Five ways to boost business

Travel agents have been told to ask themselves five key questions to stop their businesses from ending up on the scrapheap. PricewaterhouseCoopers business solutions manager Alan Morris has urged agents to take a detailed look at their business practices to boost profitability.

The plea comes after he refused to include financial reporting details from eight Advantage agents in research released at the consortium's conference last weekend as he didn't trust the information provided.

Morris said high-street travel agents are among the worst in the retail sector for understanding the detail of their businesses.

He said the sector should know which destinations and operators are the most profitable based on the time spent on bookings and commission levels. Agents should use this information to tailor their businesses and increase profitability.

According to PWC, there are five key questions agents should pose about their own businesses.

• Why do customers use my services?
• What does it cost me?
• What are my margins and commission earnings?
• Can I transfer a process used in one area, such as service fees, to another part of my business?
• Could working practices change to improve my bottom line?