The unyielding benefits of traveling for business
Friday, 6/3/2011 11:17:35 PM
Some companies may be guided by the misconception that travel expenses are simply too high and that they're better off without business trips. In reality, traveling for an in-person meeting can not only benefit the company as a whole, but also the individual staff members who make those journeys. There are many ways that a business trip can expand an employee's horizons and get him or her to think outside of the box. Additionally, many clients or partners in foreign countries or in various parts of the U.S. prefer effective group meetings over conference calls or other forms of telecommunication.
Certain business leaders may think that they can cut expenses and accomplish just as much by attempting to close a deal by phone or over the internet. Even though telecommunication may not be such a bad thing in our society, some foreign cultures consider this distant form of communication an insult. In this case, assuming that conference calls are acceptable could in fact cost a company thousands of dollars. Most of the time, the best way to close a deal and come out with positive financial results is to hop on a plane and have a face to face meeting. Besides, simply having an executive show up in person is often enough to show the client or partner that the company is committed to the business at hand, which develops a level of mutual respect and trust for both parties.
A study conducted by the IHS Global Insight on behalf of the National Business Travel Association found that the return on investment for business travel usually leads to a 15 percent profit for the average company. This is because most business trips can successfully generate increased sales by building more alliances with international and domestic companies. The study also found that raising travel expenditures to optimal levels can create 5.1 million additional jobs on the market and generate over $101 billion in tax revenue for the world economy.
Let's not forget how beneficial a business trip can be for the individual who's lucky enough to go. Going to a hotel conference or group meeting in a foreign place can often allow company employees to become familiar with new cultures and meet interesting people, which is an opportunity that nobody should pass up.