In the height of the global recession, many companies feeling the crunch were forced to make cuts which led to ‘non essential’ services being given the chop, with many TMCs losing out.
The Civil Aviation Authority (CAA) reported a 25% drop in air travel during the downturn, which in turn had devastating effects for the corporate travel industry.
Companies carried out a radical overall of their business travel habits in a desperate bid to claw back the cash, with tele/video conferencing being used as an alternative to physical meetings, public transport replacing costly taxis, and employees being bumped down the classes when flying.
With employees travelling less, businesses no longer recognised the value of the services of corporate travel management companies and so transferred the responsibilities to in house teams; often adding it to the remit of personal assistants, office managers and finance teams.
WANT TO BUILD A FINANCIAL EMPIRE?
Subscribe to the Global Banking & Finance Review Newsletter for FREE Get Access to Exclusive Reports to Save Time & Money
By using this form you agree with the storage and handling of your data by this website. We Will Not Spam, Rent, or Sell Your Information.
However, after a tough few years, the latest Global Business Travel Association (GBTA) Report found the UK to be a healthy environment for business travel and predicted a full recovery in British business travel by next year to pre downturn levels. The UK has the second highest level of spending in this area second to Germany and its buoyancy compared to much of continental Europe is attributed to its diverse economy and own currency.
Despite the general stabilisation of economic conditions in recent times, many businesses have stubbornly retained the practice of booking their travel internally, leading to inefficiency and unnecessary overspending.
Although booking travel may seem a relatively simple concept, there are many elements to consider to ensure that maximum value is gained whilst reflecting the goals of the organisation; which is particularly important to consider with travel the third largest expensive for most businesses.
The benefits of working with a specialist TMC such as EQ are numerous and the value extensive. Unique to the industry we offer our services on a transparent, fee-based system, ensuring maximum value for our clients.
One of the main pitfalls of self-booking is that this is non compliant with current European legislation surrounding corporate manslaughter which could be potentially be catastrophic for an organisation. Legally, firms are required to know where their employees are at all times, which can be crucial information to possess in the event of a natural disaster or terrorist attack.
Most TMCs utilise bespoke online booking systems for their clients which are personalised to suit companies’ particular needs or travel policies. EQ have developed a security protocol system which can generate real time reports to identify any travellers current or planned travel itineraries – ensuring full legal compliance.
Additionally, this brings all travel arrangements together in a single management reporting system and is cost efficient, convenient and controlled. Companies can program their travel policy into the system also which ensures that employees comply with set budgets, routes, preferred vendors and airline classes.
EQ was formed in 2011 by Franc Jeffrey, one of the UK’s leading figures in travel management, and aims to challenge the industry by offering its services on a transparent, fee-based system, rather than the commonplace ‘fee plus hidden charges’ model. Its services include corporate travel management, travel and expense management for clinical trials, a dedicated events and meetings service, group travel and a specialist marine and offshore service.
EQ is projecting to reach £3m turnover in its first year –and as a result of sustained growth, has also recently established a new base in Boston, USA, to further develop the business and support clients in the offshore sector on both sides of the Atlantic.
Issued on behalf of Equilibrium Travel Management by Holyrood Partnership. For more details contact Victoria Ancell on 0131 561 2249 or vict[email protected]