Many companies today wrestle with the question of whether or not to spend money on business travel. “Is this a necessary component of my business?” Will I get the money I spend on travel back in increased business or profits?” If you ask anyone at TravelPlex, we would immediately tell you that business travel almost always has a positive ROI. But, if you think our opinion might be a bit weighted, we offer concrete evidence to put this question to rest. And ownership at ease.
Study quantifies a good ROI for U.S. business travel spending
By Jim Glab for Executive Travel Magazine
U.S. companies have been keeping a pretty tight rein on spending by their business travelers even as the economy continues to recover, but a new study suggests they shouldn’t be too concerned about pinching pennies, because those trips bring a significant benefit to the bottom line.
A new study by Oxford Economics commissioned by the U.S. Travel Association (USTA) found that for every dollar a company invests in business travel, it will get back $9.50 in revenue and $2.90 in profits.
Those figures are based on “detailed statistical modeling over 18 years and 14 industries,” and a survey of frequent business travelers confirmed the findings. “Nearly 60 percent responded that increasing spending on business travel would have a positive impact on company revenue and profitability,” USTA said