Business Strategy: How to Create a Goal-Driven Business Strategy (Part 4)

Enda Larkin, author of How to Run a Great Hotel, reveals how to develop a goal-driven business strategy for your hotel as he continues his Five-Part journey into strategic planning for hoteliers.

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Demystifying Strategic Planning
(Part 4)

Having business goals is great, but still meaningless, unless something is done to make them a reality. This is where strategy and plans come in.

In defining their strategies, the management team at our fictitious hotel would need to ask themselves certain questions based on their defined mission-related goals:

Strategies are essentially choices you make, or options you take by answering similar questions to the samples provided above – based on your own vision, mission and goals. The strategies you choose must help you to play to your strengths, reduce the impact of weaknesses, capitalise on opportunities and counteract threats.

From Business Strategy to Annual Plans

Whatever goals and related strategies are devised, it is clear that it will take more than one year to realise them, so an annual plan is needed to help implement the strategy. Whereas operational planning is concerned with doing things right so that the hotel runs smoothly, annual planning is focused on doing the right things so that you are actually implementing your strategies and progressing towards your goals.

Your annual plan should define the range of finance, marketing, human resources and operational actions necessary to implement your strategies in any given year.

NEXT: Read Part 5 Now.
INDEX: view all articles in this Five Part series

About Enda Larkin: Enda Larkin has over 25 years experience in the hotel industry having held a number of senior management positions in Ireland, UK and the US. In 1994 he founded HTC Consulting, a Geneva based firm, which specialises in working with enterprises in hospitality and tourism. Since that time, he has led numerous consulting projects for public and private sector clients throughout Europe and the Middle East.
He is author of Ready to Lead (Pearson/Prentice Hall 2007), How to Run a Great Hotel (How to Books 2009) which expands on the themes highlighted in this article, Quick Win Leadership (Oak Tree Press 2010) and The Impostor Leaders which is due to be published in 2011. He may be contacted via www.htc-consult.com or at info@htc-consult.com
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