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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Ah, the magical world of the hospitality business! In the current economic climate, there are a few key success factors that can make all the difference between thriving and just surviving. So, grab your cocktail (or mocktail) and let's dive into it! First up, it's all about the guest experience. Creating unforgettable moments for your guests is essential. From personalized service to unique amenities, ensuring that every guest feels special and well taken care of will keep them coming back for more. After all, who doesn't love feeling like a VIP? Next, let's talk about innovation. In a rapidly changing world, staying ahead of the curve is crucial. Embracing technology, implementing sustainable practices, and constantly finding new ways to surprise and delight your guests will set you apart from the competition. Think outside the box and let your creativity shine! Of course, we can't forget about teamwork. A happy and motivated team is the heart and soul of any successful hospitality business. Investing in your staff, providing training and development opportunities, and fostering a positive work environment will not only boost morale but also enhance the overall guest experience. And last but not least, adaptability is key. The ability to pivot, adjust, and roll with the punches is essential in today's ever-changing economic landscape. Being flexible and open-minded will help you navigate challenges and seize opportunities as they arise. So there you have it, the recipe for success in the hospitality business. Mix in a generous dose of passion, sprinkle with a pinch of resilience, and voila - you're well on your way to creating a fantastic guest experience and standing out in the competitive world of hospitality. Cheers to your success! 🍹🌟
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Finance Preacher - My sermon is the gospel of financial freedom and intelligence [Savings and investment] approach || Financial Analyst || Consultant || Fitness enthusiast
Mr Mk a well known tycoon in the hospitality sector (hotel; in particular). He has been having a bad year which resulted in decreased profit from the hotel he owns and manages. Mr Mk didn't think much of it, due to the economic situation and all that, so to Mr Mk any decease incurred might not exactly be significant, besides he runs other ventures and those seems to be profitable. An unexpected incident occurred. Mr Mk heard of Mr Oti, a new face in the industry; whose operation has gotten people talking and wondering where he came from. It was noted that Mr Oti’s hotel recorded; Huge profits year in year out and has been in operation for less than 7 years, which resulted to; 📍Increased lodging. 📍Short time stays and visitations. 📍Reservations, form top brass in the nation. This made Mr Mk curious as to why this had happened, as to what could have triggered such movement, the plays and strategies involved. After a long study, Mr Mk got his answers. Mr Otis hotel wasn't the best in the nation, but they was a secret “Location & Exposure”. 📍By right of Mr Otis hotel, a Petrol station could be spotted. 📍By the left side of the hotel, was a grand supermarket. 📍Right in front of the hotel, was a 4 star restaurant. 📍Proximity wise the hotel was located close to the airport, so a 10 minutes drive and one is already at the airport. 📍Proximity wise the hotel had over 5 petrol stations close to it, 3 gas plant, a mall, 3 other restaurants, 6 plazas, 2 general market, 4 churches and 2 more supermarkets. 📍The hotel was literally by the road, as such access to transportation was stress free. With all this in place Mr Mk shoke his head and was amazed by the move Mr Oti played. This write up isn't just about hotel's, when starting a business (online and physical) it's of great importance to get the right location! Why? Cause the right business location will create a vacuum of opportunities for the business. Good location = More business opportunities and ideas. That opportunity could be in form of the right target market which in turn yields profit for the business.
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Unlocking Success in Hospitality: Why Hiring a Consultant is Essential for New Businesses Hey there, future hospitality entrepreneur! If you're gearing up to launch your dream venture in the next two years, let me share some invaluable advice from my nearly three decades of experience in the industry. First off, building a top-notch team is crucial. Your crew is the heart and soul of your business, so don't rush through the hiring process. Consider partnering with a hospitality consultant like myself from Pinnacle Hospitality Consulting & Recruiting Agency. We've got the expertise to help you find the perfect fit for your team, ensuring a strong foundation from day one. Now, let's talk operations. Efficiency is the name of the game, my friend. A consultant can help you streamline your workflows, optimize your processes, and ultimately, deliver a stellar experience to your guests. Trust me, a well-oiled machine behind the scenes makes all the difference in the world. Ah, pricing and menu development – two topics near and dear to every restaurateur's heart. Crafting the perfect menu and setting the right prices can be tricky, but fear not! We have our pulse on the current market trends and have innovative strategies to provide value to your guests, while offering you up healthy margins! Employee turnover keeping you up at night? I've been there. But with the right retention strategies in place, you can turn the tide. Let's work together to create a positive work culture, provide ongoing training, and reward your team for their hard work. Happy employees stick around – it's as simple as that. And last but certainly not least, let's talk about work-life balance. Running a hospitality business is demanding, no doubt about it. But you shouldn't have to sacrifice your well-being for your work. That's where we come in. By implementing efficient systems and providing ongoing support, we'll help you reclaim your time and prevent burnout. So, there you have it – a crash course in why hiring a hospitality consultant is a game-changer for your new business. If you're ready to take the next step toward success, reach out to me at HospitalityConsulting.co. Let's chat about how we can support you on your journey. Your dream venture awaits – let's make it happen together!
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Setting proper guest expectations is crucial for any hospitality business. Here are a few tips to ensure your guests have a seamless and enjoyable experience: 1) Audit your listings to ensure you're providing accurate and up-to-date information. Don't oversell your property with buzzwords that don't match reality. 2) Document the customer journey from their perspective to identify areas for improvement. Pay attention to even the smallest details. 3) Identify friction points and find solutions before guests bring them to your attention. Provide specific instructions for tricky amenities, like fireplaces, to make the guest's stay stress-free. 4) Review your reviews, and make the recommended changes if any are provided. 5) Use a secret shopper and get 100% honest feedback. I’d love to hear any guest experience enhancement strategies you’ve had success with.
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Hospitality is an essential skill that makes all the difference when servicing guests who stay at a hotel, resort, bed & breakfast, campground, at a restaurant etc. When the goal is to service the guest , you get quite a bit of information from them as they inquire about the service being provided. When someone takes the time to hear the guest, it is important to meet the guest expectations and note why its important to always to listen first and speak second when it comes to providing memorable hospitality for all guests that come to a property. While I put forth a great understanding and help contribute to a guest service mission I find that time very rewarding to say the least. With that said now, as I continue the transition of one day owning a hospitality company, providing award winning hospitality is on the forefront of making sure that guests feel welcomed and put as priority when on the property. There is so much that goes into a new business especially hospitality but as I continue to build on the journey by far one of the best things that I continue to note on the journey is when you have a memorable service, that in turn makes all the difference. No business is perfect, but I have continued to understand to discovering the main purpose, to live the dream by making it a reality through hard work. I have now discovered in this hospitality journey that I have been making the time memorable by doing what is important for each new business day and to help grow new business for the business. As each new day begins, I am always seeking new ways for the business to reach its mark and to help the team carry out its functions. When doing the little things in business, they go further to help the business flourish. As I take ownership on the assignment that I am given, I find ways to keep helping reach its mark. With new business, I continue the motto of New Beginnings & New Hope to discover more of how to make the business stand stronger and to make a difference in the right areas, write some memorable moments, and build on for a better tomorrow that will help the business flourish in the right context. For now and the days ahead, to the guests I have met, your stories will last forever, as I continue on these trails now towards creating more special moments they are jotted down for safe keeping and I couldn't be happier knowing that we had sometime together! I am truly blessed for these moments, these are so indeed very special!
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Our industry is still trying to cope with the unprecedented challenge the pandemic brought upon: The Great Staffing Shortage. We all know it and yet very few are able to adapt and find sufficient solutions, today I'd like to walk you through the reasons why is it more difficult the find the right candidates and offer solutions to the challenge. Hospitality operators have a choice to ignore the problem, hope and keep on doing things they always were and eventually prepare to close shop OR decide to adapt, grow and thrive. The travel and leisure industry has reopened stronger than ever, people now have a changed mentality about spending on traveling and eating out, people understand that they have to live the moments, because you can never know what life brings next. With customers millions more craving to spend time and their money, driving the demand of leisure experiences, hotels, restaurants, and other hospitality businesses, are struggling to find the workforce necessary to deliver the high-quality experiences that guests expect, or at least cope with the increased numbers to a satisfactory level. Together, we can ensure that the hospitality industry remains a vibrant and welcoming space for both guests and employees alike. Let’s prioritize our people, because as many motto says; they are the heart of hospitality Read the full article at https://lnkd.in/dCKKPHUW Contact us to implement solutions and Let's Build a Business You Can Jofully Call Yours.
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An employee strolls into a fancy hotel lobby. Their eyes light up as they admire the plush decor. "What a beautiful place to work!" they think. But an entrepreneur? Oh, they see things differently: * They do a quick headcount of guests checking in and out. * They estimate the occupancy level and average room rate. * Bam! They've calculated potential daily revenue. * With a few more mental calculations, they derive monthly and annual figures. * Factoring in operational costs, they gauge the potential profit margins. And if those profits look juicy? The entrepreneur's mind starts racing with possibilities: * Maybe acquire a nearby property for a competing hotel? * Or renovate an existing building for a boutique experience? * Lure in those high-paying guests with unique amenities and themes? While the employee basks in their pleasant work surroundings, the entrepreneur is constantly prospecting. Evaluating. Hungry for the next business opportunity. It's this relentless drive to seek out untapped markets and maximize profits that defines the entrepreneurial spirit. Where an employee sees a workplace, an entrepreneur sees a blank canvas to disrupt and innovate.
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Hospitality Ambassador • 360° Hotelier • General Manager • Hotels & Leisure • People-Person • Team Builder • Motivator & Mentor • Coach • Accomplished, Globally-Experienced Business Leader • Moment Maker
⚜️What is the golden rule principle? The most familiar version of the Golden Rule says, “Do unto others as you would have them do unto you.” Moral philosophy has barely taken notice of the golden rule in its own terms despite the rule's prominence in commonsense ethics. ⚜️What is the diamond rule? In the "diamond rule", you treat others as they wish YOU to treat them. The "you" in this case is the individual "you". Who you are and what you bring to the conversation. In contrast, the platinum rule would have us all treat the person we're interacting with the same way that everyone else does. ⚜️How to succeed in hospitality? Great employees in hospitality love working with people. They strive to do their best and provide guests with the best possible experience. Showing your commitment, great interpersonal skills, attention to detail and teamwork will ensure that you advance in your career and are a valued member of the staff. ⚜️What is KPI in hospitality? What are hotel KPIs? KPI is a term that transgresses industries. Meaning “Key Performance Indicator,” there are KPIs that measure financial performance, marketing efficiency, customer satisfaction, employee retention, labor costs and various other areas of business management. ⚜️What is the most important thing in hotel hospitality? Communication is the most crucial skill for a hotel team. A hotel manager should train their employees to communicate to reduce errors and miscommunication. Good communication means that you're listening to your guests, understanding their problems and valuing their feedback. ⚜️What is the most important aspect of hospitality? Anyone who has ever worked in the hospitality industry knows that the most important priority, above literally everything else, is to provide an outstanding level of service that enables guests to have an excellent experience. ⚜️Why is hospitality more important than service? Service has a broader scope, including customer relations and dealing with issues, while the hospitality experience focuses on making guests feel comfortable. Both are vital to ensure the success of a hospitality business. ⚜️What are the three goals of hospitality managers? Revenue growth and financial management goals are critical for the long-term viability of any hospitality operation. Hospitality Managers should aim to increase occupancy rates, boost ancillary revenue streams, or improve cost management practices. ⚜️What makes the hospitality industry successful and why? Excellent customer service: Exceptional customer service is a hallmark of successful hotels. From front-line staff to management, all employees must be trained to deliver attentive, responsive, and personalized service to guests throughout their stay. ⚜️What is an example of extraordinary hospitality? Extraordinary hospitality is a show of care and concern for strangers. An example will be offering shelter when a person is stranded. Greetings from ⒺⓇⓅ
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Embarking on a new venture or expanding your existing enterprise? Your success starts here with Arvy Hospitality Solutions – where your unique needs matter. 🚀🌐 At Arvy, we believe in tailoring our services to match each client's distinct requirements, like fingerprints. We delve into the core of your business, identifying not only the necessary skills but also the personalities that harmonize with your team's dynamics. 🌟 Our offerings cover permanent and temporary staffing solutions, addressing the diverse demands of your business. Elevate hospitality recruitment to new heights with Arvy Hospitality – setting the standard for transparent and efficient recruitment services. 🏨 Beyond recruiting, we're here to help you script the next exciting chapter of your business journey, offering diverse solutions for hotels, gastro pubs, restaurants, weddings, and more. Explore our services, from facility management to business growth strategies. 🌈 Contact us for a detailed conversation and discover the Arvy Advantage. Whether it's housekeeping, hotel management, or business growth, Arvy is here to help you reach new heights. 📈 Explore more at our website: https://arvy24.co.uk or email us at [email protected]. 📧🌐
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