Business travel is on a high rate, with most businesses looking to expand and grow their ventures globally. Businesses fuel a larger percentage of the travel industry profits and can be a bit pricey, if you do not have a proper travel plan in place.

Nonetheless, you can manage to make some savings on it, even if you have loads of employees flying in and out of different locations. Although you can invest in some of the best video conferencing equipment out there, sometimes face-to-face communication abroad is the only way.

So how do you save on business travel? Here are five hacks to get your started:

Tighten up your business travel policy

There are many things to consider when setting up a business travel policy. These can range from hotel reservations, flight bookings, transportation, meal allowances and other expenses to be incurred during the trip.

The best way to save some time and money on business travel is to make sure your business travel policy is up-to-date and functional.

It should have a clear set of guidelines on things like flight and hotel bookings, as well as on-site spending. This way you and your employees only make travel decisions and plans based on the itinerary and not anything outside it. Thus limiting any additional travel costs and saving time on preparation and etcetera.

Be clever with your currency exchange

If you are used to exchanging your currency at the airport, then it may be time you stop and look for other options. This is because airport currency exchange centers are universally known to offer high exchange rates with some hidden fees. This means that you are bound to lose loads of money.

The best way to approach currency exchange while on a business trip is to use an ATM or change your money with your home bank before you leave. For example, if you are looking for a money exchange program in Winnipeg, Canada, you are able to map out some of the best places to do your exchange ahead of time. This can end up saving you loads of time and money.

Take note that when it comes to currency exchange, it is all about the exchange rate. So do not be swayed by the zero percentage commissions often advertised by most businesses. Compare the different exchange rates and then make your choice.

Have a pre-trip approval system

The best way to cut costs and save time on any business trip, is to have an approval system in place. This way you do not waste money by booking and cancelling trips.

In relation, if your business requires loads of travel time. You can opt to partner up with a travel management company. This way you get to have a clear statement of any travel arrangements.

You can also opt to choose which employees can do their flight and hotel bookings via a travel management online booking tool. You can monitor the bookings, so that you take any action in case they make plans outside of your business travel policy.

Make data-driven decisions

It can be difficult and time-consuming to research and figure out some of the best times to travel for business. Therefore, it would be ideal to make use of some online tools and websites like Biz Airlines, to help you know the most optimal travel time.

Such websites and tools will likely help you collect enough data to help you decide when to travel. They are likely to collect and compile different kinds of information such as on-time performance of certain travel airlines, check-in’s, as well as TSA boarding efficiencies and potential weather issues.

Use fare alert tracking system

Airline tickets and hotel rooms can be costly, especially if you tend to travel a lot for business. Therefore, you need to properly plan for them, it does not matter if you are flexible with your travel dates or airline choices. Besides, it is always cost-effective to have a fixed travel plan in place.

Before you make your hotel and flight bookings, track their prices using some top online fare tracking tools. This way you do not miss on any good deals, discounts or sales. You might think you have a fair deal, only to see prices become more favorable and lower.