All businesses require a good business plan to move their businesses upwards. Even hotels need to have a good business plan to operate efficiently and successfully. The service industry is so competitive today that a good business plan must be executed well to stay in business. A good business plan will keep the hotel focused on its strengths while improving its weaknesses for profitability and continuity.
A good hotel business plan will comprise the executive summary followed by the infrastructure of the operation identifying the location of the business. Then the development plans are required to be stated in details clearly for a smooth execution when the plan is approved by its authorities such as the stakeholders and management.
Next, there are the financial statements that need to be structured out for good accountability of the funds coming in and out of the hotel. And to assist the financial statement portfolio would be the marketing strategies which a hotel business has to map out for more business. A hotel has many areas: rooms, restaurants, shops, business services, halls and other facilities which can generate revenue for the hotel. Hence, the hotel marketing team has an important task to be creative in planning out marketing strategies for the hotel’s profitability.
A hotel business plan template can have the following information:
* Hotel Name & Address
* Executive statement
* Development & marketing plans
* Capital Required
* SWOT analysis
Consider the attached sample template for your convenience.