Helping You Succeed
Multiple factors contribute to the underperformance or financial distress of lodging oriented facilities. Yet all properties exhibit signs of stress months – even years – prior to insolvency. Being able to quickly identify and correct the underlying root issues, and not the symptoms, is critical to protecting your investment. Our systematic approach is personal and proven effective. Owner participation is mandatory. Give us three days and we’ll unlock all your property’s growth opportunities.
Advancing Your Goals—Custom Services
- Comprehensive operational review and analysis
- Strategic, custom recommendations
- A tactical plan for each major property and operational challenge
- Optional hands-on program implementation
A Systematic, Proven Turnaround Approach
- An Owner/Management Exploratory Meeting – We discuss your vision, concerns, operational difficulties, perceived strengths, weaknesses and opportunities; turnaround timeline, and expectations.
- A Comprehensive Property Review – From the front to the back of the house, your property receives a detailed physical inspection – complete with documented initial impressions and challenges.
- A Competitive Market Analysis – Tour and assessment of local competing properties provide insight on your market position, marketing emphasis, and sales plan.
- A Complete Review and Analysis of Operations – No two properties are identical. However, business documents are telling. Those commonly scrutinized in detail for inconsistencies, liabilities, and inefficiencies include historical performance, financials, forecasts, business plans, annual budget, expenditures, personnel records, sales files, and the marketing plan.
- Recommended Next Steps – Within 24 to 72 hours following the exploratory meeting, we deliver to you a detailed assessment – complete with strategic and tactical plans to address and correct every major issue contributing to the property’s underperformance.
Six Signs of Imminent Property Failure
- Financial challenges – One year of minimal revenue growth often is common. Extended stagnation is a cardinal sign of ongoing difficulty. Critical indicators are the inability to cover debt, payroll, management, franchise, and vendor fees.
- Brand/Flag compliance issues – Brand contractual agreements bind you to financial obligations and operating standards. Continued difficulty meeting brand criteria and expectations – particularly in guest service, cleanliness, and property condition (notably furniture, fixture and equipment) – can result in losing the value and revenue potential of your brand investment.
- Reputation erosion – Guest comments today are public and easily distributed via online and social media channels. Pay attention to standard guest survey results, but a simple Internet search will reveal your property’s customer satisfaction level, team performance and reputation ratings – locally and nationally.
- Staff retention – Staff turnover at more than 10 to 15 percent is unacceptable and creates continuous service, quality and operational issues. Quality staff is the critical core of a successful and profitable business operation.
- Ineffective marketing – Attracting new clients and retaining existing ones should not be a continuous struggle.
- Operations reality denial – Ad-hoc operational changes rarely generate long-term positive results. Staff often is reluctant to offer recommendations or question and challenge present practices.