Maximizing Hotel Space for More Profit

By Lily Mockerman Founder, Total Customized Revenue Management | January 06, 2019

It's a new year, and all around the country, people are creating their New Year's resolutions. Maybe you want to lose some weight, make more money or be more organized. But what about your business? Have you set goals beyond your standard budget and marketing plan? How will you develop your potential for profitability in the new year?

As any hotelier knows, empty rooms and areas within a property generate no revenue. Hotels deal in perishable inventory. Opportunities exist only for a specific time. Once that time passes, there's no way to recoup that opportunity. This is why it's so important to utilize every part of the property for revenue, not letting any area lie fallow.

An increasingly viable solution to this situation, one which is often overlooked, is maximizing your hotel space for more profitability. This concept brings us far beyond using a space for its pre-defined purpose, never going beyond that intended function. Maximizing hotel space means much more than maximizing meet space revenues. The goal behind this exercise is to re-evaluate all of the physical assets of one's property to find new and more efficient ways to generate ancillary revenues.

Many hotels, whether by design or happenstance, include areas of physical space that are underutilized. Looking at the property from a different viewpoint will surely turn up several areas of opportunity.

The Possibilities

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Coming up in April 2019...

Guest Service: A Culture of YES

In a recent global consumers report, 97% of the participants said that customer service is a major factor in their loyalty to a brand, and 76% said they view customer service as the true test of how much a company values them. And since there is no industry more reliant on customer satisfaction than the hotel industry, managers must be unrelenting in their determination to hire, train and empower the very best people, and to create a culture of exceptional customer service within their organization. Of course, this begins with hiring the right people. There are people who are naturally service-oriented; people who are warm, empathetic, enthusiastic, pleasant, thoughtful and optimistic; people who take pride in their ability to solve problems for the hotel guests they are serving. Then, those same employees must be empowered to solve problems using their own judgment, without having to track down a manager to do it. This is how seamless problem solving and conflict resolution are achieved in guest service. This willingness to empower employees is part of creating a Culture of Yes within an organization.  The goal is to create an environment in which everyone is striving to say “Yes”, rather than figuring out ways to say, “No”. It is essential that this attitude be instilled in all frontline, customer-facing, employees. Finally, in order to ensure that the hotel can generate a consistent level of performance across a wide variety of situations, management must also put in place well-defined systems and standards, and then educate their employees about them. Every employee must be aware of and responsible for every standard that applies in their department. The April issue of the Hotel Business Review will document what some leading hotels are doing to cultivate and manage guest satisfaction in their operations.