"Those hotels and resorts which will continue to achieve success are those which take a long term view, by establishing a clear, five-year strategic plan which should be reviewed and updated each year. Additionally, companies should produce annual operating and marketing plans which address more tactical initiatives."
Creating an effective strategic plan, and using it as a decision-making tool, will help ensure a hotel's future financial health and profitability. Elements of the Strategic Plan should include:
The Vision outlines what the Company strives to be. It is an emotional and visual call to arms that drives the behavior of our employees and organizational structures.
The Strategic Intents are broad based but clearly defined goals that guide the strategic direction of the company.
Strategic Objectives relate to outcomes that strengthen an organization's overall business position and competitive vitality.
●Key Performance Indicators
Key Performance Indicators are significant measures used individually or in combination with each other in order to monitor how well a business is achieving its quantifiable objectives.