Importance of Micro Small & Medium Hospitality & Tourism Businesses

Micro, Small and Medium Hospitality businesses play a major role in most economies,
particularly in developing countries. SMEs account for the majority of businesses worldwide and are important contributors to job creation and global economic development.
The key role played by small businesses in the economy and society is emphasized by many
researchers. Small businesses are well recognized and acknowledged as vital and significant
contributors to economic development, employment, innovation, income generation, and the
general health and welfare of regional, national and international economies.

Business tourism is a lucrative and fast-growing segment in the travel industry. It is able to yield many economic results for the local economy. Considering it as a key driver for temporary and permanent jobs, two-thirds of business travelers may extend their business trips if the condition allows. Therefore, there is great potential in this market.

Business tourism is expected to be one of the fastest-growing markets for travel suppliers to lay emphasis on in the years ahead.
Business tourism refers to travel services, hotel facilities, and other amenities being served to
people who are traveling on business. The tourism industry separates business tourism from
leisure tourism in an effort to offer customized services for business people.

Business travels are seen most in the places where conventions and international meetings are
held along with the acceleration of globalization. To attracting such major events, a destination
needs marketing efforts to expose itself in front of the meeting and convention planners, as well as major trade exhibition organizers. The market for small, short-duration meetings is also growing rapidly.

Business travelers usually have some free time when they are away from home for business
travel. Most of them would like to participate in tourism activities if the effort required is
minimal and the risks are low. Hotels will serve as the starting point in terms of providing
information and tourist options.

For longer stay guests, they tend to look for evening and
weekend options. Today, business tourism – mainly travel for commercial, professional, and
work-related purposes represent the major non-leisure form of tourism. Among all the
categories of travelers, business tourists are recognized as the ones with the highest consumption ability.

For travel suppliers, they can seek opportunities by working with hotels to develop an in-house
TV channel featuring activities that appeal to business tourists most such as weekend tours,
theatre, golf options, restaurants, special cultural and recreational events, and flight departure
information. Other cooperation includes upgrading their business support services, such as
extending hotel access, setting more hotel business centers.

Tourism, travel, and cultural exploration emerged as a strong industry over the last two decades and with the advent of the Internet and e-Commerce, the industry will grow more exponentially, which will represent a great opportunity for countries with tourism and cultural attractions like Sri Lanka.

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