How to Maximise ROI on Your Business Travel
Do you know what travelling for work is worth to your business? And we don’t just mean in terms of your deductible expenses or the travel budget line in your P&L. A schedule of business travel can be a valuable investment in the growth of a company, yet most travellers don’t realise the extent of the benefits that hitting the road can bring.
According to Oxford Economics, travelling for business can have a return on investment of between $10 and $15, with the average being a return of around $12.50 for every dollar spent on business travel.
That’s a pretty significant return, if you think that your last business trip to meet with a customer in another capital city might have cost around $1000; the estimated ROI would be $12,500. Imagine what you could achieve with a boost to your travel budget of $25,000!
So, how do work towards getting this level of ROI on your business trips? You start with these tips.
Schedule multiple meetings
With technology at hands-reach these days, it can be easy to think you’re maintaining relationships with your customers by giving them a quick call now and then. Skype might be a great way to stay in touch with family, but when it comes to your paying customers, nothing beats a handshake.
Around 40% of business executives said they convert prospective customers by meeting them in person, whereas only 16% convert without meeting them in person. And, these same executives noted that around 28% of existing business would potentially be lost if they didn’t meet with their customers in person.
So next time you pick up the phone to a customer, use the call to arrange a time to visit them. And while you’re travelling, make appointments with two or three prospective customers and really stretch the ROI potential of your travel dollar.
Be enthusiastic about your business travel
You might not make the connection between being an enthusiastic business traveller and increasing your ROI but hear us out. Learning from the Go-Getters and making the most of every opportunity to work and travel can pay dividends.
From booking your travel early to having your movements planned out, being organised can save you time and money, both in the booking stage and while on the road. Taking the stress out of travel by booking ahead will also help you relax, enjoy the experience more and focus on the business at hand. And your customers will appreciate that.
Plus, embracing the opportunity to step away from your desk and meet in person can enable you to have frank conversations with your customers and open your eyes to opportunities for business growth, as well as renew your energy and passion for your work.
Get more out of your travel budget
When business gets hard, as it does from time to time, travel budgets can seem like an easy target for reducing costs. But spare a thought for the 17% of profits you’d lose in the first year alone if you stopped travelling for work; then for the three years it would take you to build up those profits again. Suddenly, business travel doesn’t look so bad on the P&L.
You might not be able to add any zeros to your business travel budget, but that doesn’t mean you can’t get more miles for your money. Looking at your existing travel patterns and expense habits might tell you a lot about what you eat for breakfast while you’re on the road, but it will tell a specialist Travel Manager even more about where you can cut costs to save money.
From accessing exclusive airline offers and getting the best rates for your hotel (that even include breakfast), to booking car hire and the all-important insurance, a dedicated Travel Manager can consolidate your whole itinerary. That means more time and money for you to spend on converting customers.
Invest in your business with travel
So, take your business travel budget, whatever it might be, and apply these tips. Then consider the potential ROI and what this could mean for your business. Now pick up the phone, set a date with a customer and book your trip with one of our dedicated Travel Manager
Win a Corporate Travel Grant valued at over $25,000
At Flight Centre Business Travel, we know firsthand the pressures that are placed on emerging and small to medium businesses every day and we’re here to make your business travel easy; our Corporate Travel Grant is another way we want to help you achieve your business goals sooner. In 2018, we launched our Business Travel Grant, which awards one deserving business and four runners up with a boost to their business travel budget.
Applications are now open for the 2019 Flight Centre Business Travel, Corporate Travel Grant. Find out how you could be our grant recipient and get set to take your business places.
Need help with your Business Travel Arrangements?
Our Travel Managers are dedicated, experienced and knowledgeable. When you work with a Flight Centre Business Travel Manager you’re choosing peace of mind. Direct access to the same person, who gets your business – and its travel needs – inside and out.