Thinking of cutting back on business travel as a way to save money during challenging economic times? Think again—a study of 15 major industries has found that business travel drives sales and produces big profits, and cutting back may be a mistake. In fact, these top 5 business travel trends show how organizations can make business travel even more valuable.
The study, conducted by IHS Global Insight on behalf of the National Business Travel Association, found that the average incremental return on investment for business travel is 15 to 1. In other words, for every dollar spent on business travel, the average company reaps a $15 rise in incremental profit resulting from increased sales.
Boosting business travel not only earns money, but it creates jobs. The study found that raising travel expenditures to optimal levels would create 5.1 million new jobs and generate more than $101 billion in tax revenue.
It’s tempting for struggling companies to slash travel budgets and rely on teleconferencing in an attempt to shore up their bottom line. But sometimes, the best way to win a client, close a deal, and build profit is to get on a plane and make a face-to-face connection.
Individual travelers may also want to maximize the value of business travel by referencing these tax tips and suggestions for keeping track of business travel receipts.
