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TOP TWENTY TIPS FOR SURVIVAL IN
THE HOTEL INDUSTRY
HKICPA
Ian Graham
19 July 2010
© The Hotel Solutions Partnership Ltd
Make sure you have the right LEADER
© The Hotel Solutions Partnership Ltd
Trust your PEOPLE
© The Hotel Solutions Partnership Ltd
Instil a sense of URGENCY
© The Hotel Solutions Partnership Ltd
Manage BRANDED channels to the full
© The Hotel Solutions Partnership Ltd
Challenge all other on line and direct to hotel DISTRIBUTION channels
© The Hotel Solutions Partnership Ltd
Look for support from MARKETING PARTNERS
© The Hotel Solutions Partnership Ltd
Put your best talent into on REVENUE MANAGEMENT and increase the focus
© The Hotel Solutions Partnership Ltd
Force Sales and Marketing to look for NEW MARKETS AND SEGMENTS
© The Hotel Solutions Partnership Ltd
Stay close to high life time value CUSTOMERS
© The Hotel Solutions Partnership Ltd
Leverage MEMBERSHIP schemes
© The Hotel Solutions Partnership Ltd
Conduct an independent PROCUREMENT AUDIT
© The Hotel Solutions Partnership Ltd
Stop SALARY increases and look for reductions in headcount and payroll
© The Hotel Solutions Partnership Ltd
But should you reduce your labour force?
Companies that focus simultaneously on increasing operational efficiency, developing new markets, and enlarging their asset bases show the strongest performance on average in EBITDA growth after a recession (percentages refer to the three year compound annual growth rate. Source: Harvard Business Review March 2010
© The Hotel Solutions Partnership Ltd
Reduce cost of and/or scope of BENEFITS
© The Hotel Solutions Partnership Ltd
Introduce targeted BONUSES
© The Hotel Solutions Partnership Ltd
Institute UTILITY usage reductions
© The Hotel Solutions Partnership Ltd
THINK RETAIL (revenue and profit per sq meter) and close down inefficient restaurants, bars etc
© The Hotel Solutions Partnership Ltd
Drastically reduce CAPEX through postponement or cancellation
© The Hotel Solutions Partnership Ltd
Institute tight CASH FLOW MANAGEMENT
© The Hotel Solutions Partnership Ltd
DELEVERAGE
© The Hotel Solutions Partnership Ltd
Get shareholder agreement to new DIVIDEND POLICY
© The Hotel Solutions Partnership Ltd
Top Twenty Tips
Make sure you have the right LEADER
Trust your PEOPLE
Instil a sense of URGENCY
Make sure you are managing to the full BRANDED channels
Challenge all other on line and direct to hotel DISTRIBUTION channels
Look for support from MARKETING PARTNERS
Put your best talent on REVENUE MANAGEMENT and increase the focus
Force Sales and Marketing to look for NEW MARKETS AND SEGMENTS
Stay close to high life time value CUSTOMERS
Leverage MEMBERSHIP schemes
Conduct an independent PROCUREMENT AUDIT
Stop SALARY increases and look for reductions
Reduce cost of and/or scope of BENEFITS
Introduce targeted BONUSES
Institute UTILITY usage reductions
THINK RETAIL (revenue and profit per sq meter) and close down inefficient restaurants, bars etc
Drastically reduce CAPEX through postponement or cancellation
Institute tight CASH FLOW MANAGEMENT
DELEVERAGE
Get shareholder agreement to new DIVIDEND POLICY
© The Hotel Solutions Partnership Ltd © The Hotel Solutions Partnership Ltd
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