For hotel management, identify and describe all the strategies that managers must follow to achieve performance and competitive advantage.
The hotel will have a competitive advantage when its profit is higher than the average profit of all the hotels in the industry.
So, for creating strategies, make use of strategic management and plan both predictable and unachievable contingencies.
And formulate and implement appropriate strategies and make decisions regarding hotel management.
Each and every manager must have a good understanding of the general and competitive hotel environment to make informed decisions.
Two ways to create good strategies
Let’s have a look at strategies hotels are making and actions are taken for better hotel management.
You cannot think of managing a hotel if you face a shortage of employees. It is not easy to frequently hire employees and train them.
It’s not only time-consuming but quite expensive as well. Moreover, it will degrade your brand image.
The world is facing the ‘big resignation’, and the rate of employee turnover is relatively high in all industries.
The world has been facing this issue since the start of the Covid-19 pandemic.
To stop this issue, avoid the lay-off of employees, to the maximum extent possible.
Otherwise, it will damage their motivation and efficiency.
Frame and implement policies that take care of employees’ health and wellbeing.
Make them feel like a part of the organization and listen to their queries and understand them.
Implement flexible shift hours.
We buy a lot of things but don’t know how to optimize them to their full potential.
Likewise, you just have a lot of technological tools available to you.
So, try and understand them and their alternative uses thoroughly. This idea is more suitable for hotels with low budgets.
Because everything is turning digital and it will be quite expensive to buy all those things which are trending in the technology.
So, as a manager, you will get a ton of available tools to juggle from to run your property.
Positioning defines the position of your hotel and services in relation to other hoteliers.
Conduct an analysis of your property and see where it stands in the market to position your business.
Check how your target market is perceiving your business. In positioning, you have to take care of the needs and demands of your target market.
It does not mean you should ignore other guests who are not part of your target group.
But you have to understand your target market and give them an offer as per their requirements to meet your occupancy goals.
When you successfully position your hotel in the market, then users consider using it to gain distinct benefits.
Your hotel will lag behind if you don’t keep your finger on the pulse of what is happening in the industry.
To do so, you can read free web journals, blogs, and e-newsletters that publish the latest news, opinion, and trends.
Look out for a few publications that you like and subscribe to them.
Moreover, network with professional organizations and attend conferences to keep up to date.
Start by following their social profile, get to know where they are conducting events or webinars, and attend them.
There you will also get the chance to interact with them.
This way, you will attract more business and boost your revenue.
When you are running a hotel business, then it’s normal to have risks. Where there is no risk there are no chances of gain.
To identify hazards one can use a number of different techniques like asking employees or moving around the hotel to understand its environment.
Afterward, find out who is getting affected by the risks involved and how to minimize its effects.
All the findings should be kept at a place well documented because this is a legal requirement.
These findings will act as proof that these are the hazard and you are working on that to limit the risks.
By recording these findings, it shows that hazards have been identified and steps have been made to limit risks over time.
Hence, in the future, you can make plans to avoid the loss of the hotel and prevent further risks in the upcoming future.
When you are running a hotel business you cannot ignore your competitors.
Hence, you must opt for a competitive set by determining factors that make up your share of the hotel marketplace.
And accordingly, make decisions about your hotel and its operations.
What is a Competitive set?
A competitive set or in other words a compset is the combination of the hotels that appeal to the same segment of guests as your hotel.
And try to snatch away your customers.
We can conclude that it is crucial for hoteliers to plan strategies and take actions accordingly to manage hotels efficiently.
And provide guests with new and memorable experiences that they cherish.
And it won’t be possible if we do not focus on core things that hold your hotel together like its employees.
So, have policies in a place so there is less turnover. Apart from that, look into the risks your hotel is facing, and keep up to date with the latest trends.
And position your brand by attracting target customers by displaying your uniqueness.
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