Amex research: Business Travel crucial to SME success
New research from American Express finds that business travel is a crucial growth driver for small and medium sized enterprises (SMEs), with over half (57%) of decision makers saying that employee trips over the past two years were for the explicit purpose of generating new business opportunities.
Furthermore, almost three quarters of the SME decision makers (74%) surveyed also stated that retaining clients heavily depends on their ability to meet with them in person, either at their offices or informally in social settings.
The research surveyed almost 300 senior decision makers and over 200 business travellers from UK businesses of up to 250 employees to uncover their opinions on the value of business travel.
Just under half (47%) of SME decision makers confirm that their organisation plans to increase business travel over the next 12 months, while about two fifths (39%) said the amount will stay roughly the same.
The research reinforces the importance of in-person communication, with SMEs recognising that technology – while essential to efficient operations – cannot replace the face-to-face value of business travel. About four-fifths (79%) of decision makers agreed there is no effective alternative of replacing in-person interactions with customers and suppliers.
Seven in 10 (70%) stated that offering their employees the chance to take trips was a way for them to attract and retain talent. This aligns with business traveller sentiment; three quarters (74%) believe business travel enhances their prospects for promotion at their organisation.
Lee Sullivan, vice president at American Express, said: “When it comes to winning new business and building the foundations for successful and lasting customer relationships, our research clearly shows that SMEs continue to see lasting value from business travel.
“Supporting these firms on their business growth journeys is a priority at American Express. Our Business Cards have a range of benefits for those looking to get more value from business trips, including streamlined expense management and premium travel experiences, such as complimentary lounge access and annual travel credit.”
Key themes from the research are outlined in a new American Express whitepaper The ongoing value of travel to business successavailable to download.
