3 Steps to Great Small Business Travel Risk Management (Infographic)

3 Steps to Great Small Business Travel Risk Management

It’s not rare for employees to travel on business these days. What’s uncommon, however, is an effective travel management system that ensures employee safety, security and convenience.

Neglecting Travel Management May Cost Businesses Dearly

Without a travel management plan, businesses run the risk of reducing productivity, damaging reputation and even losing data.

Worse still, businesses risk facing legal repercussions for failing to protect the health and safety of their employees. Data shared by chauffeur service provider Hyryde reveals 52 percent of employees would consider legal action if they were not supported properly. That may have a more severe effect on small businesses, most of whom operate on shoestring budgets.

Three Steps to Creating a Travel Risk Management Plan

For small businesses, it therefore pays to create an effective travel risk management strategy.

But how should you plan for it? Hyryde provides a three-step strategy to help businesses.

Prepare

The first step is to assign management responsibility between different departments. This needs to be followed by a clear evaluation of your organization’s capability to manage travel risks and to understand your company’s exposure to specific threats.

Implement

Once you have completed your evaluation, you need to manage and mitigate risks. There are four ways to achieve this goal: controlling risk through proactive actions, transferring risk through insurance, eliminating risk by altering risky processes and tolerating risks.

Manage

You must also have regular audits to monitor techniques that can help ensure the continuity of the travel risk management system. This includes establishing a multi-disciplinary travel risk management committee, seeking input from upper management on potential destinations and reviewing policies, among other steps.

For more travel risk management tips, check out the infographic below:

3 Steps to Great Small Business Travel Risk Management

Images: Hyryde

This article, "3 Steps to Great Small Business Travel Risk Management (Infographic)" was first published on Small Business Trends



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