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Agency makeover: fine-tuning your business plan

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Andrew Burnham Posted: 3 Sep 2009 02:27 PM

I recently visited Yvonne and Peter Holmes of Classic Travel in Loughton Essex as part of the Travel Weekly and MacIntyre Hudson £5,000 financial makeover. After looking around their agency to get a feel for the business we carried out an initial analysis of their business, often called a 'scoping'.

If you want to start looking at your business and its future, here are five questions to consider:

  • Do you want to stay working in the business?
  • If not, do you have an exit strategy?
  • How well have you planned for your retirement?
  • What succession planning is there for your agency?
  • In what other ways could you build up value in your business?

In order to answer these questions, in particular the last, it is useful to capture data about types of sales, most popular destinations, high margin sales and importantly the productivity and potential of individual employees.

What sort of plans do you have in place for your agency?

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Hey I just downloaded the travel club app myTravelSOS.com.  It says I have a personal assistant and full legal/medical coverage while on vacation.  Why should I be paying a monthly fee if it only covers a couple of weeks of vacation for me?

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It sounds like you downloaded the amethyst 14 version of mytravelsos, which gives you 2 weeks.  I have the same thing, but don't forget you can use a lot of the features while at home too.  I was on a business trip in Chicago and called my personal assistant to find me a great sushi restaurant.  My boyfriend used a panic button to get a locksmith when he locked himself out of our apartment once too.  You'll find a bunch of reasons to use the application.  Ten bucks a month for such a service is nothing.

 
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