The start of a new year is the perfect time to re-assess your business progress, declutter, and refocus to build a strong foundation for the year ahead.
We’ve prepared a short check-list to create a high-level roadmap that will guide your business in the year ahead.
Your 10-step business check-list:
- Review last year’s performance – Evaluate what worked and what didn’t. Analyse your best-selling packages and destinations, where you got repeat business, client satisfaction and which clients were most profitable, to identify areas for improvement.
- Take stock – Take an inventory of all equipment, evaluate your booking management systems and website hosting. Also, review your technology suite – schedule dates for contract, IATA and ASATA renewals, etc.
- Understand your financial position – It’s easy to put the paperwork on the back burner when you are busy with the doing. Use the quiet weeks to follow up on commissions, refunds, etc. and review financial management accounts. Use reports like income statement and profit and loss to identify the financial health of your business and forecast peak travel seasons to cover pre-payments to suppliers.
- Assess your tax position – Don’t get caught short with an unexpected tax payment. Check what your tax obligations are ahead of time and plan for your deadlines to make sure you can meet your payments.
- Prioritise key strategic objectives – Choose 3-5 key initiatives that will drive the most value in your business. This may involve finding new revenue streams (e.g. sustainable travel packages), finding new clients, or improving operational efficiencies.
- Set a budget – Spending time creating budgets that include plans for future investments will pay off over the year. Review your pricing model and make sure your packages are priced competitively while still delivering a good profit. Make sure that you track this monthly to keep on top of things.
- Plan potential resources – Establish what human resources you need, (do you need more specialised agents, or admin staff?), what technologies still work and what you need to replace, and revisit key partnerships to negotiate terms that will help you to achieve your goals.
- Assess progress quarterly – To monitor your annual targets, break your goals down into specific targets. Schedule time to assess these specific deliverables at the end of each quarter. The review process enables you to monitor your progress and make necessary adjustments to your strategic plan.
- Develop strategies to handle potential risks – Identify major business risks, which include cash flow problems, supply chain breakdowns and employee departure issues. If you don’t have a Business Continuity Plan, create one to manage your most critical business risks.
- Audit your digital presence – Your digital presence is the face of your company. Your business needs to exist on platforms that attract your target market. Ensure your website is mobile-friendly and that your contact and booking information is current.