Greece package holidays
In some countries we simply go and enjoy the sun and the beach and even the night clubs. They are light holidays and we feel like we do not need many things to enjoy it to the full. But there are other types of holidays that challenge our way of thinking and that broaden our mind in ways that we can hardly imagine. These holidays will bring us into countries full of history and culture. Here we will be absorbed by the immensity of knowledge and without even planning we will be engulfed in a sea of culture.
Such a country is Greece and the holidays there are a challenge to discover the true treasures of the Greek culture. Package holidays are really advantageous from both an economical but also a qualitative manner. In this way people benefit from a pleasant stay but also they have the chance of improving their knowledge. Once you get there in the land of the ancient wise, the thrill of exploring a world long forgotten is great.
It does not matter the age or the cultural background as people thrive in from of the ancient philosophy and way of building up monument of excellent beauty. It will be a holiday with great memories to keep and maybe some of the Greek wisdom will rub off on our own lives.
Travel Agency Worth
I agree with the experts that a shakeout is taking place due to the current economic downturn. If you have not positioned your agency at this time either to be a part of the larger travel organizations or to become a “boutique,” then you might want to start thinking about your strategies for the future. Your key starting point is determining your agency’s net worth.
There are four critical areas that comprise an adequate and accurate agency valuation plan -
- operations/resource management,
- market position/agency image,
- financial management, and
- business history
Future articles will include financial management, market position/agency image, and business history. Today let’s consider -
Operations and Resource Management
Automation – Computers and Telephones
As a general rule, the more automated you are, the higher your productivity per employee and consequently the higher your profitability. Additionally, more time for agents to have face-to-face or voice-to-voice contact with customers means better service. Bear in mind that if you’ve been computerized for at least three full years, you are over the start up pains and the equipment is part of your routine.
What computerization was to a travel agency five years ago, telephone systems will be for the next five years. Your phone system will make or break you. Chances are if you have an old-fashioned key button system, your productivity is low and your ultimate valuation will reflect that. You should at least have PBX and ACD systems.
Personnel
Regardless of whether a buyer will be managing your business himself or hiring you to stay on as a contract manager, your personnel are the absolute key to success under new ownership. I have seen agencies sold and then watched half the staff leave the next day with their “following” because they were offered a better deal by another agency. The result is usually a bonanza for lawyers and the disintegration of your former business. You can generally avoid such a crisis if your turnover is low, staff experience levels are high, and you have a strong incentive program supplemented by a solid portfolio.
Other Resources
The travel agency business requires an incredible amount of detailed data and consistent, logical operating systems. The question is: Have you been able to maintain an organization that cuts smoothly through all these ancillary materials and procedures? For example:
- the latest work flow changes in your agency;
- staff telephone manners and the way you present your agency to the public;
- your quality control processes before documents go out to the public;
- updating the mailing list; and
- your system to follow up on hotel commissions
And what about your space? Naturally, a buyer will want to see his new business grow. If your space restricts that, or if your lease is about to be renewed at double the cost, any future projections will be impacted and your agency is worth less. Therefore, prior to sale you might want to check with your landlord as to a potential new arrangement with the new owner.
Good management
The common thread in the criteria above is organization. If historically and financially you have done well, but if the key to your success has been your absolute and autocratic management – i.e., all of the company’s records are in your head – obviously, a new owner will not succeed. Therefore, good management not only shows in the results but in the ability to turn the reins over to new management.
Obviously a potential buyer is far more impressed by an organized, well-planned operation in which you can show your original business objectives, the current variances or changes in plan and your rationale behind it.
In all of the criteria above let me stress the most important common element – consistency – as crucial.
Do you really present a credible picture to the buyer? Do you have a dashboard that measures your activities and allows you to make mid-course corrections in the event one of your “instruments” indicates a problem?
Your answers to these questions will help determine your agency’s net worth – and its value in the marketplace.
Opening a Travel Agency
Are you thinking of opening your own travel agency? If so, you need to keep a number of things in mind. Owning a travel business demands a certain level of skill and professionalism. It isn’t just a matter of getting a license and plugging into a program. So if you want to be one of the good ones, I strongly suggest that you take the following advice.
For starters, specialize in something. Know that one thing inside and out. For instance, South American travel or exotic adventure travel or eco-tourism. Find and study everything you can get your hands on in that thing. Become a genius. Too many travel agents will book you a cruise to nowhere or a flight to no man’s land and not know the difference between the two. The travel industry has become so vast, that it is just not possible to be an expert at travel in general. You will need to narrow your field. Your business may increase exponentially if you keep that focus on a few things. And you do those things well.
Here’s a second thing. Why not become a “notary public”? Why you ask? What’s the the relationship to a travel business? People travel for many reasons and sometimes in order to settle some special business they are in need of a notary. There are not many notaries available these days, so this is something you can offer your clients either for a small fee or gratis as a way thanking them for their business.
If you are required to agree to an exclusivity contract in order to work with a particular agency, do not do so. That agency is unable to force you into such an agreement and you do not have to. You will, of course, want to check with a lawyer on this one. Most would probably advise against signing such a contract. It may very well be against the law.
As a travel agent, you will find so much fulfillment. Like I said, good ones are hard to find so if you really know your stuff, you will be greatly in demand. People will actually come looking for YOU to book their trip. That means more money for you in YOUR pocket. That’s what it’s about, no? How many of us could use a bit more income? Especially in these days!