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On this episode of Destination on the Left, I talk with Andrea Ross, Business Advisor & Executive Coach for Travel Entrepreneurs, all about what it takes to build a successful business in the travel, tourism, and hospitality industry. She explains why focusing on enterprise value and enterprise health is hugely important and why you should not only know what success means to you, but also know how to track it. We also dive into the three key areas that businesses should focus on: financials, process and procedures, and their team.
What You Will Learn in This Episode:One of the biggest challenges Andrea highlights is the sheer variety of business models in travel and tourism. With tour operators, DMOs, DMCs, and FITs, each with unique structures, founders are often left to chart their own course. Overarching business principles still apply: passion, dedication, clear vision, and hard work are the fuel for any successful enterprise—regardless of geography or sector.
Knowing your market, defining your unique value, and setting clear, achievable goals are all foundational. Andrea encourages business owners to continually ask: “What does success look like for me, and how am I tracking that?”
Treat Your Business as an AssetA recurring pitfall is failing to view your business as the major asset it is. Many travel business owners pour years of effort and substantial financial resources into their companies, but neglect to plan for the long game. They’re not running their organization so it can be handed over, acquired, or at least run independently of their daily presence.
Andrea advocates setting a clear vision to build flexibility and freedom into the business. Whether your goal is acquisition, succession, more time to travel, or simply reducing burnout, only a defined destination can chart the course. And, critically, this vision should evolve with you.
Three Pillars of a Healthy Travel BusinessAndrea identifies three areas where travel businesses most often need shoring up:
As Andrea says, “work on what’s important, not urgent”. Step back from daily fires and focus on what matters for long-term health. Set a vision, track progress, and work on big picture issues rather than constant firefighting.
Resources:We value your thoughts and feedback and would love to hear from you. Leave us a review on your favorite streaming platform to let us know what you want to hear more of. Here is a quick tutorial on how to leave us a rating and review on iTunes!
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On this episode of Destination on the Left, I talk with Andrea Ross, Business Advisor & Executive Coach for Travel Entrepreneurs, all about what it takes to build a successful business in the travel, tourism, and hospitality industry. She explains why focusing on enterprise value and enterprise health is hugely important and why you should not only know what success means to you, but also know how to track it. We also dive into the three key areas that businesses should focus on: financials, process and procedures, and their team.
What You Will Learn in This Episode:One of the biggest challenges Andrea highlights is the sheer variety of business models in travel and tourism. With tour operators, DMOs, DMCs, and FITs, each with unique structures, founders are often left to chart their own course. Overarching business principles still apply: passion, dedication, clear vision, and hard work are the fuel for any successful enterprise—regardless of geography or sector.
Knowing your market, defining your unique value, and setting clear, achievable goals are all foundational. Andrea encourages business owners to continually ask: “What does success look like for me, and how am I tracking that?”
Treat Your Business as an AssetA recurring pitfall is failing to view your business as the major asset it is. Many travel business owners pour years of effort and substantial financial resources into their companies, but neglect to plan for the long game. They’re not running their organization so it can be handed over, acquired, or at least run independently of their daily presence.
Andrea advocates setting a clear vision to build flexibility and freedom into the business. Whether your goal is acquisition, succession, more time to travel, or simply reducing burnout, only a defined destination can chart the course. And, critically, this vision should evolve with you.
Three Pillars of a Healthy Travel BusinessAndrea identifies three areas where travel businesses most often need shoring up:
As Andrea says, “work on what’s important, not urgent”. Step back from daily fires and focus on what matters for long-term health. Set a vision, track progress, and work on big picture issues rather than constant firefighting.
Resources:We value your thoughts and feedback and would love to hear from you. Leave us a review on your favorite streaming platform to let us know what you want to hear more of. Here is a quick tutorial on how to leave us a rating and review on iTunes!
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