Chinaza Oriaku’s Post

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Chief Executive Officer | Drafting SOPs, Managing Staff, Inventory Management

7 signs your hotel is about to go bankrupt: 1. High employee turnover can be a telltale sign that your hotel is going bust. If you are changing your department managers and rank-and-file employees every couple of months, you are ultimately left with no seasoned team in place who are invested in the success of your hotel. 2. If your year-over-year revenues are down and you cannot figure out which segments need work or which accounts are not producing, your hotel might be in trouble. Without the right coding strategy at your front office, there is no way for you to determine what segments or sources you are gaining from or missing out on. 3. Treating your hotel like an office space or rental building, which means you have only one rate for the entire year, is not the right management strategy. Your room rates can vary every single day to meet the demands of the market. Maximize this to your advantage, or you will either lose potential customers to your competitors if you charge too high or lose potential income if you charge too low. Be on the lookout for these signs to keep your business from going bankrupt. TO BE CONTINUED send your contribution on the comments box Runize Hospitality we are your Hospitality Hub.

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