Here are two important elements of your travel program that bear reviewing as they can have a significant impact on your bottom line. 

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Topics: Corporate Travel

Key Components of Travel Risk Management and Duty of Care

Posted by Mike MacNair on May 31, 2016 12:00:00 PM

In a study conducted by Travelport, 57% of executives reported that non-compliance with their corporate travel policy was one of their top three concerns.

Business Dictionary defines duty of care as: an individual or organization is obliged to “avoid acts or omissions(which can be reasonably foreseen) to be likely to cause harm to others.”

In other words, the company is responsible for ensuring business travelers are forewarned about any potential dangers of travel conducted on their behalf.

We typically discuss matters of non-compliance to travel policy in the context of expense management but when it comes to duty of care, compliance can also play an important role in traveler safety.

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Topics: duty of care, risk management