Meetings and Incentives Essenital to Company Profits
I just came across this recent study by Oxford Economics on the ROI of Business Travel. For the purposes of this study business travel includes sales trips, meetings, conventions, and incentive trips.
How many of you in the past year have experienced a cancelation of a key meeting or incentive trip whether it was in your own company or a client of yours? According to the Oxford Economics study the average business would forfeit 15% of its profits in the first year of eliminating meetings and incentives and recovery from that loss would take up to three years.
That is a significant profit loss. Is that percentage profit loss something your company or your clients can afford? Meetings and incentives can be essential to a company's profits and also enhance morale, job performance, and customer engagement. They recently became an easy cut in the short term to manage costs but are continually proven to be a solid long term investment.