As an owner or director, do you know the true profitability of your business?
Do you understand the importance of having the right in-house financial support?
Often travel business owners sign their company’s accounts without truly understanding what they are signing. It’s important that owners have the tools and knowledge to translate their accounts back to their internal management reporting systems. If there is a disconnect between what you as management believe the accounts show versus what they actually state this can be a cause for concern when selling. Potential buyers and third-party stakeholders, (such as trade regulatory bodies and merchant services) see the accounts. If you’re able to demystify formal company accounts to reveal their true profitability this can help if you are looking to sell your business in the future.
Whether you’re a large or small travel organisation, getting the right in-house financial support is key to running a business successfully. It’s vital that when hiring a finance director or similar, you look out for essential qualities such as strong communication, commercial acumen, regulatory understanding, confidence in managing a team and being money-minded.
You can join Deborah at ABTA’s Essential Travel Finance for Non-Financial Directors seminar on 5 December in central London. You will be given practical advice on the responsibilities of directors and how you should interpret your financial accounts. Hear from The Advantage Travel Partnership’s CEO, Julia Lo Bue-Said on the qualities she looks for in a financial director and take back practical tips on how to ensure you have effective in-house financial support.
For further details, to the view the agenda and book your place please visit abta.com/abtaevents.