How can business travel benefit your operation?

Depending on the setup of your business, you might not presently do a great deal of travel – but you might be missing out on some valuable opportunities if so. Business travel is an industry that saw over $121 billion of spending in the US last year as organizations look to forge stronger connections with partners and get more hands-on with an occasionally spread-out workforce.

The field can comprise a wide variety of activities, from using a private jet rental for your executives to attend important meetings to employees taking trains and business cars to meet new clients or network at industry conferences. Below, we’ll explore the ways in which more actively traveling both the country and the world can pay dividends for you.

Attending events

Attending industry events such as conferences and trade shows can be highly valuable. These events provide a platform for showcasing new products, learning about industry trends, and engaging with thought leaders.

Business travel doesn’t only have to be considered from an outgoing perspective, either, as travel expenses could go towards enticing people to you for an event that your company hosts. Positioning yourself as a center of conversation in the industry by putting on live events that bring together potential collaborators can build your authority.

Face-to-face meetings

The value of face-to-face meetings can't be overstated. Despite the rise of virtual meeting technologies, in-person interactions remain pivotal for building trust and fostering long-term relationships. Such meetings are often more productive and effective in achieving business outcomes, from closing deals to collaborative project planning. Research shows that participants in face-to-face meetings are more engaged in discussions and more responsive to each other than they are when conducting meetings online, so traveling to ensure that vital meetings can happen in person makes them more likely to conclude with the results you want.

Gaining new clients

Traveling for business is particularly effective for expanding your client base. Personal interactions provide a competitive edge in negotiations and client acquisition strategies. The ability to meet potential customers in their own environment, understand their needs first-hand, and tailor pitches accordingly significantly increases the likelihood of securing business deals.

Networking and partnerships

Networking is another crucial benefit of business travel, offering opportunities to forge new partnerships and strengthen existing ones. Events and meetings provide a setting for spontaneous interactions that can lead to collaborative ventures and strategic alliances. These relationships are often catalysts for expanding business reach and entering new markets. The ability to talk with others through lunch or an evening drink at the bar after a meeting or conference day can develop those relationships meaningfully.

Moreover, the direct engagement facilitated by business travel enables companies to better navigate the complexities of global markets through strengthened inter-company and cross-industry relationships.