The hospitality industry has seen tremendous growth in the last decade or two. Today, owning a hospitality business is like practically owning a gold mine, that is, if you really know what you’re doing. But there is no denying that the hospitality industry is one of the most competitive industries in the world. In order to stay in business and keep the cash rolling in, you need to stay a step ahead of your competitors.
What is usage rate and vacancy rate? And how do they affect your hospitality business?
Usage rate is the rate at which a hospitality business e.g., hotel, restaurant, theme park, etc., serves or processes customers. In other words, it is the rate at which customers use the services provided by a hospitality business. The opposite of this is the vacancy rate. In order to be successful, a hospitality business needs to increase its usage rate or decrease and finally eliminate its vacancy rate by maximizing the number of customers it serves. Thus usage rate or vacancy rate is an extremely significant variable for any hospitality business.
What does it take to maximize your hospitality business’ usage rate?
Merely wishing for a high usage rate doesn’t make it so; you need to run your hospitality business in an exceptional manner. You need to show your customers that you’re different from your competitors, that you offer something they don’t, that you’re the BEST in the industry. And doing so takes a lot of training and coaching in addition to an inborn ability to serve and satisfy people. Business coaching plays a significant role in enabling a hospitality business to run efficiently and achieve its maximum potential. And running at its maximum potential is what makes a hospitality business truly successful and profitable at the end of the day. It’s just like owning and running a factory. The longer you are able to run the production facilities at your factory at maximum capacity, the greater chances you have of maximizing your profit.
What sort of business coaching do coaching services provide to hospitality businesses?
Hospitality coaching or coaching for hospitality businesses provided by yourbusiness coachingservice covers all aspects of your hospitality business. Everything from training and mentoring members of your staff, to improving your business’ marketing techniques, to assisting you in developing strategies to maximize your profit margin.
How can your business coach help your hospitality business?
Your business coach can help your hospitality business by:
ü Helping you in the identification of lost sales opportunities, and showing you ways of giving your hospitality business the competitive edge it needs in order to be able to generate more revenue by bringing in new customers and retaining existing ones.
ü Helping you in reviewing your business practices in order to identify ways of reducing business costs.
ü Helping you in establishing various systems that will aid you in managing your business much more effectively and enable you to save time as well as money.
ü Helping you in establishing operational standards and benchmarks in order to ensure consistency in your business practices and maintain high standards.
ü Helping you in reviewing your leadership skills as well your management practices in order to ensure that you get the best from your employees even when you’re not there
ü Training members of your staff to be the best they can at what they do and deliver unmatched customer service.
ü Helping you in defining your long-term business goals and developing appropriate business strategies.
What major benefits can your hospitality business derive from business coaching?
Your business can derive numerous benefits from business coaching. Some of these are:
Improvement in Customer Service
Hospitality businesses are all about good customer service. Customer service skills like communication skills, patience and tact, assessment skills, negotiation skills, ability to empathize with customers, etc., are crucial to surviving in the hospitality industry. In fact, good customer service can mean the difference between the success and failure of any hospitality business. Business coaching improves your as well as your staff’s customer service skills.
Increase in Usage Rate
Business coaching greatly aids your business in increasing its usage rate by helping it in getting an edge over rival businesses through an overall improvement in various aspects of your business.
Decrease in Business Costs
Business costs are an important consideration when it comes to maximizing your profit margin. Business coaching helps your hospitality business in identifying ways to reduce such costs.
Increase in Profits
Business coachingenables your hospitality business to increase profits by:
ü Assisting in minimizing customer turnover and maximizing usage rate, and
ü Assisting in reducing business costs by identifying new ways of saving time, energy and money.