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  1. 4. Find Your Competitive Edge

  2. Be a tourism operator who stands out from the rest by finding the magical ‘something’ that gives you the edge over your competitors. Experienced operators continually seek to improve their competitive edge. You can do this in two ways:

  • Differentiation – Making sure your product or service is different from similar operations in your area. Seek to add value. Be unique.

  • Value – It is not always a good idea to be the cheapest as many customers buy on experience and image. They are often prepared to pay more for a better service or product. However, if you can maintain service standards and be cost competitive then your ‘competitive edge’ could be the value for money your customers receive.

  1. 5. Financial Management

  2. Due to the highly competitive nature of the tourism industry it is absolutely essential for business survival that tourism operators have excellent financial management systems in place. You should ensure:

  • all financial and business plans are prepared (or at least finalised) in consultation with your accountant

  • weekly and monthly monitoring as well as detailed quarterly reviews are completed. Ideally your accountant should be involved with your quarterly or half

  • yearly business review

  • you balance your debt and equity ratio

  • you closely monitor your cash flow.

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