With a steep rise in the hospitality business, it is necessary for hotel owners to gear up for cut throat competition. For this, a hotel management company is not sufficient, they need to acquire the services of an asset manager. Here we will discuss the benefits of hiring hospitality consultants over hotel operators.
As there are conflicting and inherent differences in the goals and objectives of a hotel manager and hotel owner, both have difficulty in aligning with each other. The growth and protection of a brand specially faces such type of lack of alignment where the brand operator overlooks the needs of assets. Henceforth, for proper care of assets, an asset manager is required.
Besides a good asset manager is focused on the business of hotels rather than the hotel business. An asset manager is also actively involved in balancing the operations with financial objectives of the owner. Hotel operators can’t manage such things alone.
Another aspect of hotels which can’t be possible without hotel assets management consultant is management of financial statements. Financial statements can be quite misleading as there are multitude of factors that affect the numbers and without the help of an asset manager you can’t keep a track on all of them. An asset manager can improve results by improving the performance of these factors through a sound strategy.
If a hotel owner or operator is not experienced and knowledgeable enough, the business may be at a distinct disadvantage. An experienced asset manager possesses comparable knowledge of assets and a broader perspective. The best practices approach is adopted by an asset manager for maximum revenue generation.
Again, a knowledgeable advocate is required to help the hotel owner to make important decisions. These decisions include annual approvals of business plan, multiple events, hiring of Executive Committee members and so on. An asset manager thus plays a significant role in giving informed second opinion on key matters.
It’s a known fact that individuals and organizations give better performance when under pressure or challenged. However, if an uninformed decision is taken, it can lead to unintended outcomes. Owners need to control their heavy-handedness towards operators otherwise bitterness will erupt between owner and operator relationship. Operators respond to suggestions and tend to improve performance if properly motivated. Hospitality consultants can play this role in a superb way.
One cannot optimize performance in a uniform manner for all hotels. Every hotel is unique and needs to be treated as such. A knowledgeable asset manager ensures that the brand manager or operator puts more efforts on creativity than on efficiency.
Thus, if a hotel owner wishes his hotel to prosper and flourish, he/she should conduct some research to find the most suitable hotel assets management consultant for their hotel.