News for the Hospitality Executive |
A Baker's Dozen of Formulas to Thrive
by Dr.
John
Hogan, CHE CHA CMHS
June 2, 2011 Over the last ten years, I have researched and found more than 100 proven strategies that have varying degrees of particular value to hospitality businesses. While some of them are not new, they all have specific benefits to anyone in the service industry. In order for them to work though, everyone in the organization must make a personal commitment to allow these strategies to work. When the owner or senior management introduces them in a positive and re-enforcing manner, today's staff will respond with enthusiasm. Do
More than Survive: Thrive!
Introducing THE P-A-R PRINCIPLE™1: PAR = Webster defines the noun "par" as 1. " a stated value (as of a security) 2. a common level 3. an accepted standard or normal condition As a verb, PAR takes on a new dimension: 1. equal 2. match 3. keep pace with 4. balance Introducing THE P-A-R PRINCIPLE™: P = People (Associates and Customers) A = Administrative (Procedures, financial controls, business practices to care for the asset) R = Resources
(Using what is available to you to the
best interests of all parties. This includes traditional inside
resources and outsourcing as a permanent option)
The hospitality and tourism industry today is collectively considered the single largest employer in the world today. It is unique from many other industries in that it is requires a substantial measure of both tangible and intangible asset care. It is an industry that requires large amounts of capital, yet is one that requires an intensive commitment to the "people" side of service CARPE
DIEM = "seize the day."
Our industry has survived for centuries, but it has not been one that has generated adequate financial returns for many investors and staff. Using THE P-A-R PRINCIPLE™ involves a fresh outlook at virtually all areas of our business. This includes marketing, understanding and using consistent sound business practices, Hotel Common Sense™2 and developing loyalty from both associates (staff) and customers (guests). TO THRIVE,
WE MUST DEAL EQUALLY WITH THE THREE SIDES OF THE BUSINESS TRIANGLE IN DAILY OPERATIONS, AS WELL AS IN OUR LONG-TERM STRATEGIC PLANNING. A Baker's
Dozen of Formulas to Thrive
and not merely survive) in the Service and Hospitality Industry The following partial list of ideas and formulas are prime areas for the hospitality business of today and warrant review and attention on a regular and repetitive basis. Each business and individual has different priorities. Some ideas may appear to be obvious, while others need more thought and analysis. This program is one of our 2011 Keys to Success™ workshops and keynote presentations3. The letters P, A or R are listed after each idea for emphasis and focus. 1. Understand and Identify real profit centers R _______________________________________________________________________ 2. Establish who is actually in charge P-A-R _______________________________________________________________________ 3. Review property tax valuations and rates A _______________________________________________________________________ 4. Investigate the legal option of "carry-back" taxes A, R _______________________________________________________________________ 5. Evaluate Ownership pay P-A-R _______________________________________________________________________ 6. Accepting personal accountability P-A-R _______________________________________________________________________ 7. Know who is spending what A _______________________________________________________________________ 8. Budget and judge by department A, R _______________________________________________________________________ 9. Calculate the true value and costs of perks (and tell everyone) P, A, R _______________________________________________________________________ 10. Set Bonuses with a purpose P, A _______________________________________________________________________ 11. Examine Retirement plans: Unique ways to fund them P-A-R _______________________________________________________________________ 12. Consider Non-cash compensation and motivators P-A-R _______________________________________________________________________ 13. Comprehend the total cost of Energy A, R MORE
TO FOLLOW
[1] The P-A-R PRINCIPLE™ by John Hogan, HospitalityEducators.com [2] Hotel Common Sense™ by John Hogan, HospitalityEducators.com [3] http://www.hospitalityeducators.com/articles/Keys-to-Success-Workshops-and-Keynotes [4] ^ a b c Schlachtenhaufen, Mark (2007-05-31). "Will Rogers grandson carries on tradition of family service". OkInsider.com. Oklahoma Publishing Company. Archived from the original on 2007-09-28. http://web.archive.org/web/20070928161652/http://www.okinsider.com/topic_01OF0MMAHY/readstory.oki?storyid=03K101DDQ. Retrieved 2007-07-21.
Don't forget the special values being
offered to industry professionals available on annual membership at www.HospitalityEducators.com. John Hogan is a successful hospitality executive, educator, author and consultant and is a frequent keynote speaker and seminar leader at many hospitality industry events. He is Co-Founder of a consortium (www.HospitalityEducators.com) of successful corporate and academic professionals delivering focused and affordable counsel in solving specific challenges facing hospitality today. www.HospitalityEducators.com is a membership site offering a wide range of information, forms, best practices and ideas designed to help individual hoteliers and hospitality businesses improve their market penetration, deliver service excellence and increase their profitability. Individuals wishing to contribute materials may send them [email protected]. Special pricing is in effect for a limited time that also includes a complimentary copy of LESSONS FROM THE FIELD- A COMMON SENSE APPROACH TO EFFECTIVE HOTEL SALES. |
Contact: Dr. John Hogan, CHA MHS CHE |