Hotel and restaurant business turnaround has in recent years become a popular topic for many successful “Reality TV” shows.
You would think that this would quickly put right all the hotels and hospitality businesses that need improving, repositioning or recovery of one sort or another. The shows are mostly good in their approach and offer sound advice.
We have no TV show but have turned around several struggling operations failing to meet their financial and quality goals and turned them into outstanding success stories. In many cases they have become award winning top performers. Several case study examples and testimonials of these can be found on the pages of this site.
One notable thing about turnarounds is that while there frequently are some common themes - no two turnaround situations are the same.
Common themes include such things as a “tired” or old fashioned look, bedrooms needing to be updated to a contemporary design, inexperienced owners or managers, untrained staff, not enough attention paid to important details. In restaurants too many menu items, insufficient or no attention to cleanliness, perhaps lack of food hygiene, inadequate cost control, product inconsistency, lacklustre standards of service. No or poorly tartegted marketing plan & effort. Hotel offerings being out of sync with current market expectations. Little or insufficient importance given to the all important guest experience at every touch point thoughout a customer's interaction. Concerned families & owners who have lost their way, lost their passion and are about to lose their home as well as their business and maybe even their family relationships.
It makes for great Reality TV drama to see everyone’s shock and joy at the newly presented facility once a refurbishment is done and and re-launch is underway. I always wonder though what happens when the cameras leave and the show moves on to the next hotel, resort, restaurant or B&B. Does the new found success continue?
That’s what counts after all.
A turnaround with ongoing improved and sustained results!
We work with you and your leadership, your managers and staff to devise and implement the new plan, create new offerings, determine achievable goals, create budgets and meaningful management accounts, agree measurable performance targets, implement KPIs and a dashboard for monitoring them.
Starting with a brief from the owner, the lending institution or the purchaser of an under performing hotel or hospitality business to be acquired, we perform an operational review for you and determine a turnaround plan with you.
An operational review includes:
a review of the product, its market and the marketing effort
a review of the financial results, costs and control procedures
a review of the people involved, their skills and responsibilities
a review of customer opinion
a review of the competition
If your operation needs a turnaround you want IMPROVED RESULTS and usually you need those improved results FAST!
No two situations are the same but some areas of focus may include to:
Find new revenue streams
Improve operational efficiency
Improve product quality
Implement quality initiatives
Improve customer experience
Increase market share
Improve marketing effectiveness
Create effective training
Decrease employee turnover
Increase employee motivation
Improve employee morale
Control labor costs
Optimize payroll efficiency
Improve customer retention
Increase competitive differentiation
Improve customer ratings
Increase referral business
Decrease operational expenses
Implement Revenue optimisation
Increase sales per customer
Reduce cost of sales
Improve asset utilization
Improve collection of debts
Reduce cost of goods sold
Increase average spend
Increase inventory efficiency
We offer various levels of support throughout the process and on an ongoing basis to ensure sustained improvement. Our support can include us providing leadership and on going guidance including board participation, brand partner selection, marketing consortium consideration, operator supervision, management mentoring, manager and team coaching, interim and relief management, short term or long term management or management support through a change of ownership or change of any kind including a change of brand flag or pending a sale when it is beneficial to optimise GOP in order to realise the highest value.
Call or email for a preliminary discussion. http://www.leisuremanagementplus.com/#!contact-us/c1adp
With a few key facts we can determine if we can help to improve your situation, your hotel or hospitality operation and help you to turnaround your business performance.