CEO’s spend a significant amount of their time traveling between major airports. All this travel cuts into time they could be spending with family, answering last-minute calls and emails, or just relaxing. The truth is that for many CEO’s, a professional chauffer is well worth the cost because it opens up more time to take care of important matters. Here’s how you should be calculating your ROI on business travel:
How Much Does It Cost You To Drive Yourself?
According to some surveys, the average hourly private car fare including tip is right around $75. If you value your time in the office at more than $75 per hour, you are losing money every time you climb in behind the wheel. This is important to keep in mind, because driving is one of the few areas where you have the option to hire somebody else while you get work done. You can’t send somebody else to wait in airport security lines for you. Even if you are trying to save money by parking your car close to the airport and having it brought around by a valet, you could be wasting valuable time while you wait. This doesn’t even begin to address the problem of getting a rental car or riding a shuttle out to a long-term parking lot. The best policy is to eliminate all of that downtime and have a car waiting for you.
Calculating The Hourly Benefits of Hiring A Driver
The most important consideration of business travel is how much work you really need to get done. If you have a ton of unanswered messages and a big presentation to prepare for, your time would certainly be better spent working on your laptop while you sit in traffic rather than driving yourself. Calculating ROI is dependent on knowing how long you will spend traveling, what tasks absolutely must get done, and what your time is worth. One way of doing this is to calculate how much you make in one hour at the office. Using your salary plus your bonuses, divided by the number of hours you work you should be able to see how much your time is worth to your company. If that number is greater than $75, then hiring a driver makes the most sense, because you and your company will be taking a loss on every minute that you aren’t working while you’re driving.
The Value of Peace of Mind
All of these numbers are used to calculate the ROI of business travel based on your pay and your company’s bottom line, but there are some intangible benefits that can’t be evaluated so easily. For instance, how much is it worth for you to get home an hour earlier via a private driver so you can have dinner with your family on your return? How much money do you save in medical expenses by reducing your stress level? It’s hard to know exactly how much these outside factors can be impacted by a professional chauffer until you experience the difference for yourself. If you spend more than 2-3 days of every month traveling, it’s time to weigh the balance of those hours spent in a car with time you could be using to knock out extra work, read a book, or just relax at home.
Teddy’s chauffer service uses state of the art traffic monitoring systems to guide our drivers through even the most congested cities. We have trusted partners throughout the US and internationally to help our clients reach their destinations in less time, with less stress. Our cars are available year round for an affordable alternative to driving yourself back and forth.
EVERY DOLLAR SPENT ON BUSINESS TRAVEL RESULTS IN $12.50 IN INCREMENTAL REVENUE
Oxford Economics USA published a well-regarded study called The Return on Investment of U.S. Business Travel that concluded the every dollar spent on business travel resulted in a resounding $12.50 in incremental revenue. As important, “face to face meetings are essential to building rapport and trust” according to ViewFrom36k. As well, “Non-verbal cues are essential for effective communication” and “in-person meetings foster engagement, innovation and creativity.”
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