Meetings And Incentive Travel—Why Your Business Should Be Mixing Work And Travel
You work hard to build your company. You hire the right people. You make the right investments. You never fail to hold on to an opportunity. But no human being is built for just work alone.
Sometimes you need to step out of the office, take a breather, and relax with a well-deserved trip. This allows you to recharge so you can be ready for what your business demands when you return. But there is a way to make those leisure trips beneficial to your company.
The remarkable thing about running your business today is that you have the opportunity to actually combine meetings and incentive travel. It’s true that incentive travel mostly means fun and time away from work for your high performing employees. But you can present the reward in its actual state while still mixing in a little bit of business.
By merging the activities involved in incentive travel and business travel, you can boost your company’s bottom line. Consider the numbers that Oxford Economics USA recently revealed regarding the effectiveness of in-person meetings against virtual meetings.
Virtual meetings, as many companies know, have become an economical option to conferencing with clients from different locations and communicating with satellite offices. But while virtual meetings do eliminate the cost of travel, a study by the Oxford Economics has found that for every dollar you invest in travel,your business gains $12.50 in added revenues and $3.80 in new profits. So when you reduce your travel costs, you are actually losing revenue and potential profits.
Incentive travel merged with business travel will allow your company to get a hold of those revenues and those profits. Moreover, by arranging meetings along with networking activities, your business prevents any competitor from moving in on your market. Your company, therefore, maintains its competitive edge.
Apart from increasing sales and boosting your business’s bottom line, using incentive travel to improve your company can also enhance employee productivity and foster better working relationships within teams. Travel rewards combined with business meetings create opportunities for high-performing employees to interact with senior executives — away from the office or a corporate environment.
Another great thing about mixing business meetings with incentive travel is the fact that you could reap tax benefits. Just be aware of what the law states you can deduct before making any lavish plans.
But before you start making travel plans and arranging business conferences, make sure you strike a balance between the two. Make sure you are providing your high-performing employees with a real reward while guaranteeing that business obligations are met. Get the help of a meetings and incentives service so that you secure all the benefits of combining work with rewards.