In business, we are always told that you have to spend money to make money. When you have an arm full of expenses already, how are you going to balance that all important bottom line?
Embarking on new construction, updating buildings or facilities, or recreating an interior can be an exciting opportunity for tourism businesses. You can take steps to improve productivity and profits through changing the way a space functions. You can change the way you engage with your customers to better reflect your brand and build loyalty. You can create a new experience for customers that opens up your business to a whole new market. You can create a unique destination for tourists, so that you can compete on experience, rather than price. The challenge for many businesses is finding the right mix of expenditure and cost so that money spent = value added.
Our advice is this: think smart, not cheap. Using your money wisely is not about getting as much as you can for your dollar. It’s about doing what is going to add value to your bottom line, either directly or indirectly.
Here’s my top 5 points for making the best use of your budget and adding value:
- Know your brand. Be very clear about what you are selling, why you are selling it, how you are selling it, and what makes you unique. Work with your brand assets and be authentic and consistent.
- Know your target market. Have a good understanding of what your customer’s expectations are, so that you achieve something that will add value to them and to your brand.
- Get professional advice. Aim to achieve a really good result, by getting people in the know to help you put it all together. Professional fees are usually much lower than doing something poorly that has to be replaced in a short space of time, or actually impacts badly on your brand.
- Make a plan. It is always cheaper to make changes on paper than it is to make them once the concrete has been poured (or later!)
Get a quote or two, but don’t take them at face value. Talk to the business who is preparing the quote, get to know who you are dealing with, form a relationship. You will get a better price, better service, and a better overall result.