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Develop Hotel Management Strategy Map To Visualize Goals

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What is a strategy map? Is it just a nice presentation demonstrating company goals? Well, some top managers and business owners think so. In fact, this is not true as an effective strategy map shows both goals and ways to achieve these goals. Besides, some strategy maps are very difficult to understand since they contain complex terms and formulas from strategic management theory. An effective strategy map must be easy to understand even for a person without even elementary knowledge of strategic planning. Such a person should see goals and how these goals will be reached. All the rest is unnecessary. An effective strategy map and shows cause and effect ties between goals and measures. For example, if a strategy map contains just one goal of making much money and no ways to implement it this will be a useless document. At the same time, if such a strategy map demonstrates how this goal will be implemented and what needs to be done in several stages, this strategy map can be considered effective. In
this article well talk about hotel management strategy maps.

First and foremost a hotel should develop comprehensive and realistic strategy. It means that strategic goals have to be ambitious and achievable at the same time. On top of that, making a lot of money can be hardly called a strategic goal. A strategy is about future vision, and hotel industry is not an exception here. Thus, a good example of strategic goal would be gaining particular percentage of market share, improve and loyalty of existing customers and attraction of new ones, improving hotel business image and recognition throughout the world and of course increasing profits. Of an effective hotel management strategy map will show what needs to be done to achieve these goals. Balanced Scorecard is perhaps the best tool to design strategy maps that demonstrate cause and effect ties.

All financial goals can be implemented if some improvements are performed in other spheres. As known, Balanced Scorecard consists of four categories which are interrelated: financial, customer, internal business processes, learning and growth. A hotel strategy map will show cause and effect ties between all categories and key performance indicators that each category contains. For instance, in order to increase revenue (financial), it is necessary to attract new customers (customer) which is possible on lee through introduction of new services and improvement of internal procedures (internal business processes) while this is only achievable through improvement of personnel professional level (learning and growth). This simple example demonstrates cause and effect ties between Balanced Scorecard categories and key performance indicators. For example such key performance indicator as customer loyalty directly affects revenue growth since loyal and satisfied customers are more likely to stay and the same ho
tel again. Thus, the hotel strategy works in the long term which contributes to competitive advantage in the market. It needs saying that Balanced Scorecard will perfectly work and the hotel will improve its performance only if improvements in the four categories are achieved. This means that the hotel should be ready for changes.

Strategy – Probably The Most Overused And Misunderstood Word In Business

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How many times have you heard someone talk about successful business strategies or ‘taking a strategic approach’? What do you think they actually mean by the use of the word strategy? Most often the people using it are trying to convey the fact that they have given the subject a bit more thought than usual, that they have looked a little further ahead than normal. If a consultant uses it be very wary. Strategy costs more than mere ideas or tactics. How much would you pay for consultants who have’ kicked around a few ideas’ or ‘come up with some tactics they think might work’. Depends how good they are. But if they come back with ‘strategic business advice’ you expect it to be very good and of course very expensive.

Why expensive? Because you would hope that a consultant or colleague would have used some kind of intellectually robust framework, that they would have tested their assumptions and developed more than one solution which they evaluate rigorously before making their strategic recommendation. This takes time and expertise and both are expensive. Let’s assume they have done all of this – does that make it strategic business advice rather than tactical advice?

Not according the dictionary. The dictionary definition of strategy is very clear and military. It defines strategy as “the art of war – disposing troops etc in such a way as to impose upon the enemy the conditions for fighting (time and place) preferred by oneself”. If we accept business is in effect a war – you develop successful business strategies because you define success as beating the competition – there is no reason why this definition of the overused word, strategy, is not appropriate for business strategy. It requires all that planning and testing of assumptions discussed already. Some kind of robust intellectual and very honest framework will certainly help to develop and evaluate options. Even the lazy use of the word strategy – giving it a bit more thought and thinking ahead – would be implied by the military, dictionary definition. But there is an extra dimension to real strategy. It requires you to do all this and come up with something that changes the rules in your favour – in other words it requires creativity.

And there is one other aspect to this more demanding kind of strategic thinking. It is about people and their behaviour. In order to ‘deploy the troops’ and change the rules you have to understand how people tick. If being creative involves changing behaviours then you have understand how those behaviours were formed in the first place and how they might be changed if you want a successful business strategy.

Before putting the dictionary away (the definition of strategy above was taken from the Oxford English Dictionary) just go forward to tactics. You will discover that the definition is exactly the same as for strategy with one addition. Tactics involves the all-important stage of implementation, putting the strategy into practice. So it turns out that far from tactics being less weighty and valuable than strategy they are actually the most valuable thing of all. A sound strategic plan that is successfully implemented includes, indeed demands, tactics.

The use, and overuse, of strategy in business is more often than not pretentious over-claim by people who do not really understand what they are talking about. It certainly does not mean giving something a bit more thought or thinking a bit more long term. It absolutely demands a thorough and honest assessment of your assumptions and your options. At the risk of being melodramatic, sloppy thinking in military strategy costs people their lives. In business it just wastes time and money. Strategic thinkers will of course use frameworks based on their experience. They will break a problem down so they can think about each component of it but they will look to change the rules not just apply them. And the true strategist understands that strategies are aimed at people and changing their behaviour. Their strategic business advice will be based on an understanding of human behaviour. Just as in war, a strategy does not just get the job done, it enables you to beat the competition, to deliver higher returns than ever before, to win and win big for the least expenditure of resources.

So whether you are undertaking a brand planning strategy, a new business launch strategy or any other kind of strategy remember what this really means and remember to include the tactics which are just if not more important. Then you can charge accordingly.

Tom Martino Damages Oregon Business

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In November 2004, talk radio host Tom Martino picked up the phone on his consumer-advice show. Unhappy Washington state resident Melissa Feroglia was calling to complain about a jet ski she had purchased in Boring, Oregon at John and Susan Gardner’s Mount Hood Polaris. Unfortunately for the Gardners, Martino’s show was nationally syndicated.

Feroglia told Martino that her jet ski had broken down again and again. According to Feroglia, John Gardner had first promised to refund her money, but had then said that her ski jet was fixed and there would be no refund. Feroglia concluded her woes by telling Martino that at that point the weather was too cold. She would have to wait until spring to try out her jet ski.

Martino, in the flip and annoying way of many talk show hosts who could not be bothered with the facts, then told Feroglia that Gardner was lying to her. Martino and Martino’s producer continued the saga by telling us of a cycle we are all far too familiar with: Calling the shop, being told to contact the manufacturer, contacting the manufacturer, and being told to call the shop again. We don’t know if their tale was true or not.

We do know that Martino said, “Polaris sucks.” The situation further spiraled out of control as Martino encouraged his listeners to contact Mount Hood Polaris and the manufacturer and tell them that they would never again buy any Polaris products.

John and Susan Gardner sued after their phone lines were flooded and they were threatened. The Gardner’s lawsuit stated that people driving by the store for several weeks shouted insults and the store lost approximately $600,000 in business. A judge dismissed their suit and in April a federal appeals court upheld the dismissal. According to the federal appeals court, this was basically not slander because reasonable talk show listeners do not expect facts on talk shows like Martino’s, just opinions. Without facts, there cannot be slander.

In the eyes of the law, any damage to the Gardners’ business and reputation was due to Martino’s opinion, not to any false fact or facts. Given that this damage could not have been caused by reasonable talk show listeners, the Gardners have no recourse. No law protects businesses from talk show hosts who urge unreasonable talk show listeners to damage the business.

Tom Martino has more critics than just the Gardners. His critics are concerned by the “Troubleshooter Referral List,” a list of businesses that Martino endorses. A business can join Martino’s list by paying a $3,000 fee and agreeing to a code of ethics. This code includes agreeing to let Martino decide disputes with consumers and follow his decisions. Martino also personally endorses business products and services on the air for payment. Critics question Tom Martino’s being a creditable consumer advocate due to the very substantial fees he earns from his endorsements.

Martino apparently enjoys both sides of the street. He appears to profit as an entertainer masquerading as a consumer advocate. He also appears to profit as a businessperson selling endorsements that appear to make him a pseudo consumer advocate. Unfortunately, his audience does not appear to notice that he is a pseudo consumer advocate. He is not the real thing.

Perhaps some day we will have a law that holds talk radio hosts liable for inflaming audiences that can reasonably be expected to cause damage. Until then, businesses savaged by Tom Martino will continue to occur damages, both justified and unjustified. In the final analysis, we have no idea if the Gardners were fine upstanding business people or not. We don’t know anything about their business practices. We can definitely state that it would have required some very bad business practices for $600,000.00 in damages to have been a fair penalty. We can conclude two things from this: We need laws to handle situations like this and we need to watch out for Tom Martino and other talk show hosts like him.

Warren Buffett’s Business Planning Methods

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Strategic planning and management is one of the keys to the success of the business. And this is what brought Warren Buffett to where he is now. He is the world’s second richest man according to the Forbes Magazine. His net worth is approximately $62 billion. Buffett is often called the Oracle of Ohama or Sage of Omaha. Right now, he is the largest shareholder, chairman and CEO of the company Berkshire Hathaway.

From a capital of $35 when he was still a teen, he grew largely by billions. He has shown a potential during his early years .In 1945, when he was still a freshman, he and a friend purchased a second-hand pinball machine that they placed in a barber shop. After some few months, they already owned three machines in different locations, His interest and dedication for business was already noticeable at a very young age which continued until today.

Now, he is one of the world’s greatest investor. Almost all businessman focusing on buying and selling industry have heard of Warren Buffett. Experts have now come up with the Warren Buffett Business Factors, a compilation of business principles that was used by the Sage of Omaha. He was the only man in Forbes rich list to have made it purely from buying and selling stocks and shares. In Buffett’s own words, he quoted:

Im 15 percent Fisher and 85 percent Benjamin Graham. The basic ideas of investing are to look at stocks as business, use the market’s fluctuations to your advantage, and seek a margin of safety. Thats what Ben Graham taught us. A hundred years from now they will still be the cornerstones of investing.

This is a brief view of Warren Buffett’s Business Factors that is applicable for all business owners.

1. Always stick to what you know, and that which is within your area of experience, expand on that experience, and stay focused.

2. Only enter into a business agreement, investment, or project where you can reasonably predict the outcome with certainty.

3. Only enter into a business agreement, investment, or project where you can reasonably predict the outcome with certainty.

4. Maintain emotional detachment in your business dealings. Invest only with a business perspective, do not let the others or the crowd persuade or dissuade you, but rather develop your self and your trust in your self. Make a point of learning from your mistakes.

5. Identify what kind of business deal you want, then determine what you are willing to pay. Small fluctuations in the price of what you need to buy can vastly affect your returns in the long run.

6. Work out the return on capital of your business, and try to make every business deal at least the same if not better than that return.

7. Use other peoples money to leverage returns. If your return on capital is greater than the cost of using other peoples money, then make sure you use their money as much as possible, not forgetting about your margin of safety. Warren has had great success with insurance companies, using this principle.

8. Only appoint or work with managers of outstanding quality. Use managers who act in the best of interest of the business and hence the owners of the business at all times.

Be The Boss With An Online Business Management Degree

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If you’re a natural born leader, or you like the idea of being in charge, a career in management might provide a great fit. As in practically any field, education is the key to climbing the corporate ladder in business. Earning anonline business management degree could help you to find a rewarding career where you’re the boss. Many people are unhappy in their current job, but lack the time and motivation to go back to school and would benefit from online learning. An online business management degree program can qualify you to work in top business positions and earn a competitive salary.

Why Online?

Business is an area particularly rich in opportunity for advancement. Often though, working professionals who have full-time jobs and other responsibilities do not want to abandon them to return to school. Earning an online business management degree is convenient, and the nature of online education allows students to continue working or taking care of a family while they earn additional credentials.

In addition, in today’s highly technology-driven society, developing advanced computer and technology skills can give one candidate an advantage over another for a job. Coursework for an online education platform is completed online from your home computer. Because of the opportunity to make a lot of money and gain authority, the business world is extremely competitive. The additional skills and credentials gained through an online business management degree program can provide the extra push that a student needs to succeed in a career in business.

Here are 10 jobs you could have with an online business management degree:

1. Office Manager

A career in office management is pretty self-explanatory. An office manager oversees employees and makes sure that the workplace runs smoothly day to day.

2. Human Resources Manger

A company’s HR department creates the connection between a company and the outside world. Management within the department controls tasks like recruiting and hiring, and they also implement or change company policies. This particular position is the head of the department.

3. Management Accountant

Rather than being employed by an accounting firm, management accountants work in-house for a company. They record and analyze a company’s financial data and use this to help strategize a better financial plan for the business.

4. Retail Store Manager

Traditionally, many stores were run by an experienced salesperson that was promoted to a management position. But today, many stores choose to hire college graduates to oversee employees and the daily operations of a retail store.

5. Operations Manager

A business needs someone to oversee its daily operations. Like general management, operations management participates in practically every area of business function and acts as an authority to employees.

6. Human Resources Generalist

Like human resources management, a human resources generalist is in charge of supervising operations within a company’s HR department. This person also plays an important role in determining company policies and solving issues that employees may have.

7. Business Analyst

The main responsibility of a business analyst is to make sure that a business operates efficiently. They dictate work flow among employees and create opportunities for new profit opportunities by analyzing business functions.

8. Financial Controller

A financial controller is generally the head of an accounting department. This person controls things like audits, profits, and budgets in larger companies that house these departments internally. They are responsible for producing accurate and critical financial reports.

9. Marketing Manager

Within a marketing department, a manager determines a demand and develops marketing strategies for meeting it. They also monitor trends to develop marketing opportunities and oversee other actions of the department, such as implementation and reports of marketing strategies.

10. Financial Analyst

A financial analyst observes and studies trends in the stock market and analyzes them to make smart business decisions. They advise a business on how to spend its money in order to maximize revenue.

If you’re already working in business, an online degree can help you move into a management position. Online degree programs offer a nontraditional but convenient and flexible means of learning and developing new, useful skills. Enrolling in anonline business management degree program can be the best career decision you ever make.