To sustain their position as hotel leaders
George's hotel must perform studies of the current and future operating business conditions. Economic and market consumer trends should also be evaluated. Thirdly, more focus should be made on the ever-changing competitive hospitality industry. To do this, the hotel must develop a three-year strategic plan that includes a clearly defined vision, strategic objectives, and the implementation of key performance metrics.
St George's vision is what the company aims to be. Cindy and Jeff view the hotel as a legacy for their children (Gusdorf, 2013). A vision is an emotional and visual call that drives the different stakeholders in achieving the hotel's vision. Outlining clear goals and objectives is crucial improving the business positioning and the competitiveness of George's hotel. By outlining achievable goals and their timelines, the hotel will grow its master share and have an easier time penetrating into new markets and grow in profitability by reviewing their financial objectives and goals. Finally, having sound performance indicators is needed to as a measure of return on the three-year plan. They monitor how the hotel is achieving its quantifiable objectives and goals set over three years.
Reopening a new hotel
requires going through a few checklists that ensure the viability of opening a new hotel. First, a new hotel needs recruiting an excellent management team. Cindy understands the challenges in managing a new human resource team, which is not family (Gusdorf, 2013). There is need find a qualified team to implement and execute the hotel's strategic objectives. Additionally, preopening a hotel requires the establishment of revenue channels. The perceived renovations and the legal battles engulfing the new location will cost the hotel a considerable amount of money according to Jeff. A realistic business plan is crucial in ensuring that the hotel does not incur huge loses but revives its operations steadily as of the first hotel, which generated profits only two years after the renovations. Finally, preopening the second hotel will require the help of specialists as Cindy suggests. There is need to formulate employee policies as Cindy will not be in touch with all the staff (Gusdorf, 2013). Skill is crucial in the next hotel. Renovations will require major construction works which required skilled personnel in the construction field.
Transitioning is difficult and will cost Georges Hotel huge sums of money
To ensure the success of the second hotel on its launch, there is need of implementing the correct business structures. Cindy is keen to note the need for a sound policy structure and employee issues. A successful business is keen on the legal matters, the future decision-making policies, changes in administration as in the case of Julie or Michael taking over as the future CEO (Gusdorf, 2013). A precise definition of the policies is important in the transitioning process. Secondly, Georges Hotel needs to understand the future trends of clients' demands and needs. Customer preferences change over time. What worked for the first hotel may fail to impress customers in the next two years. Clients will cause a significant implication on the success of the company. Understanding the purchasing patterns of target clients will ensure the launch of the hotel on its inception. Finally, a dedicated workforce is crucial to the success of the hotel. A highly motivated human resource provides maximum client satisfaction and smoother running of the hotel leading to success within the first year.
References
Gusdorf, M. L. (2013). The Georges Hotel Scenario A: Family-Owned Business and Strategic Planning. Society for Human Resource Management.
