When it comes to corporate business travel, securing hotel rooms for your traveling employees is as important as booking the right flight. Access to clients or customers, the availability of good restaurants and additional hotel amenities all need to be taken into consideration to ensure your road warriors are satisfied and able to get their work done while they travel.
The latest information from the Global Business Travel Association (GBTA) and Business Travel Network (BTN) states that hotel rates are on the rise in 2016. In North America, prices are expected to increase about 4.3%, the largest increase compared to the other global region projections noted. Increased demand with limited supply is the biggest contributor to the rate increases, and hotels will continue to maximize ancillary fees and develop more stringent cancellation policies.
Armed with this information, SME’s need to consider what opportunities and possible challenges exist for the corporate travel program. As you consider your travel and entertainment (T&E) budget for the rest of this year, take a closer look at the following items, determine how they may impact your bottom line, and what opportunities exist to create more cost savings and overall budget predictability.