The 2024 guide to corporate travel planning

With all the growth opportunities business travel brings to an organization, it’s little wonder that companies plan to invest more in this initiative in the next few years.

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According to a report from Mastercard, 31% of travel decision-makers say they’ll spend over 1 billion dollars on business travel this year, and 52% believe they’ll do so in 2025.* However, another 88% of respondents say that optimizing business travel processes requires more cross-functional collaboration than it did three years ago—which ultimately means more work for corporate travel planners. 

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Companies aren’t bolstering their teams to meet these increased expectations either. In fact, only 14% of business travel professionals say their organization will add staff this year.** 

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With an ever-increasing workload and no one to call for backup, finance managers responsible for overseeing their corporate travel program must work as efficiently as possible. So, in this blog post, we’ll offer some best practices, tips, and tools to help you plan business trips more effectively (and save on travel costs while doing so). 

What is corporate travel planning?

Corporate travel planning is the process of booking, planning, and coordinating an organization’s travel efforts to provide the best possible results for the company and a productive experience for employees. 

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In addition to the logistics involved in planning a typical trip, business travel planners must take into account corporate travel guidelines, employer duty of care responsibilities, and group travel plans. This endeavor makes it imperative for businesses to have an organized and adaptable travel planner leading the charge for the organization. 

What does a corporate travel planner do?

As the title suggests, a corporate travel planner—also known as a corporate trip planner or business travel manager—manages a business’s travel plans. They organize travel arrangements, create and maintain compliance with the company’s travel policy, and manage expense reporting and reimbursement for travelers. 

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Additionally, this role is often responsible for: 

• Researching destinations and creating travel itineraries
• Briefing and preparing employees for their trips
• Negotiating rates with vendors
• Conducting travel risk assessments
• Supporting travelers while they’re on the road

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If you think these duties are a lot for one person to take on, you’re probably right. This is where the corporate travel management tips and best practices in the next section come in handy. Keep reading for guidance on making the travel planning process easier for you and your travelers—and more cost-effective for your company. 

6 best practices to plan business trips more effectively—and save money in the process

1. Create a corporate travel policy

A corporate travel policy outlines a company’s policies and procedures around business travel, allowing travel managers to streamline their work and reduce costs throughout the process. This document also explains to business travelers the duties and tasks they’re responsible for, making a travel planner’s job that much easier. 

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For example, to help prevent out-of-policy spend, a travel policy should list what expense reimbursements are allowed under company policy and which ones aren’t. And, by providing travelers with clear self-booking guidelines and a list of recommended vendors, managers can confidently let employees book their own travel so they can focus on higher-value initiatives. 

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While writing up your travel policy, you may find it necessary to create a comprehensive guide that covers the most common questions employees have. But for their sake, consider organizing it in a way that makes it easy for travelers to find what they need. If possible, create a digitized version of the policy so they can access it while on their business trips. 

2. Manage your travel budget in real time

Knowing your travel budget allows you to plan as effectively as possible within your company’s financial limits. Having a budget also makes it easier for travel planners to make strategic financial decisions and curb out-of-policy spend. 

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However, to stay within budget, you’ll need a way to manage it too. 

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Make sure travelers know how the reimbursement process works so they can be properly compensated for their purchases when they return. Encourage them to look for new ways to maximize the ROI and reduce travel costs for each business trip. 

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Alternatively, you can use a travel and expense management platform like Ramp to issue corporate cards with preset spend limits in lieu of an expense reimbursement process to monitor and control employee spending in real time. 

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With our software, you can adjust your account settings according to your travel policy guidelines to restrict out-of-policy transactions or send them to a manager for approval. You can even reward employees with a portion of the money they save by booking cost-conscious travel options—creating a win-win situation for you, them, and the company. 

3. Book travel as early as possible

Encourage employees to book flights, hotels, and other travel plans as soon as possible (and ideally, as soon as the trip is confirmed). Booking travel early allows them to save the company money, as travel costs often increase in price the closer they get to the date. 

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They should keep in mind that they’re competing with other travelers (and sometimes other businesses), so the sooner they book, the more options they have to choose from—and the more chances they have at securing a discounted rate for these purchases. 

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Otherwise, event organizers may find themselves putting a group of travelers on several different flights or paying for more expensive hotel rooms because the standard ones are fully booked. 

4. Emphasize the importance of detailed yet flexible itineraries

An itinerary that’s clear and easy to understand makes business travel easier for employees. This is especially helpful on trips with complicated schedules, several meetings on the docket, or stops in different cities. Each itinerary should include all the details travelers will need for a successful business trip. 

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So, whenever employees organize conferences, offsites, and other business travel opportunities, have them include the following information in their itineraries for a stress-free travel experience:

• Flight and accommodation details
• Weather conditions expected during the trip
• Conference or meeting venue information, if applicable
• Time for meals, breaks, and leisure
• Restaurants, tourist attractions, and locations of interest in the area
• Links to any travel documents or paperwork needed during the trip
• Other helpful information, such as who to contact in case of an emergency

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Itineraries should also be flexible enough to account for mishaps, delays, and other unforeseen circumstances. So, for instance, if employees are booking business travel during the holidays, they should leave even more wiggle room than usual in their company travel plans in case of overbooked flights or poor weather conditions. 

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Flexible travel plans help employees stay on schedule—and avoid rebooking and cancellation fees—even if things don’t go exactly as planned. 

5. Take out business travel insurance for employees

If you travel extensively, you know that even the most well-thought-out itineraries don’t always pan out the way you expect them to. As a travel manager, it’s your responsibility to plan for these contingencies—and especially for the worst-case scenarios. 

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Purchasing travel insurance for every business traveler can help you protect employees in case of an emergency, accident, or other unexpected circumstances. A comprehensive travel insurance policy ensures that your travelers (and the company) don’t foot the bill when a missed flight, injury, or even a natural disaster occurs. 

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The cost of travel insurance depends on several factors, including the number of people you want to cover, the destination, the length of the trip, and the number of stops on the trip. However, you may be able to secure a discounted rate for large groups or frequent travelers. 

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Before you purchase a policy, read the fine print to understand what’s covered, how much coverage is provided in those circumstances, and what isn’t covered under the policy terms. Ideally, you want to find a policy that offers 24/7 support for travelers and covers the following, at minimum: 

• Trip cancellations or interruptions
• Travel delays
• Lost, stolen, or damaged luggage
• Car rentals and collision damage, if applicable
• Medical and dental bills
• Emergency medical evacuation 

6. Establish relationships with travel vendors and providers 

Building relationships with travel agents, vendors, and service providers in the travel industry can reward your company with discounted rates on flights, hotels, ground transportation, and other services travelers might need. This, in turn, allows you to stretch your budget further so you can invest in enhanced comfort and greater perks for your employees. 

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As with any business relationship, treat potential travel partners with care. Be clear about your needs, expectations, goals, and travel policies. Since relationships are a two-way street, be mindful of each vendor’s needs and expectations as well. If you feel like a partnership may not be a good fit, communicate this clearly and in a timely manner. 

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If you’re unsure where to start, consider reaching out to the travel and hospitality businesses your company already works with. 

Essential tools every business travel planner should have

The best travel planners often use a travel booking platform, expense management software, plus additional trip planning tools to help them manage their workload and oversee their company’s travel policy. 

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To create corporate travel plans more efficiently, look for software with powerful features that can support you in your day-to-day work. For instance, many business tools today offer automation workflows for routine tasks and software integrations to connect the platform to the rest of your company’s tech ecosystem. Also keep an eye out for travel management platforms with customizable travel policies and detailed, real-time analytics so you can easily identify travel spending trends and cost-saving opportunities.

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Don’t overlook the usefulness of consumer travel apps, either. You might use online booking platforms to snag coveted dinner reservations for business meetings, communication apps that only require an internet connection for employees to get in touch, and GPS tracking software to ensure the safety of travelers even when on the road. 

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Start your research with this list of 8 business travel management tools, then broaden your search based on your organization’s unique needs and goals.

Choose travel and expense management software that does the heavy lifting for you

One of the most effective ways to reduce your business travel planning workload is by using travel management software that allows you to book travel and manage business travel expenses on one easy-to-use platform. 

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Ramp’s comprehensive travel booking platform features enable companies to implement cost-saving measures from booking to book close—and every other step in between. Use our booking tool to search for flights and accommodations that comply with your corporate travel policy and budget, then use features like auto-enforced spending limits and control to curb out-of-policy spending.

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Learn how Ramp can simplify your travel planning workflow by requesting a demo today.

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Footnotes:

* Based on responses from 541 travel decision-makers in the US, Canada, Italy, Germany, Australia, and India 

** According to an online poll of 707 business travel professionals