5 key elements for an effective business travel plan

India’s outlook on business travel looks fairly optimistic. According to KPMG and FCM Travel Solutions, India along with 10 business travel markets, will emerge as a leader, having spent over $29.6 billion in 2015. With overseas markets becoming more accessible and entrepreneurs willing to expand businesses, the cost is expected to triple to $93 billion by 2030. As business travel is set to surge, companies will have to draft best, cost effective policies. Here are five key elements of an effective business travel plan. (Image: Shutterstock)

Budget hotels/serviced apartments segment will get stronger with business travel as companies, including startups and small businesses will look at budget hotels and serviced apartments, mostly in case of long stays. It is a vibrant, viable market and cost effective. (Image: Shutterstock)

Corporate travel agents seek discounts and effective planning. These agents can help companies make bookings and get the best deals, without compromising on quality. They maintain transparency, and give you the liberty of tracking where your money is being spent. (Image: Shutterstock)

Loyalty travel is a price sensitive market in India, where frequent flyers look for discounts and travel programmes. Loyalty points in airfares, hotels and online travel companies can help you make all bookings while maintaining your budget. (Image: Shutterstock)

Smart technology is a viable in-house system that can help companies track every expenditure during a business travel. An expense management system can capture travel details from start to end, be it bookings, approvals, claims, etc. (Image: Shutterstock)

Companies are offering activities and tours beyond work to maintain a balance between business and leisure, especially overseas in exotic destinations such as Singapore, Malaysia and Srinagar. (Image: Shutterstock)