Southeast International: Setting Your Goals for 2017

The beginning of a new year is the ideal time to look ahead, and whether you own a hotel or are looking to buy a hotel, Southeast International recommends that you set some goals for yourself in the months to come.

Planning Your Budget

Planning your budget can be tedious and time-consuming, but it’s also one of the most important things to get done. Knowing what you can afford and what you can’t is going to make your life easier later on, so you need to put in the time and effort to budget for your business.

Look ahead at any specific projects you intend to undertake, and count the cost. Research is important here—you need to consider every aspect of whatever you have in the pipeline, and consider how much it might cost. You should also account for any potentially unexpected costs by setting aside extra on top of what you know you’ll be spending.

If you already own or run a hotel, Southeast International suggests looking back at the spending from previous years. Do you notice any patterns? Is there anything that you frequently spend money on? Take all of these into account and, perhaps, even think about how necessary some of these still are, to see if you can cut back.

If you’re still in the stages of planning or looking to buy a hotel, familiarize yourself with an easy-to-use budgeting tool. There are many options available, either paid or free, but if you’ve never been a spreadsheet pro before, now is the time to learn.

Think About Guest Experience and How it Can Improve

As Southeast International has covered in another blog entry, guest expectations of hotels and motels are always changing, so you always need to be looking at ways you can improve.

One of the most reliable sources of ideas for improving your services is your guests. Ask for feedback, either through check-out surveys or using email campaigns, from people who have stayed with you, and take a serious look at your responses. You can also use existing online reviews—both good and bad—to assess your performance and see where it could improve or change.

If you do have any big changes that you plan to make, Southeast International also recommends that you let people know. Whether it’s regular guests or potential customers, you need to make any upcoming renovations or developments known in advance so that people know what to expect.

Make Sure Your Goals Are Realistic and Measurable

It can be easy, especially if you’re in the early planning stages, to set your goals too high. Whether it’s expectations on when renovations will be complete, hitting a higher financial target, or lowering costs, if you plan beyond your capabilities, you’ll set yourself up for disappointment. When you’re setting your goals, look back on what you have and haven’t achieved in the past. Think about what was more of a challenge and why, and plan accordingly.

However, while you should keep yourself in check in terms of achievable goals, you should also not undersell yourself. Even if you’ve hit a few stumbling blocks along the way, approaching your challenges with confidence and self-belief is a big part of success.

You should also make sure to keep track of whatever goals you set. Keep a record of what they are, a timetable of when you expect them to be reached and keep it updated—regardless of whether those goals are achieved or not. Our advice at Southeast International is to also keep your hotel staff involved with this process so that everyone knows what it is they’re working towards.

Research Your Plans

Even if you are an experienced hotelier, research is as important now as it was when you began. As we’ve already mentioned, hospitality is always changing, and without doing your homework, you will quickly fall behind the industry. Keep up with rival hotels as well as developments further afield in tourism and travel, technology, and even wider social trends, and think carefully about how much of it applies to your business. You may find a whole new revenue stream that you’d never considered, or at least gain some valuable inspiration.

Southeast International Knows Communication is the Key

It cannot be overstated how important communication is in the hospitality industry. When you’re setting goals for the future of your hotel—whether you’re an independent location or part of a chain—you need to make sure they’re clear to everyone.

Let your staff know your plans for the coming year, and let them know their role. Communicate the benefits to them as well as to the business overall, and make sure they know that they’re part of a team. You also need to make these goals clear to your guests, and indicate how important their feedback is in improving your ever-evolving service. For more advice and up-to-date listings, contact your leading hotel broker today.