The key point that hovers on your mind all the time is ‘how to stay profitable’. The ever-growing demand of your clients affects every aspect of your business, and you need to have your travel agency strategic plan ready to meet the requirements. Turning your agency into a growing profit-center takes a 360-degree, holistic approach that cohesively engages your staff, your consortia and your business goals. Following are few essential points that will guide you in building a travel agency strategic plan.
1. Decide on your business model
As a travel agent you need to decide on your role at the first place. Would you like to be an incoming tour operator, outgoing specialist or concentrate on ticketing only? Most importantly you should have utmost clarity on your product and its offerings. Then decide what you wish to achieve in terms of business volume, clients or a brand.
2. Take care of the legal part
In a travel business you will require few licenses to function viz. Trade license, Bank account, Pan card, MSME registration and as you grow you will need IATA license, TAN, Professional tax registration, PF, ESI etc. It is better to take legal consultant’s advice in this case and be done with it.
3. Determine your funding strategy
At the initial phase the costs should be fairly low unless you are planning to get a proper office and hire travel professionals. However, for marketing expenditures, both online and offline, you need to plan your funds.
4. Organise the basics
Implement business tools and programs that simplifies and streamlines your operations. Tools like - Office Accounting and Client Relationship Managers (CRM) tool will help you in the procedures of accurate invoicing and bookkeeping. Moreover, an updated client database will facilitate your marketing initiatives too.
5. Optimise your resources through supplier deals
If you are already working with your preferred suppliers, then look out for better deals by joining a consortia. A big network can leverage maximum offers and discounts for you, and you will be able to achieve your targets faster.
6. Stay ahead
Stay updated with preferred supplier product information and engage into educational and FAM trips. These efforts will help you to understand the current trends of the industry and differentiate your services from your competitors.
7. Create an effective marketing plan
Optimise the power of social media and digital marketing. Keep your clients updated through emailers and newsletters about new offers, destinations and your exclusive services. Keep posting your communications on social media and generate new leads. A well-prepared website enhances your brand image, if you have one, then update it with your value additions.
With the travel agency strategic plan on right place there is no reason that your business plan will not be a success. It is important to be abreast of the present trends of the industry and plan your next moves accordingly. With new services and offers you will be able to generate loyal customers for sure. All you need is to measure all the options that come to your way before taking a decision.
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