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A new breed of businesses to be born out of the recession
Wednesday, 13 Mar, 2009
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TravelMole Guest Opinion by Maria Whiteman, consultant director, The Holiday Team
Why on earth would anyone launch a new brand or embark on a major business expansion plan in the middle of a recession?
That was the theme of a radio phone-in I was listening to last week.
With a daily news digest of businesses going to the wall and unemployment figures creeping up every week, nobody needs to be reminded that it’s grim out there.
But the radio show was music to my ears. There were all sorts of people phoning in to say that their businesses are thriving in spite of the economic downturn.
I was riveted to the airwaves listening to the tales about innovation and clever business ideas which are striking the mood of thrifty consumers.
In travel and retail there are opportunities out there for those who are clever enough to spot a gap in the market.
There will be a new breed of businesses which will be born out of The Recession of 2008/09 and beyond.
Right now organisations which have been coasting through the good times will come a cropper. Those which have been complacent and not invested in new technology or customer service have been caught napping.
At a time when travel agents are reviewing costs on every level, suppliers need to innovate and offer something extra to help agents increase their profit in difficult times. Businesses which are fleet of foot with new ideas and a robust plan can take advantage of the sleeping giants and gain market share.
People may raise their eyebrows when you say you are planning expansion or launching a new brand or service in such a tough economic climate.
But I believe there’s never a better time if the proposition is right.
I hear a lot from travel agents about how frustrated they are with existing suppliers.
The same issues come up time and time again. They are fed up with using dated technology, there’s endless paperwork when they make an amendment to a booking, poor support from the call centre and little flexibility to set their own profit margins.
Anyone who wants to work seriously with the trade needs to be absolutely up to speed with the needs of modern travel agents.
The “thrift agenda” is here to stay for some time. I hope we will continue to see new brands in the market and more entrepreneurs making their vision a reality.
Launching or growing a business in recession is not for the faint-hearted. But be brave and it could lead to success.
Sleeping giants beware.
Phil Davies
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