What Makes A Hotel Business Flourish?

What Makes A Hotel Business Flourish?

        Within this broad context, hotel developers, owners and management companies will all need to develop new strategies, skills and processes that look forward to the competitive demands of the future. These ultimately must address issues related to vision and planning as well as organizational skill sets and processes to attract and retain customers. Following are some of the key factors to be considered to have a competitive hotel organization.

 Hold a global change direction. As the information age produces greater worldwide integration of business activities, a global knowledge base will become invaluable. Success in local and regional hotel markets will be shaped decisively by a global business environment that defines capital movement, customer expectations and applications of new technologies.

Focus on the Customer. If the customer is "king" in the 21st century, hotel organizations will be best served by focusing less on their hotel assets as measures of success, and more on their customers.

Create a defensible corporate strategy.  Fro many of the industry's leaders, vision is driven by the strategic planning process, a function that has become critical for success.

Empower Management. Beyond the ability to envision the future, core management capabilities will make the difference, they are essential. A clear vision without the management skills to support; it cannot be a recipe for success. First, hotel management must have strategic development skills and the ability to integrate complex factors affecting success. Market volatility has become the norm, in part caused by the rapidly changing tastes of customers.

Be in the information fast lane. The traditional role of Information Technology(IT) as a back office support for accounting and book-keeping has clearly moved front and center stage. IT today influences all aspects of business from corporate strategies to organizational structure and from the very business process, it is designed to support to performance measurement. In a world where the customer is "king," IT must also deliver in two critical areas: sales and marketing and customer service.