Saving money on airfares should be a long term strategy for any business travel program and by implementing a best fare of the day (BFOD) policy, your business can ease the expenditure on air travel.
BFOD means booking the cheapest available fare across all carriers servicing a particular route. Booking the cheapest airfare can often mean an earlier departure or a later return but it's a particularly effective cost saver for companies with a large number of travellers and can deliver thousands of dollars in savings per annum.
When mandating BFOD policy it's important to make travellers aware of ticketing conditions. Purchasing cheaper airfares often means greater restrictions on travel flexibility, checked baggage and passenger changes.
Ticket conditions on BFOD airfares aren’t appropriate for every business trip and are best suited to travellers whose plans are unlikely to change.
Corporate Traveller recommends a combination of ticket types to optimise savings for business travellers who require more flexibility in their plans.
For example, if travellers know their departure date but are unsure of a return date or time, purchasing BFOD for the outbound journey and a flexi-ticket for the return flight is an effective tactic.
Combining other fare types with BFOD delivers savings through the less expensive airfare and from bypassing additional charges for changes on the return leg.
BFOD can also be used in conjunction with other cost saving strategies such as the advance purchase of airfares. Research undertaken by Corporate Traveller shows purchasing airfares 21 days or more prior to departure is the best time to take advantage lower prices. With some effective forward planning, you can minimise your air travel spending for maximum return.
A dedicated Travel Manager can assist you in formulating a travel policy that takes advantage of cost saving strategies and saves you time on selecting and booking the best fares.