Business plan exercise
Date of Submission
Business plan exercise
Business plan exercise
Discussion of the process of discernment you used to make your decision about what business you choose to start.
Hospitality management is one of the businesses I have been longing to start. It is surprising how the hotel industry has continued to grow despite the emerging safety, health concerns, and stagnant economic growth. Tourism is categorized to be one of the fastest growing industries this was according to research done by the World Travel and Tourism Council. Hospitality management industry accounts for more than 10 percent of the global GDP.
The hospitality management industry is growing in different ways. First, there is a localized geographical growth where people have now shifted from international trips to affordable local excursions. Secondly, there is localized tourism that benefits the hospitality industry specialization. And finally hospitality industry growth is driven by certain demographic groups, baby boomer are going for retire hence enjoying their free time and millennial are enjoying free time.
This shows that the hospitality management industry is one of the businesses that one can be able to make more profit. Having a product or services that will be able to have a repeat buy was one of the reasons that made me settle on hospitality management. This is because I wanted to start a business that people will keep on buying and more profitable. When starting a new business it is very important to have a look at your cash flow. In a situation where there is a low-profit-margin to work the business will make the gain in volume, there will be the need to have a high level of working capital to facilitate the smooth running of the business. Having a high-profit margin is very important because it helps the business to self-finance itself.
Being certain that one has a high-profit margin was also what I considered most. After realizing that just having a business idea is not good enough I decided to look for a strong support team. This strong support team will be of great importance because they will give the idea the wings to fly and to be successful. Yes, the idea about business counts most but it also needs to have wings for it to be successful.
Product and services
The business will be a hotel that will be offeringDifferent products and services to its customers. Haden (2018) stated that, a good business plan analyzes and evaluates customer demographics, purchasing habits, buying cycles, and willingness to adopt new products and services. These products and services ensure returning guest, by making their experience to be the best prior, during and after their stay at the hotel facilities. The product and services offered include:
To make the hotel industry among the best by respecting and protecting its member’s lawful rights in order to improve the quality of hospitality services offered by assistance in staffing of hotels, interchange of personnel.
CEO has a hard task in ensuring all the vision they had about the start of the business has been successful. The company CEO plays an important role and make sure that all the plans that were set aside for the business have become successful. Here are some of the ways the organization should use when they want to achieve their goals about they are implementing a new business.
Chiefs have a responsibility to behave in a way that communicated the organization objective when an organization ends up having a clear comprehensive law that helped to clear goals having a new business growth and planning. The workers in the organization should also work in line with the objective. This involves having a meeting with the organization management which will emphasize on how the goal of the organization is paramount.
This shows how the increased number of goals set by the company’s management the likely they will be achieved. The management should, therefore, come up with clear and aligned goalsthat will be achieved successfully without any controversial. Allow employees to track down their performance and progress and towards the success of the business. Performance conversations should be done more often to make sure there is enough time to check how the business is running.
Being action oriented
Hospitality management is a delicate field that needs a person to be more careful about how they are running their business. Being action oriented is one of the best was to achieve the goal by taking daily actions to reach the goals that are desired. Managers in the organization have to manage the activities that are being performed in the organization having in mind the objectives and the goal of the organization. This will make both managers and employees more focused on actions that will make the business organization move forward. All the employees’ goals should also align themselves with the vision of the company CEO and making daily activities to be on specific responsibilities they have to achieve.
Haden, J (2018, July 20th). How to Write the Perfect Business Plan [Blog post]. Retrieved from https://blog.apastyle.org/apastyle/2016/04/how-to-cite-a-blog-post-in-apa-style.html
Pereira-Moliner, J., Font, X., Tarí, J. J., Molina-Azorin, J. F., Lopez-Gamero, M. D., & Pertusa-Ortega, E. M. (2015). The Holy Grail: Environmental management, competitive advantage and business performance in the Spanish hotel industry. International Journal of Contemporary Hospitality Management, 27(5), 714-738.
Ryan, C. (2015). Trends in hospitality management research: a personal reflection. International Journal of Contemporary Hospitality Management, 27(3), 340-361.
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