Newport Beach – Aug 13, 2020 – The corona virus pandemic has shattered industries and businesses. The hospitality and travel industry is said to be hit the hardest with a loss in hotel revenue of $400 million per day and over $50 Billion in total current and future losses. T.E.A.M. is a business that for 13-years has focused all of its efforts on delivering high-quality, super-fun and safe Greek Formals and other group trips to college students. There was no way to brace for the current state our economy finds itself in. One thing was clear, each company with current deposits and reservations was challenged on how to handle this pandemic the best way possible.
Through communication and concern for the undergraduate community it serves, T.E.A.M. has given over 10,000 customers 100% credit for future safe events when the health situation allows, despite all having signed “no-refund or cancellation” agreements. This is a sharp contrast to most other companies in the group travel industry who have ranged from simply keeping students’ deposit money to actually sending out emails encouraging them to travel despite health warnings. Some of those companies making network televised news after dozens returned from travel testing positive for Covid-19. Giving credit is the best win-win that both allows the business to not have to close its doors after a loss they could not recover from and its customers losing out on an amazing experience they deserve to have, once they are able to travel.
T.E.A.M. understands that like any consumer right now, a refund is what is requested, they sympathize with those request and hope groups can understand that the company has gone above and beyond to not only get them out of future agreements and mitigate that risk for their clients with hotels and vendors but has also gone against its own “no-refund or cancellation” policy to offer 100% credit for their groups.
“During this crisis, our company had to make some big sacrifices, but we focused on a strategy to retain customer satisfaction vs profitability,” commented Mike Olivas, C.E.O. of T.E.A.M. “This was a perfect storm for our business, nearly 80% of the company’s yearly revenues depended on spring travel, with millions in singed hotel and venue contracts, giving 100% credit for all events had to come with internal company sacrifice.”
Olivas continued, “After going into strategy mode for 11 straight days I had to quickly pivot our business, and rethink what this could mean for the future of the company. I took the time to speak with my employees, I asked them what they truly need financially to get by, and I found a way to meet that amount vs. just telling them they are fired like other companies are doing. To no surprise employees who love the company and our brand see the sincerity in a decision like this, so ‘the human factor’ beats the bottom line.”
In fact, Olivas attributes a great deal of his contrarian approach to his experience as an entrepreneur and remembering his tagline for his seven-day per week podcast “Business and Life” where he quotes, “In the Journey of Business and Life, Life Always Wins”.
By making clear T.E.A.M. commitment to the continued health of its employees and its travelers alike, Olivas is setting an example that is almost-sure to be repaid in the end. By thinking of others before the bottom line, and about tomorrow over today, it is truly something to be inspired by.
T.E.A.M. is now focused on its automated Greek Formal Booking technology that will be in beta in early 2021.
For more information be sure to visit https://www.formalbuilder.com.
Travel, Entertainment and Marketing (T.E.A.M.), a division of Formal Builder, is a high-energy group travel company that specializes in College and University student group trips.
Company Name: T.E.A.M
Contact Person: Mike Olivas
Phone: 949-873-TEAM (8326)
Country: United States