5 Easy Ways SMEs Can Maximise Their Serviced Accommodation Budget

Living room with a fireplace in a stylish serviced apartment
Living room in a stylish serviced apartment

Small and medium-sized enterprises (SMEs) are a crucial part of many economies worldwide. These businesses often have limited budgets and must make wise choices when it comes to managing their resources. One area that SMEs must be particularly careful with is serviced accommodation. Although it is necessary for business purposes, it can be costly and time-consuming. In this blog post, we’ll explore some of the most important things that SMEs need to consider when it comes to serviced accommodation. We will also provide some tips on how to handle these challenges.

Managing Costs

One of the primary concerns for SMEs when it comes to serviced accommodation is managing costs. SMEs need to find ways to reduce expenses without sacrificing the quality of their accommodation. To achieve this, SMEs can try different tactics, such as:

  • Booking accommodation in advance to save money on rates
  • Using a serviced accommodation platform to secure better rates
  • Using loyalty programs from providers to earn discounts and rewards
  • Considering alternative options, such as apartments to save money
  • Booking accommodation for a long period with the flexibility to move employees in an out of it

Managing Time

Time is a precious resource for SMEs, and they must use it effectively. Travelling to and from serviced accommodation can consume a lot of time, but SMEs can minimise its impact by planning their stays well. For example, they can:

  • Schedule meetings and appointments close together to maximise productivity
  • Choose accommodation in a central location because it is often faster and more convenient than staying further away
  • Use technology, such as laptops and mobile devices, to stay productive whilst travelling

Ensuring Duty of Care

SMEs have a responsibility to ensure the safety and well-being of their employees while they are staying in serviced accommodation for business. This means taking steps to reduce travel-related risks and having plans in place to respond to emergencies. To fulfill their duty of care, SMEs can:

  • Provide safety and security training to employees, travel insurance and emergency contact information
  • Have a crisis management plan in place in case of an emergency while an employee is staying in serviced accommodation. This plan should include steps to contact the employee, their family, and emergency services

Maintaining Productivity

Productivity is crucial for SMEs. Thus, staying in serviced accommodation should enhance, not reduce productivity. To maintain productivity, SMEs can:

  • Provide employees with the necessary tools and resources to work remotely. Such as laptops, mobile devices, and internet access
  • Set clear expectations about communication and deliverables while staying in serviced accommodation
  • Encourage employees to take breaks and relax while staying in serviced accommodation. To stay refreshed and productive

Ensuring Compliance

SMEs must ensure that their business travel policies comply with applicable laws and regulations. Failure to do so can result in legal and financial consequences. To ensure compliance, SMEs can:

  • Consult with legal and tax experts. To ensure that their business travel policies are compliant with all applicable laws and regulations
  • Stay up-to-date with relevant laws and regulations. To ensure that their business travel policies are always compliant
  • Provide employees with the necessary documentation and support for visa applications. To ensure that they can travel to the required location without any problems

Staying in serviced accommodation can be a challenge for SMEs. However, with careful planning and preparation, it can also be a valuable investment to aid the growth of their business. By understanding and addressing the key issues, SMEs will be better prepared to overcome them.

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