Small and midsize businesses (SMBs) play a crucial role in the world of business and are essentially the backbone of most modern economies. In the United States alone, 99.9% of businesses are considered small (less than 1500 employees) and providing business services and solutions to this demographic can be lucrative. Strong performances from this category of business in 2023 and a highly optimistic outlook for 2024 makes selling to SMBs that much more attractive. When it comes to travel, the forecasts are even brighter with the industry expecting business travel to ramp up to 98% of 2019’s volume. As bigger entities push away from remote working and meetings, SMB owners and leadership are also prioritizing in person interactions and group events which also contributes to robust travel demand. Travel providers are putting technological resources into improving business travel planning and purchasing and one large brand has created a travel platform that caters specifically to small and midsize businesses in the hopes of making purchasing and planning easier.
Mariott’s New SMB Travel Planning Platform
Marriott conducted a recent survey of small and midsize business travelers and 75% of the respondents indicated frustration when it comes to booking business related travel. Identifying a need and utilizing Marriott’s extensive travel services portfolio, the company recently unveiled Business Access by Marriott Bonvoy, an all-in-one travel platform geared towards SMB travel needs. Business Access offers a extensive list of tools and features such as:
- Discounted rates at Marriott Bonvoy properties
- Complete access to air, rail and rental car services
- Real time trip reporting
- Advanced expense tracking and management
SMB’s can also accrue loyalty points through Marriott’s own program when using Business Access. The platform is built on Spotnana’s Travel-as-a-Service technology which powers leading name brand travel management platforms.
The Big Guy Helps the Little Guys
SMBs rarely have a dedicated travel desk or person that handles planning and the responsibilities usually fall on the individual or manager to make travel arrangements. Using an all-in-one platform, such as Business Access, can save time and frustration with having to coordinate travel, accommodations and rental cars from 3 different portals. Streamlining the research and booking process can save SBMs time which always translates positively to the bottom line. Business Access’s reporting capability is another benefit to SMBs as expense tracking and cost control are always on the forefront in this category of business. Detailed and real-time reporting can deliver important data on travel expenditures that leadership can use to optimize spending and resources. Another cost control benefit are discounts provided within the platform as well as accrual of in-house loyalty benefits that can positively impact the business’s bottom line.
Innovations Positively Impact SMBs
Small and midsize businesses can feel greater impacts in the face of rising travel costs and technologies that can create efficiencies and control costs are driving early adoption in this class of business. Platforms such as Marriott’s Business Access can literally save hours of time and immeasurable frustrations when planning business travel. SMBs can also optimize travel spending by utilizing trip tracking apps such as the upcoming BiZTREK app, which records trip movement and spending in real time. AI based innovations can also come into play when analyzing travel spending and strategizing more efficient ways to arrange and book travel services. SMBs have the advantage of being able to pivot quickly when it comes to technology and travel and innovation that offers advantages and benefits will always positively impact the bottom line.
Positive Outlook Means More Focus on SMBs
Small and midsize businesses are positioned for growth which is fueling the uptick in business travel volume and demand. With less resources, these smaller organizations are on the constant lookout for ways to save time and resources, especially when it comes to planning and booking business related travel. Marriott has recently launched its Business Access by Marriott Bonvoy platform, catering directly to SMB’s travel needs. The all-in-one technology offers a complete set of tools and booking interfaces that could cover every travel related need. For SMB’s, a simplified process and interface makes practical sense as many businesses of this size do not have a dedicated travel department. SMBs are eager to adopt new technologies that create efficiencies and save costs, especially the arduous and usually complex task of booking business travel arrangements.