As a business looking to grow, the income that growth can generate is of course the main reason the need for expansion is often critical, but to grow, you need to spend, with the costs that come with business growth and progression often initially high as you chase the new customers both locally, nationally and even internationally in some cases.
We spoke to the team at Bath Holiday Rentals, who offer luxury corporate lets and accommodation in Bath about why choosing corporate accommodation and corporate lets over hotels can often save a business money for short to medium term rental periods.
Business expansion requires frequent travels
From a long term point of view, the reasons for growing are obvious, as the more clients, or the bigger clients you have the more money you can make, but making the leap into expansion does cost money, as very few businesses can grow without the required investment. Getting new business is one thing, supporting it is another, and without the correct foundations in place to make this happen, a few years down the line it could quickly all come crashing down.
When it comes to getting new business, improving existing and upselling to both new and current customers, the need to travel further afield often becomes a requirement, as unless you live in major cities, your company might need to grow outside of your local business base. On one hand this is great, with so many businesses all around the UK (and of course the world) but on the other it means meetings, travelling and all the costs that come with this, as if you or your sales people are travelling the country, they need transport and they also need accommodation.
Hotels are great, but…
Hotels are the first choice when it comes to business travel, and these are fantastic if you are only away for a couple of nights as they are both cost effective and viable. But if you are tackling one area and plan to spend a few weeks or even months away, then corporate lets and corporate accommodation can often be far more effective, in both terms of cost and comfort. Corporate lets are often designed for businesses to use for weeks at a time, offering home for home type conditions, with all the comforts that good business people really deserve.
Living from hotel to hotel can often be counterproductive, as you need to settle in, pack up, settle in, pack up and you never get settled, but with a corporate let you treat it like your home for the time you are staying there, which is often more productive. It means you can work when you get “home” after a busy day of meetings, and you can relax as well, as nobody can work for two weeks solid with no or few home comforts that corporate lets and corporate accommodation can provide.
Corporate lets: More comfy, less costly
If you are housing your employees, or maybe even yourself for a few weeks, months or longer, then hiring a short to medium term corporate let is cost effective, as you can often negotiate discounted rates for longer stays, and it reduces travel costs as well, as there is no need to keep travelling from hotel to hotel.
By having one base you can save money, which if you compare with the same timeframe in terms of hotel rates, you can quickly see. If a 7-night hotel room costs £120 a night, but a corporate let costs £600 for the week, you have just saved £240, and you get a much more comfortable place to stay as well.
Many businesses often just assume that corporate lets and corporate accommodation will just not work for their business, thinking they will be more expensive or offer less availability, but put simply, this is generally not the case, as when you get hunting around or use a specialist agency then you can often save money and give your team a really nice place to work from.
And of course, a happy and satisfied team will always deliver more, so this really could be the perfect situation for travelling for business!