Tourism Industry News
Travel firms need to better understand outside business environment
A survey has found travel firms are good at analysing the existing external environment but lag behind other businesses when predicting their position in the future.
The study by Barclays Commercial to understand the minds behind a cross-section of businesses in the UK produced a mixed bag for the travel sector.
Around a quarter of firms in the hospitality and leisure category, which includes large, medium and small travel businesses, conceded that they have underperformed due to a lack of “forward thinking”.
A further 36% also admitted they “do not think building a better understanding of the future external environment is worthwhile”. This compared to a figure of 25% nationally.
The report, carried out in conjunction with the Institute of Directors, also found that 86% of those in the sector who said they analysed the future did so on an ongoing basis, ahead of the national average of 71% and significantly ahead of the retail sector (54%).