Business trips are a necessary part of doing business around the country or around the world. Trade shows, conferences, and client meetings are all a part of the game. Meeting someone face-to-face can change the dynamics of a key business relationship. The personal touch is still an important part of business, even in a world of e-mails, social media and text messages. But are you actually accomplishing goals with your travels, or are you just “traveling to travel?”
Amanda Stillwagon explains in her article on Small Business Trends the importance of demanding an ROI from business trips. She suggests making a list of must meet people, and then following up with them afterward.
If all you’re doing is traveling because it’s what you’ve always done , it might be wise to rethink your travel strategy into a business strategy. According to Stillwagon, the U.S. Travel Association states every dollar spent on business travel returns $10, if done properly.
You need to have some method of determining the trip’s value, by calculating potential sales or marketing opportunities, and then measuring the actual results. Set up goals before your trip, and measure the results afterward to see if you hit them. For example, if a trade show isn’t generating a positive ROI within a year, drop it and find a better one.
Take these trips as an opportunity to learn more about an industry to expand your network, showcase your products and/or to close a big deal.
Is a trip halfway across the world worth your investment? If there are top industry leaders you could meet, then probably, yes. But if it does not generate a positive ROI to the business, then it is just glorified sightseeing, and definitely not worth the money.