Page 13 - CTM Travel Matters magazine
P. 13
13
FUTURE
PROOFING YOUR COMPANY
The GTMC message DID YOU KNOW? We’ve recently worked with the leading
research think tank to prove the
is to invest in An increase positive impact of business travel on
in business the economy. The results of ‘The Value
business travel travel of just of International Business Travel’ project
clearly demonstrate an unmistakable link
as the return on 1% between business travel and economic
prosperity.
investment is there, grows FDI by
The irrefutable evidence from the
says Chief Executive 0.3% research shows us the correlation
a between business travel, productivity,
Paul Wait foreign direct investment (FDI) and
£100 foreign trade – both imports and
In the current climate of political exports. To put precise figures on it, an
and economic uncertainty there are MILLION increase in business travel of just one
rumblings from business leaders about per cent grows FDI by 0.3 per cent -
cutting costs. Unfortunately, business BOOST a £100million boost. Trade volumes
travel is far too often found on these contribute to economic growth and the
‘identified savings’ lists. To these people Similarly, Harvard’s Edward Glaeser report indicates clearly that the average
I ask, why would you want to shrink your completely debunks the myth that international business travel air trip
business in a competitive market? we can get around the business travel triggers a £34,000 contribution to gross
investment by substituting face-to- domestic product (GDP).
This knee jerk reaction is in fact face meeting with technology. The
a refusal to grow and develop new two complement each other well and Another key finding from the research
relationships while also demonstrating connecting online or using the likes of is that international business air travel is
a complete lack of care for existing Skype or FaceTime can make those face- absolutely critical to creating a vibrant
important business relationships. In fact, to-face interactions more valuable than economy. Even a one per cent rise
it also tells investors or shareholders that ever. However, it is imperative that we in total business travel volumes has
a business is in decline. Adding fuel to remember that travel enables far more the capacity to propel total trade by
that fire, a reduction in business travel is meaningful forms of communication around £400 million, while increasing
a clear signal to competitors that there than phone or videoconference can ever air connectivity by one per cent leads
is an opening for them to step up and deliver. to a 0.09 per cent growth in trade – the
jump on any potential opportunities. equivalent of £600 million. At a time
This position is further reinforced when a decision on runway capacity for
Economist Michael Storper put it by evidence from Oxford Economics. London and the South East has been
perfectly when he stated, “deal-making, delayed again until at least October,
evaluation and relationship adjustment there’s never been a greater need to
are heavily dependent on face to face adopt a confident, forward-thinking
contact”. At the GTMC we completely approach and enhance our global
subscribe to his theory that business connections for the future of the British
travel supports company performance economy.
in five distinct but connected ways:
growing new sales; retaining customers; With numbers like this, it is
fostering partnerships; enhancing evident that business travel offers an
innovation; and developing human indisputable return on its investment
capital. This supports our fundamental by unlocking trade opportunities both
belief that business travel is an in the UK and abroad. Ultimately, the
investment, not a cost. Contrary to magnitude of the impact of business
being a successful survival tactic, cutting travel on economic performance and
back on business travel is the complete foreign investment within the UK is
opposite to what is required in order to staggering and the value of business
grow and thrive in the marketplace. travel cannot be underestimated.
www.travelctm.co.uk
FUTURE
PROOFING YOUR COMPANY
The GTMC message DID YOU KNOW? We’ve recently worked with the leading
research think tank to prove the
is to invest in An increase positive impact of business travel on
in business the economy. The results of ‘The Value
business travel travel of just of International Business Travel’ project
clearly demonstrate an unmistakable link
as the return on 1% between business travel and economic
prosperity.
investment is there, grows FDI by
The irrefutable evidence from the
says Chief Executive 0.3% research shows us the correlation
a between business travel, productivity,
Paul Wait foreign direct investment (FDI) and
£100 foreign trade – both imports and
In the current climate of political exports. To put precise figures on it, an
and economic uncertainty there are MILLION increase in business travel of just one
rumblings from business leaders about per cent grows FDI by 0.3 per cent -
cutting costs. Unfortunately, business BOOST a £100million boost. Trade volumes
travel is far too often found on these contribute to economic growth and the
‘identified savings’ lists. To these people Similarly, Harvard’s Edward Glaeser report indicates clearly that the average
I ask, why would you want to shrink your completely debunks the myth that international business travel air trip
business in a competitive market? we can get around the business travel triggers a £34,000 contribution to gross
investment by substituting face-to- domestic product (GDP).
This knee jerk reaction is in fact face meeting with technology. The
a refusal to grow and develop new two complement each other well and Another key finding from the research
relationships while also demonstrating connecting online or using the likes of is that international business air travel is
a complete lack of care for existing Skype or FaceTime can make those face- absolutely critical to creating a vibrant
important business relationships. In fact, to-face interactions more valuable than economy. Even a one per cent rise
it also tells investors or shareholders that ever. However, it is imperative that we in total business travel volumes has
a business is in decline. Adding fuel to remember that travel enables far more the capacity to propel total trade by
that fire, a reduction in business travel is meaningful forms of communication around £400 million, while increasing
a clear signal to competitors that there than phone or videoconference can ever air connectivity by one per cent leads
is an opening for them to step up and deliver. to a 0.09 per cent growth in trade – the
jump on any potential opportunities. equivalent of £600 million. At a time
This position is further reinforced when a decision on runway capacity for
Economist Michael Storper put it by evidence from Oxford Economics. London and the South East has been
perfectly when he stated, “deal-making, delayed again until at least October,
evaluation and relationship adjustment there’s never been a greater need to
are heavily dependent on face to face adopt a confident, forward-thinking
contact”. At the GTMC we completely approach and enhance our global
subscribe to his theory that business connections for the future of the British
travel supports company performance economy.
in five distinct but connected ways:
growing new sales; retaining customers; With numbers like this, it is
fostering partnerships; enhancing evident that business travel offers an
innovation; and developing human indisputable return on its investment
capital. This supports our fundamental by unlocking trade opportunities both
belief that business travel is an in the UK and abroad. Ultimately, the
investment, not a cost. Contrary to magnitude of the impact of business
being a successful survival tactic, cutting travel on economic performance and
back on business travel is the complete foreign investment within the UK is
opposite to what is required in order to staggering and the value of business
grow and thrive in the marketplace. travel cannot be underestimated.
www.travelctm.co.uk
