Importance of Business TravelsWhen economic recession hit the world two years back, it affected businesses very badly. In ...
translates into enhanced employee performance.Economic GrowthBusiness travels play a positive role in growing economies, i...
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Importance of Business Travels

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When economic recession hit the world two years back, it affected businesses very badly. In order to tide over this financial crisis, companies and organizations took some drastic measures such as layoffs, pay cuts, salary freeze and so on.

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Importance of Business Travels

  1. 1. Importance of Business TravelsWhen economic recession hit the world two years back, it affected businesses very badly. In order to tideover this financial crisis, companies and organizations took some drastic measures such as layoffs, paycuts, salary freeze and so on. All measures were taken to cut down superfluous spending in all possibleways. Thus, business travel budgets were also reduced as it was considered as an unnecessary spending.Even when the economy recovered, the travel budgets were not restored. Moreover, companies andorganizations started preferring virtual meetings to face-to-face meetings as it was considered as a meansof saving more time, money and effort. Now with fears of another global recession in the offing, businesstravel budgets would be further reduced. But is it a smart move to cut business travel budgets? Can virtualmeetings take the place of face-to-face meetings? The answer is no.Research has shown that business travels play an important role in accelerating performance ofcompanies, which in turn helps in developing the global economy. With foreign business markets openingup due to globalization, meetings have become essential for expanding businesses. Though financial crisishas forced several to cut down face-to-face meetings and depend more on virtual meetings, the fact of thematter is in-person meetings is still and would continue to play a greater role in building and fosteringrelationships.Importance of Business TravelsLet’s look at some of the factors that make face-to-face meetings more successful than other forms ofcommunication such as mails, emails, voice mails, web meetings, teleconferences and so on.New Business RelationshipsFace-to-face meetings provide opportunity to build market share and develop new customer relationships.It is definitely necessary for businesses to grow and flourish.Client ContactIn a slow economy, it is very much necessary to maintain mutual trust and faith. It can be nurtured onlythrough in-person meetings.Human ElementsThough virtual meetings help in faster dissemination of information, it still cannot bring in the humanelements possible only with face-to-face meetings.Morale BoosterIncentive travels helps in boosting the morale of the employees. This brings in job satisfaction, which
  2. 2. translates into enhanced employee performance.Economic GrowthBusiness travels play a positive role in growing economies, increasing incomes and creating more jobs.Considering the above aspects, it can be summarized that face-to-face meetings are a necessity and not anextravagance. Instead of cutting down business travel budgets, enterprises must invest in travel expensemanagement software for effective business travel management. It provides better travel spend analysisand helps your business to obtain end-to-end visibility and control of business travel management andexpenses.Also read on - eprocurement, Reverse supply chain

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