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EOFY and how to save costs on corporate travel…

With the End of Financial Year fast approaching, David Goldman shares how to cut down travel costs, avoid service fees and utilise hotel programs.

Three ways to save costs on corporate travel

  •  When possible, book restricted fare levels as these can still be changed up to a day prior, allowing a 24-hour period of flexibility should unforeseen events arise.
  • Consider splitting travel across different classes to streamline costs. For example, shorter legs can be booked economy or premium economy, reserving business class for journeys exceeding 10 hours.
  • Plan ahead by referring to the Goldman Events Calendar for key event dates to avoid, which can result in inflated ticket prices almost double the original fare.
  • Adhere to airline agreements and market share with a streamlined airline to reap the benefits of discounts and deals. Goldman, on behalf of its clients, will go direct to airlines to request percentage discounts on the best available fare. To be eligible, the client must fly with the same airline, maintaining a 92% market share, however, with the opportunity of saving up to 25% on the best available rate, the commitment is worthwhile.
  • Focus on advance booking behaviour. As a rule of travel thumb, booking as far in advance will result in a better rate. If the client is aware of travel plans a minimum of two weeks in advance, cost savings upon booking will be notable. The key is to plan ahead, as much as possible, when possible.

How to avoid service fees

  • Book flights, accommodation and rental cars in one transaction with a single provider or by using tools such as Goldman’s online booking tool, GoldRes powered by Serko. This way, only one fee is applied.
  • Avoid unnecessary booking amendments, where possible.

How to utilise hotel programs

  •  Lock in rates at hotels where you will likely stay 50+ nights. Avoid spreading yourself too thin with multiple options.
  • Enquire about a percentage discount offer, as opposed to a fixed rate or the best available rate. A percentage discount offer offers up to 12% off the best available rate, however to be eligible, the client must book at least 30 rooms at the same hotel per year.
  • Value adds such as inclusive WIFI, discounted parking and complimentary breakfast all contribute to cost savings, therefore it’s important to utilise value adds as much as possible.
  • Leverage corporate programs such as Virtuoso to save and benefit from value adds. Goldman’s preferred hotel program spans over 2000 hotels in 96 countries, offering fantastic inclusions and perks.

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