Is It Time to Consider a Corporate Travel Management Company?
As a company grows, so does its corporate reach. Doing business within ever-increasing geographic boundaries is the natural evolution for ambitious CEOs. As this unfolds, business travel expenses escalate. In some organizations, these expenses escalate so quickly, the company loses the ability to effectively track and manage these expenses. This can quickly spin out of control into a genie-out of-the-bottle situation, since the travel budget for many companies represents the second largest controllable expense outside of wages and benefits. In some worst-case scenarios, it becomes a slush fund for personal indulgences masked as fraudulent travel and entertainment expenses. As with many business challenges, there can be multiple solutions. For most, the implementation of, and adherence to, a Corporate Travel Policy is the first step (this could be an article of its own) and for a fair contingent of these companies, the use of a corporate Travel Management Company (TMC) serves as...