Going over budget
It should come as no surprise that if your business travel transformation strategy fails, you've squandered money on an unsuccessful endeavor. However, the added expenses of having to go back and correct the errors and inefficiencies of a failed strategy are something that change leaders frequently overlook. Underestimating the funds, time, and resources needed for change management leaves executives unprepared for unanticipated delays, roadblocks, or setbacks, which is one of the main reasons change initiatives fail.
It's critical to realize that change is a continuous process, particularly in a sector as dynamic as business travel, where solutions that are effective today might not be viable tomorrow. You could have squandered the initial budget, which was intended to cover the entire project, due to inadequate change management, necessitating the addition of funds in order to finish the project successfully. Furthermore, you could have to wait till the next quarter, the following year, or worse, eternally, if your department lacks the luxury of giving these additional monies right now.