September 16, 2022
By Kiran Sidhu
The process of travel management itself is tedious, so if you are planning on taking a business trip soon make sure you get a high return on investment for business travel. Travelling for business can be a risk when it’s not optimised well.
Numerous companies had to make numerous modifications if they wanted to stay in business. Organizations had to rely on phone calls, video conferencing, and instant messaging for business meetings. Despite the new order the pandemic and lockdown brought, virtual meetings are almost impossible to replace face-to-face. It can foster greater cooperation and feedback since they are often warmer and more personal than video conversations.
Consequently, you get a good return on investment for business travel. According to a study on the return of investment on business travel by Oxford EconomicsUSA, reducing business travel can potentially reduce its profit for years. More specifically, if a company cancels business trips, it would lose 17% of its earnings in the first year. This is a huge sum of revenue to be lost in just a year.
Analysis in the study showed that businesses get an extra $12.50 return on investment for business travel for every dollar spent. The study also showed an agreement made by executives and business travellers that an in-person meeting could increase the chances that a potential client will become a new customer by around 40% compared to no interaction.
The shift in the conversational overlap between remote and in-person meetings is an intriguing distinction. Unfortunately, the available technology for online meetings often doesn’t support it. One can easily get distracted by family, friends, or even an emergency during an online business meeting.
In addition to that, numerous business relationships were neglected due to the pandemic. At that time, businesses just sought to survive. Business travels are still the way to go in rekindling these corporate relationships, expanding your network and closing those new deals. Make sure you make the most out of them.
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There are several ways to improve business travel, to make it more profitable and enjoyable. Make sure your company’s travel program is going after return on investment for business travel
To maximize your business trip, you need to plan. Planning will positively affect your trip, just like any other aspect of our lives. More often than not, the more meetings you can fit into one journey, the better.
Planning helps you to be able to see the broad picture of where and when your team needs to be represented. In the long run, having a company-wide calendar with all scheduled visits can save you money.
When it’s practicable, you can utilize that knowledge to reduce the number of flights by consolidating your visits by sending one person to many meetings or arranging them close together. Asides from saving money, you save time as you will be able to achieve many business goals within a short time.
Each niche has a well-known conference available only in certain countries. Known companies would fly hand-picked employees to represent them. Consider aligning your business travels with these annual events.
TruTrip is not just dedicated to resolving any issues preventing you from reaching your business goals while on the trip. We also have a dedicated team for your concierge needs, may it be booking a meeting room, event planning, and other reservations.
With our huge wealth of expertise and knowledge, our expert travel consultants are 24/7 prepared to give you the VIP service you need in resolving any concerns you may have.
You will need to work on your travel expense management as a whole to trim down on unnecessary travel spending and time spent on tedious paper works.
Additionally, expense reports take a lot of time from your employees. Taking note of expenses along with attaching receipts is unnecessarily hard work when you can automate this with the right tool. It is essential to record expenses as soon as they come properly. Instead of trying to store all your receipts and backtrack filling out reports, try to do it on the go. You can take photos of receipts and log expenses in chunks throughout the trip to make the process easier.
To make this easier, you can employ the services of a corporate travel management solutions company, to efficiently work on travel expense reports from start to finish. These kinds of companies will make tracking expenses in real-time better and safer. These companies often provide firms with a travel software solution to make expense management easy.
When booking a trip, aside from setting a budget limit for your employees, make sure they know how they can get the best deals. Your travel manager would often need to go into negotiated deals with hotels or airlines, and success in getting cheaper rates with this almost always depends on how often a company travels.
By partnering with a travel management company, you can take advantage of their long-existing business relationship with travel vendors and other companies in the travel industry. Not just that, they can offer you expert advice on how you can get open market rates, or low travel and hospitality services prices. You will also have access to their cheapest flights and hotels, available on their wide selection of travel-related products and services.
The general belief is that you need to be a massive multinational to work with a company that offers corporate travel management solutions. However, there are now a lot of middle-market organizations that are content to collaborate with smaller businesses. Limiting your company to local and online international opportunities will only keep you small.
Having good travel management can already cut your spending by 30%, make sure you save time and resources by reevaluating your whole travel management process. From policy, people, and the programme itself.
At TruTrip, we are experts at assisting you with travel management, relieving you of any financial and logistical concerns. In this manner, you will have all the time you need to organize your next meetings and lock in those new business deals. If you’re interested in profiting from business travels book a demo with us or sign up for a free trial.
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