JAMIE PHEROUS: WHY IT PAYS TO KEEP THINGS SIMPLE
Written on the 17 June 2016 by Laura Daquino
JAMIE Pherous, founder of Corporate Travel Management (ASX: CTD), believes 'keeping things simple' has allowed him to transition from accountant to literal high flyer.
Corporate Travel Management is experiencing client engagement and satisfaction at record levels, according to internal company metrics.
"I had a really strong belief it was a trillion-dollar market in the world.
"I started though with no brand, no buying power, no supplier relationships. At that time, I was living in the western suburbs and drove down Coronation Drive and saw a huge Flight Centre billboard with their cheapest fare for the week which freaked me out so much I would actually go the long way to work."
"We would go to a bank - but had no assets - and buy a business maybe worth $1 million that would cost us $5 million and they wanted us to pay them back in five years. We weren't really winning."
"You need a simple business model. We run our business on five things, everything else is white noise," says Pherous.
"First is customers, then attracting and retaining and developing people. The glue that keeps that together is innovation and process. If you get those three things right, profit tends to fall out the bottom.