How On-Demand Support Can Increase Hotel Performance25th January 2019
The hospitality industry is fast-paced and renowned for fierce competition. On-demand support is imperative for hotels that wish to continually improve their performance and offering – in our latest blog, some of the team from our hotel asset management company share how on-demand support can increase hotel performance, both top line and owner’s return.
It is poor business sense to pay for resources that you do not require. Below we explore some of the on-demand services available to ensure your hotel maintains a robust advantage in the industry, without employing full-time resources yourself. After all, being able to tailor your support and access it as and when you need it, is all part of the hospitality management services we offer right here at M&T.
Analytics & Insight
Our hospitality consultants have the very best analytics software at their disposal. For you to be able to make informed and factual real-time commercial decisions, you need to understand your hotel’s performance inside and out. Some of the tools we use include BMI (baseline market index) and PMS (price sediment matrix). Both of these tools can help a hotel understand at the point of purchase their positioning compared to competitors, be that for fair share or retail price, respectively.
This intelligence is vital, and to continually stay ahead of competition, you will also need to know up-to-date information about the market; our team gathers frequent intelligence, as and when you need it. This includes industry updates, mystery shop programmes and benchmarking spot-checks. If you identify an area that needs improvement within your business, or are unsure of where to focus, on-demand support has the capability to provide reliable analytics and insight to remedy it.
Training & Commercial Checks
Your team is only as strong as their knowledge. Hotels that want to thrive ensure that their staff members have up-to-the-minute understanding of modern commercial management. Here at Michels & Taylor, we offer eight courses that can be implemented on a bespoke basis for your team. This training will target areas that have been identified as needing improvement such as ‘how to increase room revenue’, ‘e-commerce skills’, ‘customer journey’ and ‘food & beverage revenue management’. By offering this on-demand training, you can stay up to date with not only the industry, but with what your guests expect in today’s ever-evolving environment. This targeted training can help individuals and entire teams flourish.
Moving on from training, an ultimate aim for all those working in hospitality is to generate more profit. On-demand support can also extend to a Commercial Health Check that looks at all areas of commercial activity and provides an opportunity to identify ways of increasing ROI. This three-step process produces a plethora of results that will let you know if your hotel has optimal protocols and procedures in place by department, is correctly positioned, if all risk and opportunity has been identified, whether your booking channels are being managed effectively and much more.
“On-demand support is imperative for hotels that want to improve not only their performance, but also their offering on a regular basis. Michel & Taylor’s expert team of hospitality consultants are on-hand to offer unique insight and can guide you towards analytics best suited to serving your business. Cutting-edge commercial reporting and highly advanced tools can identify areas of improvement and help your team understand your property’s performance better.”
Avi Nejad, Manager, Commercial Analytics
On-demand services such as those mentioned in this blog are a convenient and reliable way to strengthen and support your hotel business. By only utilising them as and when you need, you are able to effectively budget manage and focus on areas that need your attention at your own convenience. We have many years’ experience in this field so to find out more about the full on-demand services offered by our hospitality consultants, click here.
To see how on-demand support provided by our hotel asset management company can help your business, contact us today.