Our gift to you: 2023 end-of-year checklist for tour operators
Use this checklist to prepare for more bookings, productivity, and business ideas in the new year.
As 2023 wraps up, it’s time for tour operators to reflect on the year gone by and prepare for the future. The year-end is not just a calendar change; it’s an opportunity to evaluate, wrap up this year’s tasks, and set the stage for success in the coming year.
To make this process easier, we’ve compiled an end-of-year checklist designed specifically for tour operators. To get the full interactive experience — head to the Tour Operator’s Year-End Checklist on Compass to save your progress as you go!
Review This Past Year’s Revenue Goals
It’s vital to understand your past year’s financial performance when planning for the future.
Begin by examining your revenue goals for 2023. Did you meet, exceed, or fall short of these goals? Identifying areas where you succeeded or fell short can provide insight into what worked well and which areas improvements are needed.
In addition to revenue, take into account other KPIs like booking volume, conversion rate, customer acquisition cost, and customer satisfaction levels. This data will help you gauge your overall business performance.
Reflect On (And Record!) Your Business Successes
It’s essential to take the time to review any significant milestones, achievements, or challenges that your business faced this year. This might look like:
- Hitting over 100 (or another milestone) reviews
- Achieving a higher rating on websites like Google or Tripadvisor
- Winning a local award or certificate
- Achieving a higher customer satisfaction rating than the previous year
- Appearing in the press
- Launching a new tour
- Having more customers than the year before
Regardless of the achievement, you’ll want to share these wins with your team through your company newsletter or on social media. Not only will this help motivate your team, but it can also reassure potential customers that they’re booking with a successful and reputable business.
Run Year-End Financial Reports
With any business, cash is king. The end of the year is an excellent time for tour operators to review their financial position and run reports on key metrics like balance sheet, cash flow, profits, and losses.
Keeping a close eye on these numbers can help you identify areas where costs can be cut or revenue streams improved.
Update Employee Payroll And Vendor Information
As the year ends, it’s crucial to update employee payroll and vendor information.
Ensure that all business details are accurate for W-2s and 1099 forms — and don’t forget to process the final payroll of the year!
Finally, cross-verify and update vendor and supplier information to maintain seamless operations.
Conduct Inventory Of Your Equipment & Merchandise
Conduct an inventory check of your equipment and merchandise to help identify items that need repair or replacement, especially if you run a rental business.
For retail items like branded merchandise, it’s particularly important as you will understand which products are popular versus those that underperform. This process helps optimize business operations and financial management.
Prepare For Next Year’s Hiring
A successful business is powered by an efficient team. As you transition into the new year, it’s time to evaluate your staff’s strengths and requirements.
- Do you have enough staff to meet your operational needs? Has there been an increase in workload that warrants more hands on deck?
- Perhaps some roles have become redundant or there are employees whose skills could be better utilized elsewhere in the company.
Prepare your hiring strategy for 2024 by identifying any gaps, hiring, or reassigning employees accordingly.
Evaluate Your Hardware And Software
The end of the year is a great time to give your hardware and software a friendly check-up! Look over your business systems and payment hardware to ensure they’re running smoothly.
And don’t forget to backup your data — it’s like a safety net for your business.
If some of your tools are looking a bit tired, it might be time to budget for some shiny new upgrades. Keeping everything up-to-date enables your business to run like a well-oiled machine!
Set New Goals
Last, but certainly not least, you must set your new goals. As you move into 2024, what do you envision for your business?
What are your targets in terms of revenue, customer satisfaction levels, or expanding the reach of your brand?
Use the insights you’ve gained from reviewing this past year’s performance and successes to set realistic, achievable goals for the upcoming year.
By completing this year-end checklist, you’ll be equipped with a clear understanding of your business’s current status and a roadmap for success in the coming year. For more information to help you prepare for another year in business, check out our holiday strategy guides on Compass.
