The momentary return of business travel

With the latest wave of Covid spreading across Europe and more counter-measures and restrictions being put in place every day, I was reflecting over the weekend on my recent "business travel".

During this past month, I have attended CPHI in Milan and the Jefferies Conference in London.  Both were successful events although attendance was lower than previous years (considerably, in the case of the former).  From the attendees’ perspective, there was, I believe, a sense of optimism, a feeling of getting "back to normal" tinged with the realisation that this was potentially just a window of opportunity before further lockdowns across Europe.  

Nevertheless, above all, there was an affirmation and recognition of the value of an in-person face to face meeting in building trust and doing effective business development.  The real-life handshake, looking someone in the eye, sharing a joke about the venue or journey there, as opposed to trying to recreate that human element via the tunnel vision of Zoom or Teams (where you never really look someone in the eye, by the way).  Sure, a few were still avoiding the handshake and instead doing a tame fist pump (which clearly reduces the risk of viral transmission, despite sitting face to face mask-free with the same person for 30 minutes… don’t get me started!).  Anyway, it was great to be back doing business in the flesh!

These events were always a given for many (myself included) and, as a result, probably undervalued – an important ¨corporate jolly¨ in the work calendar.  They were always a networking opportunity and a chance to catch up with your business friends, sometimes over one too many glasses of wine at the end of the day.  However, this month, I felt a subtle change in the atmosphere.  With the ongoing uncertainty of such events taking place as scheduled (or at all) and the effort of travelling anywhere internationally these days (PCR testing, passenger locator forms, compulsory mask wearing for several hours), I sensed a more earnest approach than previous years.  More “business-like” if you will.   Aside from the pure joy of meeting people in three glorious dimensions, there was a desire not to waste the opportunity.

Delegates were more prepared than usual, had meetings scheduled to the max and were much more selective in who they met.  For example, the Norgine team spent hours researching every company attending Jefferies, scrutinising every website, and determining whether there was the potential for partnership.  Because the event was “local” for us, we were fortunate in being able to send the entire business development team enabling us to join the majority of meetings we requested as well as attend many of the corporate presentations. 

I wonder if others in the corporate world see the value of the real-life business meeting the way I do. I am a social animal and thrive in this environment.  Don’t get me wrong, I’m happy to spend many of my working days from my home office (I’m pretty sure work shirt and pyjama bottoms has become de rigueur in many households) but when it comes to getting to know a new contact or getting a deal done – I want to feel a firm handshake and look my “partner to be” in the eye. 

CEOs and CFOs have seen the benefit to their P&L of reduced travel during the past two years.  Will they be so liberal in returning to former travel budgets when we eventually and hopefully get through Covid?  I’m not sure.  Certainly, such trips will not be a “given” anymore, nor should they be.  We need to maximise the value of such real-life meetings.

Call me old fashioned but I will seize the opportunity to meet in person and suffer the relative pain of business travel in doing so.  I will also be better prepared than ever for such opportunities.  And that is a job in itself.