Do you understand your business finances?
This week on the Travel Biz CEO Podcast we are excited to welcome Stephanie Cannon. Stephanie is a former CPA turned successful travel advisor and a member of Kinship CEO Membership.
When it comes to numbers and data, too many travel advisors stick their head in the sand and outright ignore their numbers. Stephanie helps other travel advisors and entrepreneurs lean into their discomfort and fear of numbers and demystifies the process once and for all.
So we asked Stephanie: what are the most common obstacles or problems that she recommends travel advisors focus on?
When working with other agents, the most common thing that people need to work on is mindset.
We keep telling ourselves that numbers are hard. Getting past the mindset piece is one of the biggest hurdles that advisors and entrepreneurs need to overcome when dealing with their finances.
Most believe that you must be an expert to be good at running your numbers for your business. Or that you must have an accounting background to be good at it. Nothing could be further from the truth.
Stephanie agrees that she has a definite leg up with her background as a CPA, but that doesn’t mean you can’t be successful. It means that it is just something you need to learn and put it into practice.
The next thing is that advisors need to make tracking finances a part of their routine.
Making tracking your finances a part of your routine is vital to your business success.
How many people do you know wait until tax time to pull their numbers and perform basic bookkeeping?
The problem is that without tracking your numbers routinely throughout the year, you have no real benchmarks to measure and know if you have reached your goals for your business.
At a minimum you should be tracking quarterly. This makes tracking your finances seem much less overwhelming and easier to tackle.
Create systems and SOP’s that you can put in place to be consistent.
If you know what you need to do, then you automatically have a system in place and know exactly what needs to be done.
Creating those systems and checklists in place give you predictability quarterly on what you need to track, and helps you stay on track with a routine.
Spoiler alert: Stephanie provides a checklist to agents! Click here to grab yours!
But don’t stop at the basics. You aren’t done yet. Going beyond the basics is where the magic happens.
Tracking financial basics and metrics overtime is great, but running reports that analyze those metrics is the next level.
Based on those analytics and metrics you know where to tweak.
Looking at averages like:
- Commission rates
- Service fees
- Booking size
- Conversion rates
When you know these numbers, you know what goals to set for the year for your business.
And that is what makes you an intentional business owner – A real travel business CEO!
Stephanie Cannon will be running a workshop in our membership program called Back to Basics for our August Monthly Class. Be sure to join and check that out!
This fall she will also be running her 4M Approach Workshop in her private group to help advisors figure out where they are leaking money in their travel business.
Stephanie Cannon is a former CPA, who made the leap to solopreneurship 14 years ago. It’s time to ditch the bank balance accounting and master a system that sets you up for higher profits and wealth. For more about Stephanie and the AH-mazing programs that she offers, check out http://www.withstephaniecannon.com. You can find her on Facebook and in her private Facebook Group: The First-Class Profit Lounge with Stephanie Cannon