Time flies when you’re having fun, right? We’ve just crossed the mid-point of 2017, so now is a great time to take stock in your independent hotel’s mid-year performance and start to look ahead toward the second half of the year. We know it’s the busy season and you don’t have lots of free time, so here are 3 key areas to focus on when evaluating for your hotel’s mid-year performance:
Key question to answer: What did your guests say about their experiences at your hotel this year?
Paying attention to guest feedback, both positive and negative, is crucial to the longevity of your independent hotel. Whether it’s via online channels, like social media and review sites, or in-person, it’s important to listen carefully to what travelers have to say about their experiences. Their opinions will provide a true assessment of how your hotel is operating, even if it doesn’t align with your point of view.
After gathering and evaluating your guests’ insights, use the information to make favorable operational adjustments to ensure it continues running to their liking.
Team member performance
Key question to answer: Is your entire team performing at a high level or are there opportunities for improvement?
Team member performance should be evaluated both individually and collectively. First, team members should be evaluated based on how well they are executing their daily responsibilities. Where there are weaknesses, determine if coaching is a viable solution or if other steps need to be taken to correct issues.
Secondly, look at team chemistry and morale to determine if every team member is in a role that best aligns with their skill set. Being in a hands-on, hospitality-driven business, every team members has a direct impact on operations and the guest experience, so it’s crucial that everyone is well-positioned to execute at a high level to ensure your hotel’s long-term success.
Key question to answer: What story do your performance metrics tell?
If you’ve kept your finger on the pulse of your business, you should already have an idea of how well your hotel has performed to date, but now’s the perfect time to take a deeper dive into your performance metrics. Looking at key indicators, like booking trends, revenue, labor, utilities, profits, etc., how did your hotel perform compared to early year projections and prior year results? Are there any surprises or are you performing on-target? Where is your hotel performing well and what areas need more of your attention?
Evaluating operational performance should be a daily exercise, but we know it’s challenging for busy hoteliers. After completing your mid-year evaluation, select 2 to 4 focus areas that need the most attention and create a plan for improvement for the second half of the year. If you want to make 2017 a great year, now is the time to do the hard work that will position your independent hotel for success. Click here to speak with an innRoad property advisor today and get your independent hotel on the path to success!