The first step to creating an effective business plan might
be the most challenging: start by thinking like an entrepreneur. That, said
Cory Andrichuk, a travel industry business coach, is sometimes difficult for
agents.
“Many of you are faced with decisions to move forward and
grow your business to the next level,” he said during an Advice From the
Experts webinar for The Travel Institute. However, “too many hours of the day
are spent without thinking of being an entrepreneur.”
Andrichuk suggests that agents create a business plan but
first “assess your mindset” about certain aspects of your business by rating
yourself on a scale of one to five. For example, rate yourself on your vision
for your business, your marketing, your work/life balance, knowing your
customers and using technology effectively.
His “holistic approach” to creating a business plan involves
using these ratings, incorporating your feelings and thoughts about things that
are broader than your business, such as your work/life balance.
“Are you working 70 hours a week? Are you happy working for
that long?” Andrichuk said. “Is that your choice or do you want to work smarter
rather than harder? If so, then your business plan should reflect that.”
Andrichuk said that some business plans could be as long as
40 pages, but depending on the size of a business and its specialty, it could
be as short as one page. The most critical aspect is that they are accessible.
“It shouldn’t be used as a paperweight. It should be a
document that you can easily refer to with colleagues, suppliers and anyone in
the inner circle of your business to ensure that everyone is moving in the
right direction.”
He said one important feature is a mission statement, which
should be no more than two or three sentences. Take a look at travel industry
companies’ mission statements, such as those by Disney or Royal Caribbean, and
see how they have been able to “condense their passion or purpose” into an
effective mission statement. Then, Andrichuk said, craft your own mission
statement and use it on your website and in your marketing.
Andrichuk urged agents to be kind to themselves and “not
beat themselves up” when they reach roadblocks, slow growth or have self-defeating
thoughts.
“You sometimes wonder if it’s all worth it, and if you take
this time (to create a business plan) whether it will make a difference,
especially if you’re spinning your tires right now and haven’t had success
lately.”
He added, “There are so many competitive forces out there.
But if you don’t slow down and take stock of your strengths and opportunities
and take those things in consideration you will eventually burn out and fade
away. So take stock. Use a business coach, collect your strengths, your
confidence and then get candid and get real. It's a challenge to stay positive.
You have to work at it.”
The Travel Institute's Advice from the Expert series
continues on March 23 with a webinar on choosing a specialty.