If you are a small business owner, you are the alpha and the omega of all that’s happening around. With so much going on, it’s hard to let off day-to-day ops in order to take meetings outside of town. But, taking those meetings will help you expand your business empire. Here are six reasons why travelling can boost your business:
Generates More Revenue
According to a 2013 study by Oxford Economics conducted for the U.S, Travel Association, every pound spent on business travel results in 7.92 pounds for the company. Gene Marks, President of a small tech firm says, “Since I’ve gone on the road, my business has increased 30 percent.”
Put Your Name and Your Company Out There
Barbara Weltman, co author of the Small Business Survival Book says, “The best way to generate revenue is through sales and promotion.” Of course digital presence is needed, but when you visit industries in person, you are meeting potential clients face-to-face which can give your company the much needed self promotion.
Expand Your Customer Base
Set up a trade booth, and see how new customers flock in. According to Centre of Exhibition Industry Research, more than three-fourths of all attendants have the potential to become new customers.
Get Out Of Your Comfort Zone
Hitting the road will broaden your horizon and a fresher approach to an old problem may be discussed. According to Weltman, you meet owners, discuss their challenges, and may even gain new insight on the solutions.
Generate New Business Ideas
Marks claims that he gets a new idea every time he visits a client. When you meet a customer and observe with all your senses, you come up with more relevant ideas and ways to serve them.
Gives a Personal Touch
In-person meetings are becoming tales of yesteryear, but according to Marks these meetings have given him ‘a leg up’ on some of his competitors. Forming a cordial relationship with clients is an effective trust building exercise.
Many major business cards have partnered with leading airlines to create credit cards designed to help small business owners travel within means, for example, CitiBusiness® / AAdvantage® Platinum Select® World MasterCard®. If you plan for success, the money spent on travel will definitely be worth it.