Corporate foreign exchange news

SMEs 'can't cut travel money budgets'

Wednesday, 06 January 2010 09:36:11 GMT

Published by Zeb Bham
Small and medium-sized enterprises (SMEs) cannot trim back their travel budgets in the way large companies can because travel and exports are essential to their business, Advantage has claimed.
According to Norman Gage, director of business travel at the travel agency network, said that while global businesses can scrutinise their travel policies and cut out non-essential meetings, SMEs have little room for manoeuvre as they have always been conscious of the cost of travelling unnecessarily.
"They're much more cost conscious, they want more options for a journey before they make their mind up about which one they're going to take. That's not just on air, that's also on the hotels," he explained.
According to a recent survey conducted by the National Business Travel Association, 70 per cent of travel budget managers expect to negotiate better rates on hotel rooms in 2010.
Meanwhile, tracking down the best exchange rate deals on foreign currencies may also help to cut overall travel expenditure.
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