Every hotelier wants to ensure their hotel is in the best possible shape, capable of drawing in customers and generating revenue for many years to come. As the methods available for sustaining and marketing your hotel become ever more complex, and in some cases expensive – here’s the Magnuson Worldwide guide to the major costly mistakes to avoid.
Don’t ignore the big picture
None of us want to spend money on things which don’t help push our hotels forward to greatness, but burying our heads in the sand and ignoring major new developments is also a very bad way of dealing with inevitable change. Elements such as a mobile-friendly website and a user-friendly booking engine are no longer luxuries, but absolute essentials for those looking to thrive, or even survive, in the 21st century hotel landscape. Whilst the initial cost of installing these elements might seem unnecessary, the cost of ignoring them could be greater still. Carefully consider each purchase in terms of what it is bringing to your business. If you don’t feel the cost of a particular move will be made up for in revenue gained, don’t rush in – defer the purchase until you have done your sums!
Invest in good people
Hotel management is a 100% people-focused profession. You need great staff working alongside you, and you need great staff serving the public who come to stay at your hotel. Investing in the best workforce will help generate more revenue than many other actions, so never scrimp on this essential. In addition, be sure to offer your staff clear rewards for good behaviour and where possible, a path to progression within the establishment. Rewards and career progression are two elements of a great working environment which never go out of style and never cost the earth.
Set (actionable) goals
A modern hotelier must dream big to achieve their goals, but these goals must be rooted in smaller steps and a clear grasp of the realities of your situation. Set actionable, achievable goals, and stick to them. Keep your workforce notified of any major changes within the organisation, and encourage them to work towards the hotel’s aspirations. Success or failure affects everyone involved in the hotel, after all – and having a team to back up your plans is a sure way to help you stick to them.
As a hotel manager, you don’t have to do everything yourself. Knowing how to delegate and adapt effectively could cost you lots of money in the long run. If your hotel is struggling to adapt to the new competitive landscape, with margins shrinking and custom headed elsewhere, consider investing in people and activities which will help you reach a higher level. This could mean some big new hires, or it could even mean joining a franchise such as Magnuson Worldwide, ensuring you reach your share of the hotel market whilst still retaining full control over the things that matter.
Calculate your increased profit by switching to a Magnuson Hotel brand
While most major brands charge an average of 15% of total revenue with complex additional charges and corporate renovations, Magnuson offers one simple 5% of gross fee. See how much you can save with us.
Ranked within top 15 global hotel chains.Join Us Now
Each Magnuson Hotel location is independently owned and operated.
©2019 Magnuson Worldwide. All rights reserved.