Now that people are thinking about planning their holidays again, will the behavior of your personas change ? Will you change your target markets in order to tap into early recovery source markets ? Did the new normal change the set up and experiences of the travel industry in your destination ?.
Are you ready to be back in business and earn money ? Or is it time to re-strategize ?
If you are unclear about the road to recovery than this blog with scenarios, could be useful to you.
If you decide that its a good idea to re evaluate your strategy. It can help to write down your strengths, weaknesses, the opportunities the new situation brings and the threats that might or are coming your way.
How and when a full recovery will happen is still uncertain and kickstarting your business and navigate your company to the end of the crisis is extremely difficult with so many unknowns.
Therefore it's wise to go back to basic.
With the outcome of your swot you have an idea how to you use your strength to sell products with the opportunities you see, while you understand the potential risks.
Working out a SWOT for a travel company
What are your strengths ?
-> Where is your travel company good in and what do you like, especially in a small company, most of the time the company is good in what the owner likes to do.
Are there some weaknesses that could prevent you doing things
- Lack of capital ?
- Lack of resources ?
No incoming cash flow
Fixed cost keep running
Not able to keep good staff - (People with opportunities and smart are the first to look for other possibilities - change you end up with weak staff)
Clients cancel and go to other destinations
Become more efficient as a company
Time to reset strategy
Time to develop new (digital) products
Hire good staff (lot of people looking for jobs)
Time Improve your brand
Time Improve your content
Time to streamline processes and organisation
Look at your SWOT and list action to overcome your threats
Can you come up with 3 actions per threat? If your stuck search online, how do other companies deal with this ? Join webinars or online events. Maybe be part of a tourism recovery group in your city or region.
Underneath example help to list actions to deal with running out of cash.
- What can you do with your strengths to sell to your client database
- What can you do with your strengths to sell to a new clients Stop everything
- Order them in in a list: easy to do and brings in a cash flow now / and in the future