Business meetings mean more business

Tuesday, 8/16/2011  4:49:35 PM

Business meetings are more than just a tool to help companies conduct business - they're a multi-billion dollar industry in and of themselves. A report released by the Convention Industry Council in February 2011 revealed that business meetings cause an additional $263 billion in spending each year - money that is then redistributed into the economy. This data reveals that businesses that are looking to cut costs by eliminating face to face meetings in favor of teleconferences and webinars aren't doing themselves - or the economy - any favors.

Face to face meetings have long been an integral part of running a successful business. Not only does it help foster strong ties between affiliates, but according to this new study, $106 billion makes up part of the United States gross domestic product (GDP), $14.3 billion in federal tax revenue and $11.3 billion in state and local tax revenue.

A further $60 billion directly funds labor, making more jobs available in an uncertain economic climate. These jobs belong to meeting planners, travel agents, airport and hotel employees and many other travel and service professionals. Jobs and promotions are also secured though successful meetings that promote even more business in weeks, months and years to come.

In addition to drawing revenue and keeping the economy moving, business meetings promote innovation in leading industries by allowing the top minds in any given field to come together to collaborate on new ideas and research. New ideas equals new products and services, which in turn generate even more revenue for businesses as well as the overall economy.

Businesses would be well-advised to continue conducting their meetings rather than search for new ways to communicate that might not be as effective, especially while travel prices remain relatively low. By halting spending in this crucial category, businesses may face the risk of reducing their own capital as well as reducing the capital and personal incomes of those tied to the business travel industry.

In order to increase business travel, communities and Chambers of Commerce across the United States have partnered with local hotels and restaurants to offer business travels great deals on dining and accommodation, hoping to attract new revenue to their cities. Meeting planners should consider their options carefully in order to get the most savings for their company while still keeping the meetings industry afloat by investing in business meetings.