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Actual for You - Lodging Management Companies: Expert Management or Incremental Revenues
Everyone in business can benefit from having a business mentor, business mentoring simply means having someone around who you can share your ideas with and they can give their thoughts back to you about your ideas, as well as bringing in their own.This essentially can take a huge weight off your shoulders, as you not only have someone to test your ideas and thoughts out on, but also you are able to gain from their experiences in business. Business mentoring while being a Godsend to anyone in business is especially useful for those who are just starting out in business.All business mentors will have had a great deal of experience in a wide range of aspects in business and will be able to pass this experience onto the less experienced.Besides bringing a feeling of relief that there is someone on your side and this alone is a huge bonus, your mentor can also help you to focus on what is needed, along with helping you to pause, take a
Management companies, on the other hand, have an interest in g
"A true Master is not the one with the most students, but one who creates the most Masters. A true leader is not the one with the most followers, but one who creates the most leaders." — Neale Donald Walsch, Conversations With God: An Uncommon DialogueI was doing fairly well in grades one to three - especially in reading. Then I hit a terrible teacher in grade four. She made school so unhappy and unappealing, she almost caused me to drop out — of course I would have waited another few years to make it official. However, in grades five and six I came under the nurturing of Mrs. Westman. I vividly remember her saying after I'd read a composition to the class; "someday I won't be surprised to see your name on a book." Her encouraging words simmered in my subconscious for years and helped me to see new possibilities for myself. Twenty years later my first book, The VIP Strategy: Leadership Skills for Exceptional Performance, was published. It was a
The goals of lodging property owners and investors are infrequently philosophically or financially fully aligned with the goals their appointed management or at times even their brand. Operators and brands often have competing objectives, which are in direct conflict with maximizing owners’ return. For example, brands have a stake in maintaining brand standards and creating “brand equity” which may not always be in the best economic interests of an individual lodging asset. Sure brands will argue that what’s good for the brand will have some trickle down affect on you, but changing your brand new wallpaper behind the front desk from one shade of beige to a shade the brand wants to install at all of its hotels (which I have been asked to do by a major brand - who shall remain nameless) is really just a poor use of capital that will never impact either revenues or guest satisfaction.
Management companies, on the other hand, have an interest in gr
Follow this story...I went to Best Buy today to get a few CDs and walked out with a new subscription to Sports Illustrated. Immediately confused, I asked myself how’d that happen? As I went through the steps that brought to that point in time, I realized I was sold on the subscription before I ever had a chance to even think about saying no. Wow! What if and I had this power? My home business would be booming to say the least. So, let me go through exactly what happened and then I’ll pull a few key points out for you.I browsed the CD section of Best Buy for about 30 minutes and then after making my final music selections I headed to the checkout counter. I was greeted by a friendly checkout clerk who rung up my three CDs to a total cost of $43. As she was ringing me up she said “How would you like a free Subscription to Sports Illustrated or Entertainment Magazine?” Before I could answer she continued by telling me that she had already t
The goals of lodging property owners and investors are infrequently philosophically or financially fully aligned with the goals their appointed management or at times even their brand. Operators and brands often have competing objectives, which are in direct conflict with maximizing owners’ return. For example, brands have a stake in maintaining brand standards and creating “brand equity” which may not always be in the best economic interests of an individual lodging asset. Sure brands will argue that what’s good for the brand will have some trickle down affect on you, but changing your brand new wallpaper behind the front desk from one shade of beige to a shade the brand wants to install at all of its hotels (which I have been asked to do by a major brand - who shall remain nameless) is really just a poor use of capital that will never impact either revenues or guest satisfaction.
Management companies, on the other hand, have an interest in g
After you write your long sales letter, you need to know who to send it to. In this article, you'll learn where to find an advertising list and trade organization listings to help with your IT marketing efforts.Advertising ListsFor list selection, you have many choices. If you're looking for recommendations, especially in the U.S., it's really simple. You have list compiler companies like Zap Data (http://www.zapdata.com), and InfoUSA (http://www.infousa.com). For your IT marketing, they're a good place to start. Tip: For renting mailing lists outside the U.S., start looking at:· Accountable List Brokers - (http://www.listbroker.com.au) in Australia· List Angels - (http://www.listangels.co.uk) in the United Kingdom· InfoUSA also has Canadian lists (http://www.infousa.com)To go deeper, look at the local chambers and the industry trade groups where you can skim out some additional contact information for your I
The goals of lodging property owners and investors are infrequently philosophically or financially fully aligned with the goals their appointed management or at times even their brand. Operators and brands often have competing objectives, which are in direct conflict with maximizing owners’ return. For example, brands have a stake in maintaining brand standards and creating “brand equity” which may not always be in the best economic interests of an individual lodging asset. Sure brands will argue that what’s good for the brand will have some trickle down affect on you, but changing your brand new wallpaper behind the front desk from one shade of beige to a shade the brand wants to install at all of its hotels (which I have been asked to do by a major brand - who shall remain nameless) is really just a poor use of capital that will never impact either revenues or guest satisfaction.
Management companies, on the other hand, have an interest in g
Seeing the results of advertising your business can be like watching a roller coaster. The day you run your ad you see a flurry of activity; your ph0ne starts ringing, your web site traffic increases and/ or potential clients visit your store. Your hopes soar. sales go up. Two or three days pass and the response goes down. You look at the bill for the advertising and your jaw drops. Your hopes descend.Nancy called me from Portland, Oregon with just this problem. Every time one of her ads appears in a local publication, customers start walking in the door of her home furnishing store. A few days later the number of prospects and sales goes down. Her advertising gets results, but the thousands of dollars she is paying each month is killing her profits. What can she do?Whether you advertise your consulting business in The Harvard Business Review or your interior decorating service in the Penny Saver, your ad will cost significant dollars.rators and brands often have competing objectives, which are in direct conflict with maximizing owners’ return. For example, brands have a stake in maintaining brand standards and creating “brand equity” which may not always be in the best economic interests of an individual lodging asset. Sure brands will argue that what’s good for the brand will have some trickle down affect on you, but changing your brand new wallpaper behind the front desk from one shade of beige to a shade the brand wants to install at all of its hotels (which I have been asked to do by a major brand - who shall remain nameless) is really just a poor use of capital that will never impact either revenues or guest satisfaction.
Management companies, on the other hand, have an interest in g
What Is Information Marketing? Information marketing techniques involve a completely different way of thinking. It’s centred on ‘giving’ not ‘getting’. It’s a powerful way of building a relationship of trust and credibility with your prospects by giving them what they want which is information and advice and taking away what they don’t want, a sales pitch. Now doesn’t that feel as though it falls in line with your values?Information marketing materials come in many formats from an email newsletter, special reports, a course of email tips, articles and ebooks to name but a few. You may well have come across some of them already.The Benefits of Information Marketing TechniquesStop ‘Chasing’ and Start ‘Cultivating’When you share your knowledge with your prospects and clients it enables you to stop ‘chasing’ them for business and to start ‘cultivating’ long-term relationships.People love those
Management companies, on the other hand, have an interest in growing their portfolios and their revenues (usually a percentage of yours) but may not be motivated to assist your lodging operation in achieving its individual peek financial performance in the short, or worse, long term. They may also lack expertise or the incentive to control costs, target the best market position for an individual property, maximize a hotel’s market penetration or possess the knowledge to find their way through the myriad of old and new distribution channels.
Given that the average management fees, which are currently around 2.5% of a hotel’s overall gross revenues (including any incentive fees), are significantly below the fees of yesteryear, is it any wonder. Over the last few years, in an attempt to grow revenues, management firms are focused on creating incremental revenue by adding properties to their roster at lower fees. Many of these firms are keeping the same amount of personnel and resources in place spreading them over more assets.
Take the following example. At the current rate of fees, an additional $25,000 in hotel revenues represents about $500 in fees. Let’s face it, $500 is not a significant enough return on the additional efforts, staff time and resource allocations that would be required by the management firm to generate that additional $25,000. However, as the owner, it can make the difference between paying your mortgage from cash flow or out of your pocket.
The economic facts just don’t add up. Consider a typical, select-service hotel with 100 guest rooms, an ave
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