In 2017, approximately $1.3 trillion were spent on business travel and it is expected that this figure will rise to $1.7 trillion by 2022. In the United States alone, 1.1 million people are traveling for business on a daily basis.
The current era is about mobile phones and video conferencing, so there are plenty of people out there who question the need for business travel. Despite having the best of technology, staring at a glowing screen cannot be replaced with setting your foot on the ground.
Statistics have proved that face-to-face meetings are 34 times more powerful than online or text-based conversations. Undeniably, we can save a few trips and cut down the expenses with the help of it but dealing in person does have an edge over it.
The most important thing which takes place because of traveling is face-to-face human interaction. These meetings create a certain level of understanding and empathy between both the parties and facilitates communication.
There are very low chances of miscommunication as all the opportunities and outcomes can be shared. Even if there is any hesitation, it becomes obvious to the other party, thus, making it possible to work around things.
In order to lead a company or a team, you need to exhibit the ability to inspire others to work towards a common goal. Their trust is highly dependent on your confidence, putting the burden of motivating others on your shoulders even if you are incapable of doing it.
This is only possible if you are visible to not only your colleagues but to the clients as well. Taking time out to meet in-person is a very small investment for gaining others’ trust and guaranteeing a lucrative future.
When you’re traveling, there’s no time for procrastination. Travel makes you control your work habits and get the things done quickly because a lot of time and money are at stake for this. Everything needs to get done on schedule because you don’t have any other choice.
Some people may find the flights without Wi-Fi to be boring and a complete waste of time. But, this is the time to actually think! You can reflect on a conversation you recently had with your client and deduce the possible, hidden expectations of the client. You can define the future goals of the company and the possible strategies which must be adopted to achieve them.
Hard work is the key to get the best out of your business but this doesn’t mean that you need to put down the blinders and work without thinking. Take a pause to think and reflect upon what you have done so far and the things which you can possibly achieve. This will help in gaining motivation and finding inspiration to pursue new ideas.
A very fine example is that of Upgraded Points CEO Alex Miller. He owned multiple businesses but never traveled. Once he started to do so, he realized the passion and fun involved in collecting points and redeeming them. This gave him another idea for a business and now he helps others do the same.
A lot of entrepreneurs choose to travel across the globe so that they can physically meet new investors and potential clients. Not only this but you can even find freelancers who might prove to be a great addition to your work team. Meeting other entrepreneurs can also be fruitful since they may inspire you or break the idea of a potential joint venture.
The best part is that you’ll be meeting all these people in person, so you’ll have a better idea if the working relationship can be a success or not. Invariably, there will be quite a few game-changing situations as well where you will find someone who might not be the best choice for your business. But, all of this adds to learning and experience.
It has been found by Oxford Economics that the rate of converting prospects to actual customers almost doubles when there is a face-to-face meeting involved. In a few industries, this would mean that you close 100% of your deals.
There are a few Fortune 100 companies which won’t even sign a deal if there’s no personal interaction. This is justified since you cannot put thousands or millions of dollars at stake by cracking a deal with someone you’ve met only digitally.
To reduce the expenses involved in business traveling, the best idea is to hire business travel services. These companies will plan the most appropriate trip for you by giving the best accommodation and transportation in the area you’re visiting.
Don’t underestimate the benefits business travel will bring to your business. Incorporate it and see for yourself how you will learn and take your company to greater heights.