Travel is a core component for business growth for many companies. How are you thinking about your company’s travel strategies? We’re breaking down the various ways that travel can impact a business, and why you should have a plan to optimize for growth.
Business Development Through Travel
Travel is good for business. Let’s look at the data – According to the U.S. Travel Association For every dollar invested in business travel, businesses benefit from an average of $9.50 in increased revenue and $2.90 in new profits. The COVID-19 pandemic has changed the landscape for many business travelers, however the need for relationship building and face-to-face meetings to build a competitive edge for business has not gone away. We are seeing a bolster in corporate travel spend, in which Dec. 2021 saw $92 billion in spend (just 2% less than Dec. 2019 levels), demonstrating the strongest performance since the start of the pandemic. Hotel room demand has fully recovered, and 8/10 (79%) U.S. companies plan to conduct business travel, on par with Oct. 2020 prior to the Omicron variant hitting.
So what does this mean for your business? Consider how travel promotes idea sharing and trust. Sharing a meal, participating in an adventurous activity, and taking time to have face-to-face meetings can win more contracts and build a depth of understanding that is not as effective as over a virtual call. Innovation leads to economic growth, in which virtual teams were found to be less effective than face-to-face ones from a productivity standpoint. Whether your employees are traveling for business negotiations, conferences or relationship building, travel is necessary to build the human connection required in the world we live and operate in.
Incentive Trips for Top Company Producers
Incentive trips are extremely important. If you’re like most business owners, you work hard to achieve your goals and grow your company. But what happens when you reach a certain level of success? How do you keep pushing forward and growing even more? Corporate incentive trips are a great way to show your team that you appreciate their dedication and congratulate them on a job well done. And what could be more luxurious than traveling with your colleagues to an exotic destination? Also consider that incentive trips often offer additional value over cash bonuses due to the team-building nature of bring together employees to celebrate success.
Team Building Retreats
Is your head spinning from all the planning that goes into organizing a corporate trip? As a business, you should be focused on the team-building aspect of your trip, not dealing with the minutia of details that goes into planning a group trip. Trying to coordinate flights, hotels, and agendas can be daunting. But don’t worry – using a travel management company can take the hassle out of trip planning through several ways. Travel advisors can save costs through their access to global networks of airlines and hotels that offer deals exclusively to advisors. Further, saving time in avoiding common pitfalls with travel is another benefit. Pre-planning items such as visa applications, documentation requirements, logistics, etc., will help ensure a smooth trip, so that you can focus on a successful team event!
Saving Employee Time and Focusing on Mental Wellbeing
As a business owner, you know that time is money. That’s why it’s important to find ways to save your employees’ time, and offering travel planning services as a benefit is one way to encourage your employees to take needed time off and save them a lot of hassle. By using a travel management company, you can help your employees avoid research fatigue as well as gain access to additional amenities they wouldn’t normally have access to. By taking care of the details for travel, you can minimize the amount of time employees spend on logistics and maximize their work productivity.
Travel is the only thing you buy that makes you richer.
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