Knowledge is power, especially when it comes to your business's financials. Knowing your numbers allows you to set realistic goals, make informed decisions, tailor your marketing strategies, and ensure the financial health and sustainability of your business. In this episode, Jennifer and Robin discuss the key numbers that travel advisors need to be tracking, such as operating expenses, total annual revenue, average trip cost, profit margin, and lead to client conversion. They also explain the significance of each metric, as well as tips for tracking and analyzing them. Whether you're a numbers person or not, these insights will help you better understand the importance of knowing your numbers and how to use them to project and achieve growth for your travel business!

Today we will cover:

(01:15) Understanding operating expenses
(04:50) Being aware of expenses and making essential vs. luxury decisions
(11:35) Ramit Sethi and his approachable financial perspective
(14:35) Tracking annual revenue and expenses
(22:55) The importance of fees and commissions
(28:40) Learning to be financially responsible; saving for uncertain times
(34:10) Average trip cost and average revenue per trip
(43:50) Using trip spend data for marketing and forecasting
(52:00) Tracking lead conversion data to set goals and make adjustments
(55:15) Calculating the number of trips needed to meet revenue goals

_____

Listen to Episode 65: Should You Require A Minimum Trip Investment? with Susan Whitson

Listen to Episode 41: What We'd Do Today If We Started Our Travel Business Over

THE NICHE COMMUNITY: tiquehq.com/niche

Join Niche - An interactive community membership for travel advisors wanting to grow their business!

SEMI CUSTOM BRAND KITS: tiquehq.com/semi-custom-brands

Browse our collection of pre-designed brand kits that are customized to your brand's unique personality by our talented Creative Director!

_____

FOLLOW ALONG ON INSTAGRAM: https://www.instagram.com/tiquehq/
CHECK OUT OUR SERVICES & PROGRAMS: https://www.tiquehq.com/

70. Which Numbers REALLY Matter In Your Business?

TIQUE Talks: The Business Podcast for Travel Advisors