Technology Toolkit

WTTC is the sole representative of the world\’s travel industry body, whose members include the world\’s most famous tourism enterprises as close to a hundred families in each of the national economic impact of tourism and evaluation of published research.

More challenging next year, the situation of tourism

Slower growth in global tourism industry next year, each tourist spending will fall one percentage point. Does this mean that tourism operators need to be careful that in the past 30 years, in addition to the war in Iraq, the 911 terrorist attacks and the 2009 recession year of these major setback, tourism around the world to the rate of 4% per annum growth, the rebound is always fast, must take this perspective any reduction in the growth of travel and tourism industry expectations.

In fact, the case of the second half of 2010 than previously expected. Although the WTTC\’s forecast will be more challenging in 2011, but the travel and tourism industry will be in the lead economies into the forefront of the recovery phase.

Occurrence of structural integration in the industry, consolidation and alliances are many reasons, the economic turmoil of forcing companies to consider these structural changes, but it does not focus on short-term decision, not by a particular economic recession a direct result.

The world\’s major exporter of tourists are now shrouded in unemployment and tight, you expect that what will change in the global tourism market? If the results of the implementation QE2 does the U.S. dollar caused by the depreciation of the development of tourism is often dependent on consumer confidence and disposable income, and in challenging economic times, both of which may be reduced. Despite the recent projections suggest that, in the second half of 2010 appeared in the international travel and tourism rebounded faster than expected, the global tourism economy, real GDP growth is now expected to grow by 2% (the expected earlier this year, 0.5%), in around the world have created a 946,000 additional jobs.

However, people\’s travel expenditures remain far below the 2008 peak of 2011, the pace of economic recovery may be slower than previously expected. Western consumers continue to repay debt, many developed economies shift fiscal austerity. This means that in the long term prospects for the global travel and tourism will continue to remain optimistic, but will increasingly depend on being Asia\’s rising prosperity, the region\’s growth target is still set to 4.2%, China continued as the main driving force India, a slight slowdown in 2009, after the strong recovery now.

U.S. will remain the largest global travel and tourism industry and one of the most important markets. So far in 2010, despite the substantial increase in the number of foreign tourists, but the investment and business travel is very weak, which dragged down the travel and tourism industry recovery.

Depreciation of the dollar causes the price Americans overseas travel more expensive, more Americans will choose to vacation in the country. Of course, the dollar\’s importance is bound to affect the other parts of the world.

Asia will experience the largest growth in tourism

January this year, with the WTTC\’s initial forecast this year compared to the investment in the tourism share of total investment to the share will increase by one percentage point. In the long run, investment in tourism in 2020 will reach 2.8 trillion, or 9.4% of total investment.

Continued growth in tourism investment is to ensure the future prosperity of the key factors. Investment is entirely dependent on the banking sector, and investment more inclined to lend. Compared to the financial turmoil the last two years of credit tightening, banks are now willing to fund some projects have begun. Compared with other industries, the rapid economic recovery is often more beneficial for tourism because of the hotel and airport infrastructure investment is calculated based on long-term returns.

Asia will experience the largest growth in countries like China or India will be led. The next 20 years, millions of people in China and India will join the ranks of the middle class, increased disposable income, will have greater confidence and desire to travel. According to Goldman Sachs estimates that by 2030 there will be 20 billion from the BRIC middle class consumers into the tourism market.

In the BRIC countries, the short-term potential of China is clearly the largest. But in India, Brazil and Russia, economic improvements will ensure that they have become the driving force for tourism.

When economic hard-times hit, one measure more than any other separates the business survivors from those that fall by the way – cash-flow.

In boom times, many business owners naturally turn their focus to measurements like sales and profit, but when things slow down it is cash-flow that is the key test of business health.

The good news is that there is plenty business owners can do to turn a cash-flow trickle into a flood.

Here are 10 best tips for boosting cash-flow.

Put together a good cash-flow forecast

A cash-flow forecast is a key diagnostic tool for the health of a business. Without one, getting your business’s cash-flow right is almost impossible.

Many businesses operating without a cash-flow forecast don’t even realise their margins are coming under pressure.

Small business owners in particular often shy away from putting together a forecast because they find it hard to gauge the affect different factors will have on cash-flow – events like the introduction of a new product line, marketing venture or extra staff member can have an uncertain impact.

Communicate from day one

Once you understand how cash moves through your business , you can start taking action to increase cash-flow.

In the current economic and credit climate, there is one key challenge most business owners are likely to face in bringing more cash in the door: getting customers to pay on time.

Constant communication as the crucial first step to improving debtor days.

Communication with clients has to start from day one, with new clients receiving a notice clearly setting out how long they have to pay bills – and the consequences if they don’t.

Check the credentials of new customers

New customers are great, but new customers that actually pay are even better. The problem is, it can be difficult to tell one from the other until it is too late

New customers are great, but new customers that actually pay are even better. The problem is, it can be difficult to tell one from the other until it is too late

Give your customers a reason to pay

Reminders and checks may get the debtors paying in good times, but when things are tight a little something more will often be necessary to bring in the cash.

A tool many cash-flow advisors believe is effective, if costly, is the discount for early payment.

If a discount doesn’t make financial sense, consider offering other benefits for prompt payment such as a higher level of post-purchase service or priority access to new stock.

You can also make paying your bills less painful for your clients by allowing them to pay in instalments, helping them smooth out their cash-flow and giving you some increased security.

Spend more time ensuring your big clients pay

Small businesses that rely heavily on dealing with a few, big clients, often find themselves in a bind when it comes to cash-flow – desperate to be paid, but petrified of losing a key customer.

Managing big clients requires a careful approach, with plenty of care and attention backed by a firm commitment to being paid.

Encourage staff to bring in the cash

Many businesses reward staff for boosting sales. During a downturn, cash-flow management is arguably more important, so why not give staff a real incentive to help make it happen?

This can mean introducing a performance-based component for accounts receivable staff, but often improving cash-flow requires an organisation-wide effort.

It can often be worthwhile to direct at least a portion of your sales team’s commission structure towards ensuring the customers they sell to actually pay.

Debtor finance can help in a tight spot

There are a range of finance options available to businesses that can provide an immediate boost to cash-flow – at a price.

Be disciplined

If sweet-talking, phone calls, or discounts don’t get your debtors to start paying, they need to know that you won’t be afraid to bring the in big guns.

If you can’t be disciplined, outsource to someone who can

Business owners are notoriously time poor. Many just can’t devote enough time to debtor management, or regret the sacrifice required to other parts of the business if they do.

For businesses that want to beef up their debtor management, but don’t want to build an in-house accounts receivable capacity, outsourcing can be an option.

The key test of whether outsourcing will work for a business is how it fits into the bottom line, with the cost of the service balanced against the prospect of improved payment rates and the convenience of somebody else managing your debts.

Don’t grow yourself out of business

Cash-flow management may become imperative during economic downtimes, but periods of rapid growth can present equally difficult cash-flow challenges.

We see as many businesses go broke through expanding as contracting, because they don’t understand how to balance growth with things like capital investment as their company grows.

Too often we are pumping our brains with unhelpful procrastination and punishment scripts that paralyse us into inaction. It\’s easy to get into a habit of programming ourselves with reluctance, paralysis and self-defeating thoughts. Why do we believe it will be easier not to do the tasks or work and instead put them off? Maybe we are afraid of failure. If we do the task we will not be successful, or it won\’t be perfect.

Eventually we get that something done and we realise how it was not that hard to just push through and get it completed and out of the way. Then we wonder why we didn\’t finish it sooner when it wasn\’t that hard, or didn\’t take that long. It\’s a wonderful feeling of euphoria when we overcome blocks, of seeing the end result of finishing. Maybe we procrastinate long enough so that when we do overcome that silly block (eg. completing a tax return, writing the report or finishing the budget) it is a euphoric feeling!

Successful people use helpful scripts and develop strategies to overcome and minimise these blocks. They learn how to recognise the signs of indecision and procrastination, and how to cut them off before they develop. Their negative feelings and scripts are kept to a minimum or ‘rewritten\’ quickly.

These are the helpful scripts that can get you through:

I am in control

I will just keep going until I finish

I will keep going and persevere

I can do this – it will take time but I will succeed

I am positive

I can make this happen

The first step in dealing with our paralysis scripts is to recognise they exist: it is to look for internal and external barriers that stop us achieving our goals. Here are some helpful tips:

Keep focused on the big picture

Sometimes we get sidetracked and upset about small things along the way. It is important to be able to tell yourself to step back, think of the bigger picture, remember what your vision is – and put the small things into perspective, so they no longer sidetrack you.

Tell someone you know what you are aiming to achieve. Share goals with those close to you.

Habits are our biggest obstacle to changing our behaviour. Habits are simply scripts, those that are part of the ‘black box of our brains\’, deeply ingrained or embedded in us.

Remind yourself of the benefits ahead

Sometimes we procrastinate over decisions and actions, and this makes us feel bad. We are scared or anxious about what we have to do. So we leave a decision outstanding – waiting for a time when we can say one way or another more confidently what the decision should be. Some people procrastinate and look at everything several times over several days or weeks – maybe months or years with some decisions. A good thing to do is to focus on what\’s best to achieve a goal and get the benefits ahead. It keeps you moving forward. It stops you getting stuck.

One of the best benefits we should remind ourselves of is simply how much better we feel after making the decision we were avoiding, or doing the task we were putting off. Focus on the importance of the task and the outcome, rather than thinking of the pain and effort of a difficult task. Tell yourself: \”I\’m going to feel better once this is done.\” Create a situation for where there\’s more pleasure associated with doing the activity, than there is pain.

Too often we get stuck, or blocked, because we are focusing on the immediate difficulties and not on the eventual benefits. Whenever you find yourself procrastinating, remember why you are doing it, think of the benefits and how good you\’ll feel once you\’re finished.

How do you become the employer that everyone wants to work for?

Employees now expect a lot more from employers – it\’s no longer \’just a job\’. But can they be fussy in hard times?

An employer of choice is an organisation that cares for individual employees and is concerned about their careers and wellbeing. Increasingly, businesses are creating a \”brand\” that attracts the best staff through strong recruitment strategies. They work out how to retain and develop their people and they provide flexible work options that consider an employee\’s life outside of the office.

A successful organisation is one that can attract and keep the best staff. It doesn\’t matter whether it is a tough time or not – this should still be the focus of every business. The best way to do this is:

• Create a culture of pride

• Promote yourself as an employer of choice

• Recruit the best people

• Provide development opportunities

• Offer flexible work arrangements

• Be family friendly

Consider these questions alongside what your business is doing…

What makes your organisation stand out and would you call it an employer of choice? Think about what aspects of your business contribute to it being considered an employer of choice, and what detracts and needs improving. Most people will immediately know what is not working.

Consider the recruitment strategies – how do you find the best people to work for you? A \”cultural fit\” is important. But what did your business do to establish this in the recruitment phases? How can the recruitment process ensure that successful staff will fit with the ethos of the organisation?

Employees should be continually learning and developing – but what opportunities are provided in your business? How are the training and development needs of staff met within your organisation? What additional initiatives could be developed to ensure employees are continually being developed? What opportunities does your business provide for leadership development?

Are the working hours made flexible, such that they meet the needs of both the individual and the organization, without resentment?

Is your business a family-friendly environment – how do you manage when a staff member\’s family is sick? Do you offer carer\’s leave? How do you know this would not be abused? How could initiatives be implemented within your organisation to ensure it is flexible and family-friendly?

Do you have a culture of pride? What\’s the evidence? How can a culture of pride in an organisation be developed and maintained?

What does your organisation do to improve its retention of good employees?

And if you are looking for a job, what attributes would you look for in a new employer? Make your list and rank them…

• Treat me as an individual

• Care about my needs

• Provide options for growing

• Respect for community and environment

• Career path

• Training and development

• Mentoring

• Coaching

• Unique opportunities

• Flexible hours

• Good pay/bonuses

• Security

• Travel

• Leadership

When employers truly care, employees are passionate about their work, they perform at their best and often surpass expectations.

Can you afford to ignore Facebook? With 500 million active users, of which 50% log on every day, it is a medium you will ignore at your peril.

But to many people there is confusion in relation to business pages, fan pages and personal profiles – and how does a business start?

First – fan pages are now business pages – they are one and the same.

So how do I create business page?

You first start with a personal profile. This should be set up by someone in the company, though you must retain control of it, should they leave the company.

This profile will be used to “spawn” the business page. I would recommend setting up an email address specifically for your Facebook page. This will give you access to all your information updates, accumulated fans, etc.

Why set up a personal profile first? – Because it is the way Facebook works. It is setting up a platform for your business to launch. It also is a good way to think of your business as a person, since it will be interacting with people as opposed to a corporate identity or a faceless (excuse the pun) charity.

From your new “personal” account, you can then create the business page – www.facebook.com/pages/create.php. you will then go to the Facebook Business Page creation tool to make your new page.

Under the heading \”Official Page\” look for \”Create a Page for a:\” and then select \”local business.\” Enter your page name. The name you choose for your Facebook Business Page will appear at the top of your finished page. Use proper capitalisation of your true company name, as that is what will appear in the Facebook page.

Once you clíck create, the next page you see will be your brand new Facebook Business Page. It is that simple. Later, after you\’ve had 25 people \”Like\” your page, you will be able to select a vanity URL, but we\’ll talk about that later.

When you have set up your Facebook Business Page, you should “freeze” the personal profile that was used to create your Business Page. Alter the privacy settings in the personal account to not show your personal information to others who are not \”approved\” friends.

The profile that you set up for your business, should be different to your personal profile. It is not recommended that you mix the messages between the two profiles.

What are the benefits of a Business Page?

There are many benefits, not least the fact that without a Facebook profile you will miss out on the opportunities your competitors are enjoying.

* The ability to contact all people who \”Like\” you with special offers, newsletters, etc

* Interact with fans or people who like you similar to a forum,

* Set up events and invite fans to attend,

* Create specialized welcome and shopping pages.

* Links to your blog and twitter accounts

* Real-time feedback with live interaction with clients and prospects

Your business page is an extension of your website and is tailored directly to people’s individual wants and needs.

Create an easy to remember business page

When you have 25 people who \”Like\” your Page, you can select a short easy name to promote on your website and business card. Your Business Page goes from something like

http://www.facebook.com/?sk=messages&tid=10150097137385337#!/3rmarketing to something like this http://www.facebook.com/3Rmarketing just visit this link www.facebook.com/username. You can have real name URLs for both your personal account and Business Page.

This is a one off creation, once created, you cannot change your business URL.

Tips for interacting with fans

You can use many media on your Facebook page, like Photographs, Videos, Podcasts, Articles, etc.

Keep your posts short and interesting and imbed the links to the more detailed information. Do not sell too much. Provide useful information. The more you give your readers, the more they will come back, and if they want what you have to offer, they will buy from you.

Conclusion

With 500 million users worldwide and nearly 2 million users in Ireland, Facebook has become an essential business tool. Business that do not embrace this form of social media online marketing will suffer the consequences. Those that embrace it will be well positioned to find what customers want and give it to them.