As the economy is taking small steps in the right direction, it is still important to think critically about all aspects of your business. One area that many businesses find difficult to execute is measuring the ROI of business travel. Understanding which trips contribute to the bottom line or even when to schedule a trip vs. finding a trip alternative can help companies pinpoint where to invest. Some companies have linked revenue growth to travel investment. Other companies have reallocated travel funding based on unclear results. What's key is not to immediately slash travel budgets, but to take the time to understand investment results. On your quest to evaluate the value of travel, what processes and tools are you using to measure ROI to keep the profitable trips and eliminate the unproductive ones?
Greg Harper
President
Runzheimer International
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