6 areas of focus during your mid year review
While you set goals and targets for the year, doing a mid year review is crucial. Not for any particular reason, but for understanding where we stand.
This year when you do the review, consider looking at these factors to understand if you are doing well.
1 . Your STR Ranking:
While the entire industry is down, if you are getting your fair share, you should continue to be happy. If you are not, and you are down on the index, consider what has changed. Did you pick up some business that you should not have or accepted a lower rate than competition. How is your market mix faring compared to the competition.
You may want to analyse if they had a better OTA offer or package, that drove occupancy to their hotel leaving you struggling for revenue. Is it worth your time to run promotions or do the staycation packages that you have been promoting if it is not popular.
2. Your cash flow and Aging report:
This year, you would have finally understood the importance of a tight credit policy and cash flow statement. As you reflect on the months gone by, understand that the pain is going to continue for a few more months and you will need to tighten your belt for a few more quarters.
What is eating away your cash – Payroll, advertising, Repairs and Maintenance, Capex purchase. Defer and delay if possible. One possible solution to payroll management is to multiskill your team members. I know it is easier said than done, however if you do not try, you will never know. If you succeed, let us know in the comments below about your success.
3. Your guest engagement score:
Your guest engagement score surely leads to better opportunities in the future. Guest see the review online and book your hotel. We covered this in detail in an earlier podcast. While you review your score, see if it has improved. How is your hotel performing on Trip Advisor, and all the major OTA platforms for the review score.
Has it improved, remained stagnant or gone down. If it has gone down, what can you do this year to pick it up. Focusing on guest satisfaction has a proportionate impact on revenue. What are your scores? What is your guest feedback telling you to fix or improve in your hotel? What are you doing about it?
Ultimately what you need to measure is whether you and your team delivered value to your guest.
4. Your hygiene audit scores:
In the coming half of the year, if you have to succeed, you will need to communicate the importance of hygiene in your hotel. Almost all hotels would have put guidelines in place to ensure the hygiene.
Hygiene standards will be under focus and expect guest to be more demanding of your process. Audit the process and ensure you are sticking to the plan so that your guest are more comfortable with spending time in your hotel.
As you normally do, during your walk across the hotel, ensure that you are following the process and procedures that assure guest of your commitment to hygiene.
5. Your Well being:
Finally while you review your goals and that of your colleagues, also do take time to acknowledge that it has been an unprecedented year for the industry. A perfect storm, that has seen low revenue, pay cuts and layoffs.
It is important to ask how are the team doing. Because the health of the hotel operation depends on your mental strength. Spend some time thanking your team members for everything they have done and for their contribution in the year past.
If you are feeling burned out with all the changes that happened in such a short time, it may be worthwhile to take a small break yourself and spend time with yourself.
Similarly you may just need to relearn a few things so that you are current with what has changed. Your team members may need to focus on the new normal and offering them a gift of online learning can help them become productive once again at the earliest
6. Planning for the future:
The future of hotel is anyone’s guess. You can spend your time during the review to make an action plan to improve in all areas that we listed above. Take steps to improve and set a base for the remaining part of the year ahead.
So what will you focus on . Let me know in the comments box below.
And if you are interested in training your team, do check out our training plans for hotels