Business travel is a £1trn industry and companies of all sizes are opting for an increasingly smart approach in order to maximise savings, finds Christian Annesley.
Back in 1985, David McMurtry and Allen Roberts of the Gloucestershire engineering business Renishaw were taking an important business trip to Tel Aviv. On the plane, they begin talking to a fellow passenger.
Somewhere over the course of the friendly discussion, the cost of the flight comes up, and for our otherwise contented pair, it’s not good news. Why? It turns out their fellow business traveller’s ticket cost dramatically less than theirs.
Some may forget such an incident or look into airline booking options more thoroughly next time around. These two decide to go much further. Back at Renishaw’s Cotswolds HQ in Wotton-Under-Edge, the pair resolve to get a better handle on their business travel costs. They end up creating a separate travel company, owned by Renishaw and with the parent company as its first and, initially, only customer.
Their rationale is that Renishaw exports 95% of all its products, creating a lot of air miles, taxis and hotel stays in the process.
This is an extract from the Business & Management Magazine, Issue 263, April 2018.
Full article is available to Business and Management Faculty members and subscribers of Faculties Online.