Despite, in many members’ cases, decades of travel industry experience, several told the conference how the challenges posed by Covid-19 had made them scrutinise every aspect of their businesses, and even challenge some of their founding principles and philosophies.
Charlie Hopkinson, who placed overlanding specialist Dragoman into dormancy earlier this year, kicked off the discussion at the conference in Leicestershire on Friday (3 December), explaining the key difference now was that some members were having to embrace the start-up mentality in their 50s and 60s.
"It’s a massive massive challenge, the amount of energy required," said Hopkinson.
Westway Travel’s Ian Prior said key to many businesses survival had been the lessons learned from the many setbacks and adversity they had endured over many years.
"One good thing we’ve got going for us is that this time, we have got 40 years’ experience behind us," he said, adding that this allowed them to make decisions more quickly and might ensure they can "make hay" more easily once the pandemic permits.
Paul Turner, executive chair of insurance broker James Hallam Travel and Tour, said the discussion highlighted the importance of succession planning, to which Hopkinson added: "We have got to bring more younger people into our businesses. We must put share capital aside to bring young people in."
Speaking during a later panel discussion on future business models, Firebird Partnership director Chris Thompson said now was the time for many business owners to start making these decisions and to take action to address the longer-term health and stability of their firms.
"I think that [earlier] comment about being a start-up again is really valid," he said, urging delegates to think about what they would do with a blank piece of paper in front of them again: "It’s day one again, what do I want to do?"
He also raised the issue of succession planning, remarking on the importance of a robust company structure and the longevity this ensures.
"If you have any bandwidth, it’s very important to be proactive and consider how you want the businesses to look," he said. "[It’s] a real opportunity to take a fresh look and do things differently."
’Resilience’
Jonathan Wall, co-founder of travel accounting firm Elman Wall, said that from a financial perspective, the pandemic had presented business owners with challenges they may not have reckoned with for many years – but stressed they should not lose sight of the industry experience they had gained since then that was now standing them in good stead. "The resilience in this room is incredible," he said.
Abtot’s Julie Jones added members must remember that due to the unprecedented nature of the situation they have faced over the past 20 months, there was no fixed way to emerge from the crisis.
"Different businesses are facing different situations and coming up with different solutions," she said. "That’s what stakeholders want to hear, how you’re coming up with these solutions."
