There’s no better time to reflect on the current state of your hotel business and plan on improving it than the New Year. While billions of people the world over make New Year’s resolutions to help them achieve more in 2018, hotels can take the same steps towards improvement. Whether that’s speaking more to guests directly or renovating through a loan for hotel business, the actions you take now can have a direct effect on the revenues you earn throughout 2018. Get your year started right, and look back on 2018 with pride 12 months from now by keeping the following five New Year’s resolutions for improving your hotel business.
Your management staff is both the backbone of your business and the face of operations to front line employees. Each manager should be someone who props up your employees while holding everyone to best practices that lead to consistently positive guest experiences. Pledge to become more involved with your management in 2018 so that they can become true leaders. Meet with them casually over dinner or during retreats. Emphasize to them the importance in recognizing front line employees’ good work. Look for opportunities to promote from within to instill loyalty and encourage great performances. When you can boost your staff’s attitude through close working relationships with management, achieving great results becomes that much easier.
Another important relationship for hotel owners to work on is interacting with the guests that keep their doors open. Read reports that capture the voice of your customers through social monitoring and social listening. Take the time to read reviews left on Yelp and social media. Respond personally to a few commenters or reviews, including people who had both good and bad experiences. Surprise and delight some of your best repeat customers by giving them your personal thanks in an email or over the phone. Actions like these help remind you of the importance of guest experience while helping motivate you to do everything you can to improve it.
Speaking of making guests’ lives easier, you can revamp your website to streamline the booking process and offer more value. Get rid of outdated booking systems, and replace them with modern systems that are easier to navigate. Reduce the steps needed to make a reservation. Include the ability to offer upgrades and packages directly in the booking window. Making these improvements will not only elevate the experience guests have, it will also encourage them to make more direct hotel bookings as opposed to using an OTA.
Minimizing your tax burden involves early planning and careful strategy while working with a seasoned accountant. By planning ahead, you can reduce your taxes owed and take advantage of incentives, like the 100% bonus depreciation we just recently covered. Other opportunities include hiring employees eligible for the Work Opportunity Tax Credit and performing a cost segregation audit to properly depreciate assets for minimum taxes. Doing just a little bit of research and hiring the right people could help you reclaim untold revenues.
The appearance of your hotel matters more than ever thanks to online marketing. A great photo on a website like TripAdvisor or shared to your company Instagram account can be enough to convince someone to choose your hotel over others. Creating visually impressive layouts for your lobby, rooms and common areas can therefore help you increase bookings directly. Using a loan for hotel business may reduce the financial risk these projects create while potentially providing tax benefits parallel to the ones described above. If you are interested in raising your working capital or funding renovation projects through a hotel business loan, click here to get started. You can receive a no-cost, no-obligation quote in as little as 48 hours. Improve your hotel in the New Year, and make your business more rewarding to both guests and employees with low rate, fixed financing options with up to 2 year terms!