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5 New Year's Resolutions for Hotel Owners

The New Year is the perfect time to take an inventory of your current situation and set new goals for the next 12 months. For most, it means setting fitness goals or learning a new skill. For hotel owners, making resolutions can include re-dedicating themselves to a core belief, or increasing revenue.
No matter what goals are set, it’s no doubt a great way to take stock of your overall business and find ways to make it better.
Here are 5 ideas for New Year’s resolutions that could help you and your hotel’s bottom line:

1. Build a Better Bond with Guests

At the core of any successful hotel is guest satisfaction. But for hotel owners who have been in the business for a long time, the relationship with its core audience can get strained or be distant. That distance can be even more exaggerated by the onslaught of social media, which makes it easy to interact with guest online. Why not take it a step further and send a written note or personal email to gift repeat guest.

2. Improve Revenue Management

When was the last time you reviewed your overall revenue management strategy? Many hoteliers find the beginning of the year a perfect time to take a look at revenue management and find ways to improve. The best strategy includes a system that aligns with sales and marketing and accurately tracks demand helping owners accurately set rates ultimately achieving revenue goals. Make a resolution to get a better hold on revenue management by seeking out the help of a management company.

3. Keep a Closer Watch

Now more than ever before your online reputation can make or break your hotel’s success. More than 90 percent of consumers say they turn to online reviews before deciding to spend their money on a company, according to a study conducted by Bright Local. If you don’t have dedicated marketing staff to monitor and respond to online reviews, this year is the perfect time to make that decision. There are many tools available to automate the process of online reputation monitoring.

4. Expand Your Knowledge

A good hotel owner is always learning. There are a number of hospitality industry conferences each year that provide a lot of learning experiences, networking, and training. The Hunter Hotel Conference takes place on in March in Atlanta, focused on finance and real estate. For a more casual event, the Lodging Conference is held in Phoenix, AZ giving hotel owners and executives the opportunity to join in the conversation, discuss issues, and solve problems through think tank sessions. Already a hotel owner? Each franchise also hosts an Owner's conference typically every 18 months.

5. Go After Your Goals

Have you had a desire to expand but have been putting it on the back burner? Begin putting the plan into action by consulting with the right company. Naples Hotel Group works with clients to turn their new hotel development ideas into reality with construction, build and hotel management services.