Strategy or Stagnant
As a business owner there are many challenges and opportunities that occur daily. Some people call dealing with the challenges as 'firefighting'. Normal day to day operational failures, personnel concerns and client service issues can take up your day.
You need to make time to realise the opportunities, focus on a strategy to defend, grow and position your business for the future. If you don't you'll stand still, stagnate or even worse, fail.
The key areas that need attention are;
· Closer attention to the initial budgeting process and re-forecasting when significant changes occur (new business, lost clients). Business 101.
· Review internal costs for new technology opportunities to automate processes. Many leaders review solutions, recognise the savings they can realise however still work with manual operations rather than make improvements. Dumb management.
· You know online travel agents (OTA's) are making great inroads in your clients. Don't believe 'service' alone will retain your clients. Loyalty is not what it used to be and the 'now' economy is 24/7/365 online. Embrace technology that gives you a fighting chance. Don't hide away from reality.
· Differentiate. In the Australian corporate travel arena where Serko, the leading online booking solution for corporates, has a majority market share. It is a tremendous solution. If a travel management company doesn't offer Serko to their client they can be seen to be behind everyone else. However, you see a number of travel management companies, whilst providing Serko to clients, are also offering something different - they can stand out and if the other solution meets client’s needs they can change the discussion from a 'race to the bottom' pricing war to true added value for clients. What are your unique selling points?
There are many more aspects of running a business that drag the leaders down to day-to-day business. If you are a true leader then focus down the road otherwise you'll get nowhere fast.
For assistance contact us.