10 Keys to Travel Savings in 2010’s ‘New Normal’

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Business travel is the second largest controllable cost for the average US organization and in 2010’s “new normal”, procurement managers are preparing for: more travel using the same if not smaller budgets (56% of NBTA’s 2010 Business Travel Forecast respondents cautiously reported that they expected their spending to increase – 31% expected flat spending*), the fact that air, hotel, and car rental rates will go down (between 1% to 8%*), negotiated deals will remain prevalent for those who can control and direct spending (70% of Travel Managers reported that they think they will negotiate better hotel rates, 30% think they will get better car and air deals*), increased pressure to leverage more of their travel and meeting spend to reduce costs and enhance benefits, virtual travel to play a larger role as well a mobile tools, miscellaneous costs to continue to rise, and lastly that national, world and emergency situations will require support and communication systems. We have already experienced terrorism attacks, two earthquakes and unusual weather catastrophes in the last 90 days.

So now that we know what to expect, what can we do to manage these changes and obstacles?

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About the Author

Michael MacNair owns MacNair Travel Management, a privately owned American Express Representative Office, which has helped organizations develop a clear Travel Management System that delivers unparalleled value and exceeds expectations. MacNair Travel is a Travel Leadership Consulting Firm because of its proactive consulting toward the development of a cutting-edge travel plan, dedication to unbiased rate searches that save money and time, and dedicated service teams that build confidence. Michael MacNair, author of Smooth Landings, conducts Travel Management seminars for many organizations, such as the National Business Travel Association, and is a frequent media spokesperson. For more information, visit: www.macnairtravel.com or call 703-836-1100.

Tools for Professionals – International Currency Exchange

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When traveling abroad, you’ll likely have some need for the ‘hard’ currency of the country you’re visiting. Below are three tips to consider when acquiring another country’s currency:

Tip 1: Use credit cards whenever possible. These do not incur an exchange fee and so provide the cheapest way to make purchases abroad.

Tip 2: Withdrawal foreign currency using an ATM. Again, this avoids an exchange rate penalty and the ATM fee charged by your local bank is often smaller than the fee charged by currency exchangers.

Note: It is important to accurately estimate the amount of ‘hard’ currency needed so to minimize the number of ATM withdrawals and subsequently ATM use fees incurred. Ask a colleague, friend, or family member living in the country to be visited or familiar with travel there to help you make this estimate. Remember, acquiring too much foreign currency will result in the need to pay a high conversion fee to change the unused foreign money back to your home country’s currency.

Tip 3: When receiving money from a currency exchanger, always check that the money received is the correct denomination and from the correct country. These transactions have a manual component which can result in costly (to you!) errors if the wrong currency is exchanged. For example, receiving Euros instead of British Pounds devalues your transaction (as of this article’s publication a Euro is worth less than a Pound) and may cause you troubles and embarrassment later when trying to spend this money in the United Kingdom.

You’re Invited! …to Join the StrategyDriven LinkedIn Networking Group

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On behalf of the StrategyDriven contributors and staff, I would like to invite you to join the StrategyDriven LinkedIn Networking Group!

In addition to the many benefits of LinkedIn membership (see the Tools for Professionals post, LinkedIn), members of the StrategyDriven LinkedIn Networking Group will have the opportunity to more easily communicate with other like-minded professionals seeking to create greater alignment and accountability within their organizations.

To join the StrategyDriven LinkedIn Networking Group, click here. LinkedIn members will be asked to “Sign-in and join this group” and non-members to “Join LinkedIn now.” Once you have accepted the invitation to join our networking group, a member of the StrategyDriven staff will approve your group membership and you will be LinkedIn!

As always, we hope you continue to enjoy the many quality principle, best practice, and warning flag posts found on the StrategyDriven website and that you’ll find membership in the StrategyDriven LinkedIn Networking Group to be of additional benefit to you and your organization.

I’ll look forward seeing you on LinkedIn!

All the Best,

Karen Juliano
Editor-in-Chief
Director, Communications and Marketing
StrategyDriven

LinkedIn

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“LinedIn’s simple philosophy: Relationships Matter”

LinkedIn
www.LinkedIn.com

About the Resource

LinkedIn is a free online networking service connecting 24 million experienced professionals worldwide. Members create biographies viewable by the internet community that include as many of the following attributes as desired:

  • background summary and photo
  • current and past employment experience including company, position, and job description
  • education including school, degree conferred, years attended, special activities, and recognition
  • membership in professional groups and associations
  • honors and awards received
  • industry affiliation
  • personal, professional, or business website links

LinkedIn allows members to build their networks by connecting with other members they know through current or past business, school, or personal relationships. Members can further expand their networks by joining one or more corporate, alumni, and/or professional LinkedIn groups and by getting introduced to other members through people they know. LinkedIn also offers paid subscriptions that give premium members tools for finding and reaching people outside of their network.

Benefits of Using this Resource

Networks are an increasingly important part of every professional’s career. LinkedIn helps members build and maintain their network as well as affording them the opportunity to:

  • find potential clients, service providers, subject matter experts, and partners
  • post and distribute job listings
  • find high-quality passive candidates
  • be found for business opportunities
  • search for employment opportunities
  • leverage inside connections that can help you land jobs and close deals

The quality of these opportunities is further validated by the recommendations members provide for others with whom they have a relationship.

Final Thought…

Relationships, not business card networks, are a cornerstone of every successful professional career. LinkedIn is a premier tool for helping experienced professionals stay connected with those in their network, however, it cannot create or maintain relationships. Professionals must personally develop and nurture the relationships within their network. It is through active relationships and quality interactions with others that the full measure of LinkedIn’s benefits can be realized.