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Face-to-face meetings make an annual contribution of £193 billion to the UK economy, according to a report published by the Centre for Economics and Business Research and Premier Inn.
The Measuring Face Value report demonstrates that, when a company does business face-to-face, it stands to gain an average income boost of £147,200 per year.
This research found that the increase in revenue varies according to size of business. Where small companies can each expect an income boost of £43,200 on average per year, mid-sized businesses will each see a gain of £3.7 million per year.
Premier Inn director of business to business, Karen Plumb, said face-to-face meetings ensure everyone is engaged 100 per cent of the time.
“When it comes to securing new business, just by walking out of their front door and going to meet prospects in person, a company is in line to increase revenues by an average £52,400 per year,” she said.
Regional variations are in evidence, with London-based businesses benefiting most from face-to-face meetings and earning a £248,100 average annual revenue boost each. Businesses in the West Midlands rank second with a £174,500 annual income gain per business, followed by organisations in the South East seeing a £156,800 increase in revenue annually.
Companies in the North East see the highest return on investment. On average, for every £1 spent doing business face-to-face these companies see an increase of £5.34, equating to a 434% return on investment.
Premier Inn’s Plumb added:“Premier Inn commissioned this latest report as part of our ongoing research into the needs of our business guests. Human interaction has long been recognised as important in business but I am pleased that we can now pinpoint precisely how much it’s worth to UK companies.
“These figures may encourage some businesses to reflect on their own balance of virtual and face-to-face interaction, and to consider how getting that balance just right can have a positive impact on their bottom line.”