At the end of the day, the only thing that most companies care about is money - how to make it; invest it; and spend it. Travel, business and finance all share this in common - money - including the best way to manage it within a corporation. After all, capital is the foundation of economics, and finance drives business, which creates the opportunity for travel and making profits overseas.
Managing money and expenses
For any business to be successful, it must have a finance team or department who can handle the organisation’s money and costs well. Also, a company should have clear corporate policies in place that detail how to expense funds, so budgets are not exceeded, and business finances are not affected.
Frequent corporate travellers should submit their expense reports promptly, and ensure that they include all trip details that’s required by the organisation. As a result, a corporate travel platform is recommended for Road Warriors, as it makes submitting reports easier. This type of platform lets you upload trips and expense sheets for approval, book hotels, manage journey preferences, and more seamlessly, which is a significant advantage when you’re regularly trekking the globe.
Finding and negotiating the best pricing
Of course, the key to making money (or saving it) is finding or negotiating the best deal. How much will that cost you? Is that a wise investment? Can you find a similar offer somewhere else, for less? These are all questions that people consider when making financial decisions, especially in business. Finance teams have to ask themselves these questions for assessing risk and managing cash flow. Travel managers also consider these questions when booking trips, especially for frequent fliers, to remain within the organisation’s set budget. Afterall, who doesn’t want a great deal when they have cash to burn - theirs or someone else’s?
understanding reporting trends
Crucial to making a profit is tracking behaviours and patterns including those among individuals, departments, industries, and markets. As a result, reporting within any system you use is necessary. Depending on your role and department, you should identify key performance indicators (KPIs) to measure to ensure that you’re on the right track. For example, a travel manager would measure travel spend, hotel visibility, reimbursement days, and traveller satisfaction to name a few.
On the other hand, a CEO would care more about monthly recurring revenue (MRR), profit margins, and customer satisfaction rates; whereas a CFO considers operating cash flow, debt to equity ratios, and budget variances instead. Whatever metrics you evaluate, make sure that they’re ones that directly correlate to your role, and how you’ll stand to make money in that position.
While the differences between travel, business and finance are great, ultimately, they do share one thing in common: money. Capital is what drives economies; build enterprises; and makes travel possible. However, the thing to always keep in mind is that money is only valuable if you make it; invest it; and spend it - wisely.
Written by Paul Podbury @Locomote