Future Hotel Strategy: Four Perspectives to Consider
When planning a hotel’s future strategy, leaders need to prioritise the milestones and resources that matter most. This article outlines four interconnected perspectives for identifying and achieving strategic goals: financial performance, market opportunities, competitive advantage and the operating model. It also explains why hotels must look beyond the minimum performance threshold and generate returns above the cost of capital to create value.
When the leaders of any hotel or hotel chain sit down to plan their future strategy, they generally aim to identify and prioritise the major milestones that will shape the future of the business. However, as often happens, the options under consideration become diluted, are discarded or simply fall by the wayside.
This happens because many hotels sometimes plan their strategy around priorities and milestones without being convinced that they are achievable, and allocate the necessary resources to them without considering which priorities truly require the greatest share of those resources. Generally, focusing on just a few winning projects is a more reliable approach.
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