Business travel is a key growth driver for small and medium-sized enterprises (SMEs) in the UK, according to new research from American Express.
The findings are based on a survey fielded in June of 223 business travellers and 292 business travel decision makers from SMEs (categorised as businesses with fewer than 250 employees) in the UK.
More than half (57 per cent) of the SME travel decision makers surveyed said employee trips over the past two years were for the explicit purpose of generating new business opportunities.
Almost three quarters (74 per cent) also stated that retaining clients depends “heavily” on their ability to meet in person. An additional 79 per cent agreed there is “no effective alternative” to replace in-person interactions with customers and suppliers.
Travel volumes among UK-based SMEs are also set to rise, with 47 per cent of decision makers stating their organisations plan to increase business travel over the next 12 months, while about two fifths (39 per cent) expect travel volumes to stay roughly the same.
Furthermore, 70 per cent stated that offering employees the chance to travel for business was a way to attract and retain talent. This aligns with business traveller sentiment as three quarters (74 per cent) of those surveyed believe business travel enhances their prospects for promotion.
Commenting on the research, 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.”