Comprehensive Business Plan Report: Goin' My Way Travel Agency

This report presents a comprehensive business plan for Goin' My Way, a German travel agency. It begins with an executive summary and details the business's purpose, outlining the services offered, including activities, car rentals, and package tours, with a focus on both leisure and corporate clients. The report analyzes the German travel market, identifying target customers and key competitors like G Adventure and Intrepid Travel. It then outlines sales and marketing strategies, incorporating a marketing mix with product/service details, pricing, promotional strategies (advertising, social media, sales promotion, and digital marketing), place, people, process, and physical evidence. The management plan describes the organizational structure, roles, and responsibilities. Finally, the report addresses financial feasibility and plan, along with timescales, risks, and key issues, concluding with a look at the future of the agency. The report emphasizes innovation, creativity, and the importance of a strong business plan for success in the tourism sector.

Business Plan

Table of Contents
INTRODUCTION................................................................................................................................3
MAIN BODY.......................................................................................................................................3
TASK – Business Plan..........................................................................................................................3
1. Executive Summary................................................................................................................3
2. The business and its purpose...................................................................................................3
3. Products and services .............................................................................................................4
4. Market and competitors analysis.............................................................................................1
5. Sales and marketing plan........................................................................................................2
6. management plan....................................................................................................................4
7. Operations plan.......................................................................................................................6
8. Financial feasibility and plan..................................................................................................7
9. Timescale, risks and key issues.............................................................................................17
CONCLUSION..................................................................................................................................19
REFERENCES...................................................................................................................................20

INTRODUCTION
For starting any business operations, it is very much important to design a strong and
effective business plan in line with the aims and objectives behind conducting such business
operations. A business plan defines all the strategies and actions which are required to be followed
for achieving the set defined future business objective. The present report will define how business
plan can help any business firm in gaining large market share and competitive advantages as well.
Business plan for Goin' My Way, a German travel agency offering wide range of travel and tour
services will be made. Report will focus on business plan procedure and its crucial steps to be
followed. Also, emphasizes will be made on creativity and innovation which is necessary for
tourism and event sectors. Further, explanation related to key elements and resource requirements in
context of business development process will be enclosed. At last, description related to issues and
challenges faced by enterprises new started in the sector of tourism and event will be provided.
MAIN BODY
TASK – Business Plan
1. Executive Summary
This report will provide a brief explanation about business plan and its importance for travel
agency business firm named as Goin' My Way which is newly started in Germany. It will define that
how this travel company is offering its services to both the travellers and corporate person having
wide range of variety. The business plan made will include location and places at which Goin' My
Way is going to deliver its business services and products. It will streamline about all the essential
parts without will business plan can't be completed and made properly.
2. The business and its purpose
A business plan is prepared for a travel agency company named as Goin' My Way. It is a
travel agency firm which has been started with the aims of providing better improved and
innovative services and products in context of the travel and tourism sector. The main services
which it will deliver to the population includes activities, car rentals, package tours, hotel facilities,
etc. The head office of this company is in the city of Berlin. This travel agency will basically have
ten people as its employee. Furthermore, with the help of agency website as provided by it I.e.
www.goinmyway.com, customer can get in-depth information as per their requirements.
The main purpose of this travel agency is to provide customers with better designed
brochures, pamphlets and other promotional material so that they can understand different types of

services and products being offered. It will help customers in making choice among different
options available and takes advantages from utilizing it. It has been aimed at part of this travel
agency to provide customer of leisure as well as corporate nature all the enjoyable and quality tour
and travel services in effective budget amount and time frame (Kerzner, 2017). Also, it wants to
develop large customer base with highly enthusiastic and satisfied customer. In the coming long
term period, it wants to get establish itself as best and affordable travel agency in the market having
large market share, profitability aspects and growth as well.
3. Products and services
Goin' My Way always intends to provide its services to both the individual and group travel
to its leisure clients. It ensures to offer wide variety of services and products as other travel and
tourist industry deals with in the different parts of Germany. This travel agency also ensures
arranging hotel for its consumers in Berlin so that corporate travellers can hold their meetings and
presentations (Lauf, Haase and Kleinschmit, 2016). The travel agency will also focus on providing
some innovative, creative, unique and special service to its client customer for making them highly
satisfied. Goin' My Way travel agency is going to organize a tour program named as 'Nature Guided
Tour' for the consumers for enjoyment and relaxant. The agency will also aim to provide adventure
vacations in Germany. Our business offering are listed below;
 Travel and tour consulting as well as advisory services for both the corporate and individual
clients, customers and other business groups.
 It also offers facility for making booking for flight ticket.
 Facility fir booking taxi, cabs or buses etc.
 Rental care services and Cruise line booking
 Hotel booking
Services and products provided by Goin' My Way at the initial level are pre arranged tours
packages, customized packages according to clients specifications, travel consultation and other
related services.

4. Market and competitors analysis
Market Analysis
In Germany travel and tourism industry is coming in ninth position in the world. 68.83
million people are visiting Germany from different parts of country. Majority of visitors that are
coming is in 2009. 30% of German people are spending their holidays there only. It is considered
to be safest travel place for visitors in coming year. There are three reasons that people came to
Germany are because of its culture , activities and the cities that are included in Germany. Here,
it is employing 2.9 million person under travel and tourism industry. It is also coming in 17 th
rank according to GDP rate of the country (Chambers and Humble, 2017).
Market Targeting
Goin' My Way Travel Company will try to target all the kinds of customers from the
corporate world (who travel for the purpose of attending meetings and conferences etc.) and
normal customers (who travel for the purpose of entertaining or refreshment) etc. (Burns and
Dewhurst, 2016). Their target group will be focus on the customers who is between the age of 20
to 40 years old people and the older people who want to travel anywhere. The agency will
provide more relaxing products and services to their all the types of the customers in the country
such as; wellness and ecological trip. But their more focus will be on the high income consumers
and corporate clients. Following list will show that the company will specifically target these
types of customers which are as follows -
1. Couples (married and unmarried)
2. Customers who prefer solo trip
3. Young adults
4. Corporate organisations
5. Families/Households
6. Universities / Colleges and Schools
Competitors Analysis
There are various successful travel agencies working under the Travel and
Tourism market of Germany and these companies are growing more and more with the help of
coming up with innovative ideas and strategies (Chambers and Humble, 2017). There are three
biggest competitors of Goin' My Way Travel Company which are such as - G adventure
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Company, Intrepid travel Company and Topdeck travel Company. G adventure is the strongest
competitor of the company in the Germany market because it has strong customers base,
enhanced goodwill in the market and experienced along with expertise management team.
However, due to only focusing on small group adventure travel in the industry of Germany
market, there are high chances for the Goin' My Way Travel Company to gain competitive
advantages over its tough competitors.
5. Sales and marketing plan
Sales Strategies
Sales strategy refers to the approach which helps company to do sales of their products
and services effectively and enhance the sales volume of the company (McKeever, 2016). There
are various sales strategies which will be used by the Goin' My Way company which help the
company to achieve its sales targets and enhance its revenue. These sales strategies are such as –
Company will set the specific goals for the sales volume for the employees to achieve them.
Company will analysis the past sales budgets and sales targets in order to evaluate the efficiency
of the current sales budget and target. Company can use research and development methods to
increase their sales volume by analyzing the markets, needs of the customers and sales strategies
of another companies.
Marketing Mix
Marketing Mix of the Goin' My Way
Elements of Marketing Mix Details of the Elements in the context of Company
Product / Service Following products and services will be provided by
company -
1. Travel and tour consulting and advisory
services for corporate and individual clients
2. booking for flight ticket
3. Booking for taxi cabs/shuttle buses
4. Rental care services and Cruise line booking
5. Hotel booking
Price Company will use competitive pricing strategy for
2

the pricing of the products and services offered by
the company
Promotion Company will use various promotional strategies for
the promotion. These strategies are as follows -
7. Advertising Strategy
8. Social Media Marketing Strategy
9. Sales Promotion Strategy
10. Digital Marketing Strategy
Place Company will provide their products and services to
the Germany market.
People Company will run by 10 members in which one will
be CEO, two will be GM and rest will be employees.
Process Company will provide their services to the customers
by 2 process -
Direct Process (Through Online)
Indirect Process (Through Offline)
Physical Evidence Their bank statements, financial statements, logo and
business vouchers etc. are the physical evidence.
Marketing (Promotional) Strategies
For the creation of brand image in the mind of customers and enhance the sales of the
company, Goin' My Way Travel Agency Company will use various kinds of promotional
strategies in order to do marketing of the business effectively. These promotional strategies are as
follows -
Advertising Strategy
The most use promotional strategy is advertising strategy (McKenzie, 2015). In this
strategy, Goin' My Way Company will contact with the advertising company and do advertise of
their business and services through various medium such as Radio, Television, Holdings,
Brochures and in-store displays etc.
Social Media Marketing Strategy
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It is one of the most popular strategy which is being used by the company and it is
considered to be cost free strategy. In this strategy, Goin' My Way Company will make accounts
on various social media platforms and do post related to their business, clients, services and
offers & discounts etc.
Sales Promotion Strategy
It is a short term promotional strategy which is being used by various companies for a
particular time period or particular seasons. It is done for the purpose of urge buyers to purchase
the products and services of the company (Ward, 2016). This strategy can be use by Goin' My
Way company by using coupons, contents, discount offers, premiums, complementary and
sweepstakes etc.
Digital Marketing Strategy
Digital marketing is done with the help of internet. With the adoption of digital marketing
strategy, Goin' My Way company will use various digital promotion strategies which are such as
– Mobile marketing, email marketing, e-adversiting, gaming advertising and display advertising
etc.
6. management plan
Management Structure
Management structure is also known as Organizational structure. A management structure
refers to the framework in which company organize and manage its activities through the
specific flow (top to bottom or bottom to top) (Dale, 2019). Goin' My Way's organizational
structure will be flat organization structure where there will be no middle level management
between employees and executives of the company. It consists of 10 members in which 1
member will be Chief executives officer, 2 members will be general managers and rest of the 7
members will be employees of the company.
Roles and Responsibilities of the organizational members
4

Roles and Responsibilities of the CEO of Goin' My Way
Roles and responsibilities of the CEO are as follows -
Formulate the various kinds of polices and strategies for the organization
Determine the mission, vision and core values for the company
Oversee the management arrangement, marketing and quality of services
Evaluate the business in terms of objectives attainment
Roles and Responsibilities of the General Managers of Goin' My Way
Roles and responsibilities of the general managers are as follows -
Implement the strategies formulated by Chief Executive Officer
Provide proper training program to the employees of the organization
Motivate employees for the purpose of enhance their efficiency
Analysis the customers' satisfaction in order to identify the needs of improvement in
service offered to the customers.
Roles and Responsibilities of the Employees of Goin' My Way
Roles and responsibilities of the employees are as follows -
Maintain a good relationship with the customers and clients.
Follow all the policies which is imposed on the organization
Complete their targets on time
Maintain the privacy of the data of their customers and business.
Management Style
The management style of the Goin' My Way Company is Participation management style
in which company will involve the employees in their decision making process and ask them to
give their opinion on the current situation. But the final decision will be taken by the managers of
the company. Also, in this organisation, employees has the fully freedom to do their work in their
own way style and manager will look upon the performance of the employees & will give them
feedback if there is requirement for improvement (Wynne, 2016).
Management Policy
Management policy refers to the course of actions or principles which is frame by the top
management team of the organization for the purpose of telling employees a particular
framework of the organization in which they can communicate, work and behave (Blackwell,
2017). There are various types of management policies which will be applicable to the Goin' My
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Way organisation. These policies are such as - Internal Policy, Human Resource Policy, Financial
Policy, General Policy, Working Policy, Marketing Policy, Employee and Employment Policy,
Operations Policy and Customers Relationship Policy etc. Every staffs of the company has to
follow these policies.
7. Operations plan
Smart Objectives of Goin' My Way
Objective of the Goin' My Way Company is “ Customer Satisfaction and Customer
Attractiveness”. This is a smart objective (Hofer, 2016) which is such as follows -
Specific – Company wants to sell more products and services in Germany market in order to gain
attention of the specific market's customers.
Measurable – Company wants to gain its market shares by 15% by the end of year 2020 and
enhance its customer base by 40% by the end of the year 2020.
Attainable - The objectives determined by the company is achievable if company uses right
resources, strategies and tactics at the right time and make it customers centric.
Relevant - Company wants to increase its customers satisfaction and gain much more customers'
attention which will help company to generate revenue and help them to achieve their
organizational goals.
Time Bound – Company wants to achieve its objectives by the end of year 2020.
Operation Strategies of Goin' My Way
There are various operations strategies which will be adopted by the company for the
better management of their operations. These operation strategies are such as -
Service Delivery Strategy
Service delivery strategy refers to the approach through which company provides their
services to the customers with effectively manner and within the time limit. For the successful
service delivery strategy, Goin' My Way company will focus on the following elements which
are such as – service nature, service quality, customers' perception and employees' contribution.
Information Management Strategy
Information management strategy refers to the tactics through which company is able to
get right information at the right time in order to run the business smoothly (Ferreras-Garcia,
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Hernández-Lara and Serradell-López, 2019). In this strategy, Goin' My Way company will
mainly focus on the data integration ( it means how an information or data will flow within the
business without leaking and hacking) and data virtualization ( it means how an organization can
receive and manipulate the required data for their own purpose).
Cost Reduction Strategy
Cost reduction strategy is a kind of operation strategy in which Company tries to reduce
or decrease their operational costs in order to enhance the profitability. In order to implement the
strategy, Company will analysis the profit margin and revenue generation from the products and
services, they are going to offer their customers. It will help company to know about less
profitable activities which will be eliminate by the company immediately.
Business Process Improvement Strategy
Business process improvement strategy is a type of operation strategy in which company
is mainly focus on the improvement of their business process by analyzing various organizational
aspects in order to find about the required areas (Uhl and Gollenia, 2016). For the improvement
of business process, Goin' My Way can use various tools such as value stream mapping system,
process kaizen and lean process etc.
8. Financial feasibility and plan
For every business organization, formulating a financial plan is very important process as
it helps company in making proper and effective allocation of available and limited business and
other resources. Financial plan or Budget helps in making comparison of actual and projected
one for determining variances if any and changes which are required to be done.
Feasibility study of a project can help a business firm in determining the amount of
capital required to start business operations, returns on amount invested, sources of funding and
management (Lock, 2017). Also, it helps in assessing whether it will be profitable to carry own
such project by evaluating its technical, cost and environmental aspect associated with business.
1. P&L
Number of visitor expected for months
Tour
package
Price (in
€) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
7

1
Splendid
Europe 700 5 2 2 6 5 3 8 5 4 6 5 5
2 Leisure
Holidays 200 2 5 6 4 4 4 2 6 3 3 1 6
3 City
Break 400 3 4 4 2 1 1 1 4 5 4 4 7
10 11 12 12 10 8 11 15 12 13 10 18
Total revenue
Tour
package
Price (in
€) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
1
Splendid
Europe 700 3500 1400 1400 4200 3500 2100 5600 3500 2800 4200 3500 3500 39200
2 Leisure
Holidays 200 400 1000 1200 800 800 800 400 1200 600 600 200 1200 9200
3 City
Break 400 1200 1600 1600 800 400 400 400 1600 2000 1600 1600 2800 16000
Total
revenue 5100 4000 4200 5800 4700 3300 6400 6300 5400 6400 5300 7500 64400
Expenses
Overall
cost as
% of
revenue 3060 2400 2520 3480 2820 1980 3840 3780 3240 3840 3180 4500 38640
Selling
and
distributi
on
10% 306 240 252 348 282 198 384 378 324 384 318 450 3864
8

expenses
Administ
ration
expenses 20% 612 480 504 696 564 396 768 756 648 768 636 900 7728
Interest 69.5 69.5 69.5 69.5 69.5 69.5 69.5 69.5 69.5 69.5 69.5 69.5 834
Staffing
cost 65% 1989 1560 1638 2262 1833 1287 2496 2457 2106 2496 2067 2925 25116
Other
expenses 5% 153 120 126 174 141 99 192 189 162 192 159 225 1932
Total
cost
3129.
5
2469.
5
2589
.5
3549
.5
2889
.5
2049
.5
3909
.5
3849
.5
3309
.5
3909
.5
3249
.5
4569.
5 39474
Profit
1970.
5
1530.
5
1610
.5
2250
.5
1810
.5
1250
.5
2490
.5
2450
.5
2090
.5
2490
.5
2050
.5
2930.
5 24926
Particulars 2019 2020
Revenue 64400 66332
Less:Expenses
Selling and
distribution
expenses 3864 3979.92
Administration
expenses 7728 7959.84
Interest 834 834
Staffing cost 25116 25869.5
Other expenses 1932 1989.96
Total expenses 39474 40633.2
Profit 24926 25698.8
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Interpretation: The travel agency named Goin' My Way is having a profit of €24926 in
the year 2019 after meeting all expenses associated with the business operations of €39474 from
the revenue made €64400. In the second year 2020, there has been increase in the profit level
from €24926 to €25698.8 which depicts that company is performing better.
Assumptions made for making profit and loss statement.
6. Overall cost expense calculated is 60% of revenue.
7. Staffing requires the highest cost expenditure therefore 65% cost is allocated to this
department.
8. Capital invested in the business is €100000 which has been taken as Bank loan at 10%
Interest rate for a period of 2 years.
9. Growth rate in the tourism industry sector is assumed at 3%.
Particulars Amount (in €)
Bank loan 100000
Interest Rate 10.00%
Tenure (in year) 2
Annual Interest
amount 1666.67
2. Balance sheet
1.For first year, balance sheet prepared is as follows:
Balance sheet of Goin' My Way for the year ended 2019
Particulars Amount (€) Amount (€)
Fixed Assets
Leasehold
Premises 50000
Office Furniture 12000 62000
10

Current Assets
Bank 23760
Cash 20000 63760
Total Assets 125760
Current liabilities
Non current
liabilities
Capital (bank loan) 100000
Add: 2-year 10%
Loan 834
Add: Net profit 24926 125760
Total Liabilities 125760
2.For second year, balance sheet prepared is as follows:
Balance sheet of Goin' My Way for the year ended 2019
Particulars Amount (€) Amount (€)
Fixed Assets
Leasehold
Premises 50000
Office
Furniture 12000 62000
Current Assets
Bank 24532.8
Cash 40000 64532.8
Total Assets 126532.8
11

Current
liabilities
Non current
liabilities
Capital (bank
loan) 100000
Add: 2-year
10% Loan 834
Add: Net profit 25698.8 126532.8
Total
Liabilities 126532.8
Assumptions made are disclosed below:
11. The travel agency is having Leasehold premises of €50000.
12. Office furniture worth of €12000 is being purchased by Goin' My Way.
13. This travel agency is having current asset in form of Bank and cash in hand of €20000
and €23760 for the year 2019. Whereas in the year 2020, it has increased in its current
assets viz. Bank €24532.8 and Cash €40000.
3. Cash Flow
Year: 2019 2020
Receipts
Cash sales € 1,000.00 € 1,500.00
Collections
from credit
sales
€ 850.00 € 1,250.00
New equity € 500.00 € 950.00
12

inflow
Loans
received € 1,100.00 € 1,500.00
Other € 700.00 € 1,000.00
Total
Receipts € 4,150.00 € 6,200.00
Payments
Cash
purchases € 1,000.00 € 1,500.00
Payments to
creditors € 400.00 € 700.00
Salaries and
wages € 500.00 € 800.00
Rent € 400.00 € 400.00
Repairs and
maintenance € 300.00 € 200.00
Travel € 200.00 € 300.00
Advertising € 400.00 € 500.00
Marketing/
promotion € 400.00 € 500.00
Training
and
development
€ 200.00 € 300.00
Bank
charges € 100.00 € 150.00
Miscellaneo
us € 150.00 € 250.00
Owner's
drawings € 250.00 € 350.00
Loan € 700.00 € 1,150.00
13

repayments
Tax
payments € 100.00 € 150.00
Capital
purchases € 700.00 € 850.00
Other € 200.00 € 300.00
Total
Payments € 6,000.00 € 8,400.00
Cashflow
Surplus/Defici
t (-)
(1,850) (2,200)
4. Break even
Cost Description Fixed Costs
($)
Variable
Expenses (%)
Inventory or Materials €
60.00 90.0
Direct labor (includes payroll taxes) 30 88.0
Other expenses - 70.0
Salaries (includes payroll taxes) 20 75.0
Supplies 15 77.0
Repairs & maintenance - 55.0
Advertising 10 65.0
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Car, delivery and travel - 50.0
Accounting and legal - 50.0
Rent 10 50.0
Insurance - 50.0
Taxes (Real estate, etc.) 5 50.0
Interest - 50.0
Depreciation 5 60.0
Other (specify) - 34.0
Miscellaneous expenses - 50.0
Principal portion of debt payment - 50.0
Owner's draw 10 65.0
Total Fixed Expenses €
165.00
Total Variable Expenses 1079.0
Breakeven Sales level = -17
5. Start up costs
15

Sources of Capital
Owners' Investment (name & %
ownership)
Your name & % ownership € 500.00
Other Investor € 250.00
Other Investor € 250.00
Total Investment € 1,000.00
Bank Loans
Bank 1 € 300.00
Total Bank Loans € 300.00
Total Other Loans € 300.00
Startup Expenses
Buildings / Real Estate
Purchase € 1,250.00
Construction € 1,750.00
Total Buildings and R / E € 3,000.00
Capital Equipment List
Furniture € 150.00
Equipment € 40.00
Fixtures € 150.00
Machinery € 60.00
Total Capital Equipment € 400.00
16

Location and Admin Expenses
Rental € 100.00
Utility Deposits € 150.00
Legal and Accounting Fees € 90.00
Total Location and Admin
Expenses € 340.00
Opening Inventory
Category 1 € 60.00
Total Inventory € 60.00
Advertising and Promotional
Expenses
Advertising € 10.00
Printing € 30.00
Travel & Entertainment € 50.00
Other / Additional categories € -
Total Adv and Promo expenses € 90.00
Other Expenses
Other Expense 1 € 200.00
Total Other Expenses € 200.00
Working Capital € -
Summary Statement
Sources of Capital
Owners' and Other Investments € 1,000.00
Bank Loans € 300.00
17

Total Source of Funds € 1,300.00
Startup Expenses
Bldgs / Real Estate € 3,000.00
Capital Equipment € 400.00
Location / Admin Expenses € 340.00
Opening Inventory € -
Advertising / Promo Expenses € 90.00
Other Expenses € 200.00
Working Capital € -
Total Startup Expenses € 4,030.00
6.Sensitive Analysis
Exit
multiple
Revenue growth
0% 5% 10% 15% 20%
6 10% 13% 11.20% 12.50% 21%
7 12% 10.20% 14.20% 13.60% 27%
8 13% 11.60% 18.70% 11.40% 23%
9 15% 19.40% 20.10% 10.20% 19%
10 17% 15.30% 6.30% 9.80% 13.70%
Assumption -5% change rank output Driver pos neg
Revenue
growth 13% 13% 1 5% COGS 5% 5%
COGS 10% 10% 2 10% Discount 10% -10%
Discount -5% 5% 3 13%
Revenue
growth 13% 13%
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9. Timescale, risks and key issues.
Timescale -
Task Mode Task Name Duration Start Finish Predecessors
Auto
Schedule
d
Setting up purpose and aim
of business 3 days Wed 7/24/19 Fri 7/26/19
Auto
Schedule
d
identification of market 5 days Mon 7/29/19 Fri 8/2/19 1
Auto
Schedule
d
selection of target market 5 days Mon 8/5/19 Fri 8/9/19 2
Auto
Schedule
d
Identifying the suppliers 4 days Mon 8/12/19 Thu 8/15/19 2,3
Auto
Schedule
d
Evaluating the need for raw
materials 7 days Fri 8/16/19 Mon 8/26/19 4
Auto
Schedule
d
budgeting and financial
feasiblity 5 days Tue 8/27/19 Mon 9/2/19 4,5
Auto
Schedule
d
producing products for
market 10 days Tue 8/27/19 Mon 9/9/19 5
Auto
Schedule
d
setting price of product 4 days Tue 9/10/19 Fri 9/13/19 6,7
Auto
Schedule
d
distributing the product in
market 5 days Mon 9/16/19 Fri 9/20/19 8
19

Risk – Because of high growth and success rate in the tour and travel business sector, there can
be chances of increase in competition in this sector because of entry of new emerging firms in
the marketplace. It can result in high competition, low profitability and customer base as well.
For surviving in this tough competitive market, companies engaged in this industrial sectors are
required to change their business strategies, plans and marketing operations.
Key issues and challenges -
Firms have to face following challenges which has to be resolved:
1. High energy and carbon emissions
2. Management of water and its effective consumption
3. Highly competitive market and workplace.
For mitigating such issues, it is required on part of this travel agency to undertake following
measures:
1. Monitoring and tracking of business plan – By keeping a track of business plan made for
business, will help in determining whether the company is working towards the
attainment of business goals and objectives or not. Also, it will help in evaluating
marketing strategies need to be improved for better performance level.
2. Focus on market segment – Assessing the market and customer demand, preferences,
taste will help the new company in making their plan accordingly. Also, by studying
market trends company can formulate its financial plans and strategies for the betterment
of business as a whole (Mazzotti and et.al., 2018).
3. Customer Follow up or Feedback – One of the best way to assess whether the company is
capable of meeting its customer needs is to take feedback or suggestions from them. It
will help the newly formed business in determining its weaknesses and improvement
which are required to be made for making situation more better in the future business
prospectives.
CONCLUSION
From the above business plan made for Goin' My Way Travel Group it can be
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