Access to good quality management information is vital for a well-run business. But often we meet travel companies who are tracking little more than their revenue or profit.
Revenue and profit are essential for measuring performance. But they only tell half the story. What’s more, they are lagging indicators of performance. In other words, they are the downstream results, driven by your activities, operations and efforts taking place upstream. If you get those right, revenue and profit will take care of themselves.
Tracking additional Key Performance Indicators (KPIs) can help you to understand the key drivers of your business and make more informed decisions.
When helping our clients design and build management reporting decks, we always recommend identifying and focussing on a small number of relevant KPIs. Tracking them by brand or sales channel and benchmarking against competitors will also provide the most useful insights. Doing this will help you understand what is driving your business and performance at a granular level.
Here are five common KPIs used by travel companies:
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If you have any questions about the above or would like to talk to us about helping you set up, benchmark and track the right KPIs for your business, please get in touch.
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