Lean Thinking for Hotel Operators: Steps to Survive
By Roger G. Hill Chief Executive Officer & Chairman, The Gettys Group Inc. | April 24, 2010
It's difficult to predict how long the recession will last. Many hotel operators made difficult cuts and reluctantly are looking for additional ways to save. But more steps must be taken. Consider:
Monitor business trends daily
Think in shorter increments when evaluating financial health. Look less than a month out while analyzing revenues with a constant eye toward trimming costs, redistributing assets and controlling spending. Use the Internet to glean immediate information as to where bookings stand in your region and for forecasts of near term business. Maintain urgency in reviewing business trends and be ready to respond to changing information. And read and react quickly to what customers are posting on the Web concerning the property. Respond to criticisms and negative comments with proactive and immediate fixes and improvements. Then be sure to post comments on the web sites ensuring readers and customers know there was a rapid and positive response.
Create new revenue streams
Try to reach new customers with novel offerings. Consider approaching foreign wholesalers or partnering with regional properties to develop cross-business. Think outside traditional strategies and approach target groups and market segments previously ignored.