Rolling Hotel Business Plan – A Sound Strategy To Succeed With Numbers

In my consulting experience, I often come across managers and entrepreneurs who seek advice on hotel budgeting process. Now that we are towards the end of August, the process for many of you must have already begun.

Sometimes however, I get alarmed when I hear someone raise a question mark on the very need for a budget or their ability to cast one. Typical doubts that you hear are, “do we really need a budget?”, or “how can I look into the next twelve months and put a number to it? Well my answer to these questions is always very simple “Yes we do” and “Yes you can, we will work on it together”

It is a fact that the budget process for any period commences at least six months prior to the start of the period. As an example if your plan period is January 1st to December 31st, you would start the preparation of budget assumptions around the month of July of the previous year. From that point of view, I really sympathize with those who are yet to sharpen their forecasting skills. But the job has to be done. They better start learning it. From my experience of being involved with the budget or business plan process of some of the most reputed and efficient international brands during the past over four decades, I have finally settled on a process with rolling budgeting for the twelve plan sub-periods, month after month.

» Read more: Rolling Hotel Business Plan – A Sound Strategy To Succeed With Numbers

11 Reasons You Need to Have a Business Plan

  1. You need to have the opportunity to be able to formalize your plans. By going through the motions of creating a plan, you get to write your thoughts on paper allowing you to organize thoughts more effectively.
  2. A Business Plan will put you in a better position and give you a better chance for success.
  3. Do you plan to approach a financial institution or a venture-capital firm for funding. If so you will definitely need a business plan.
  4. By creating a business plan, the process will help you to create Long Term Goals, Mid-Range Goals and Short-Term goals.
  5. Helps you to determine resources needed to assist in the operation of your business.
  6. Helps to identify obstacles and challenges you may face each day thus allowing you to make clearer business decisions with more confidence.
  7. Will help you to learn things about your business you didn’t realize before, this will help with sounder decision making in the days, months, and years ahead.
  8. How do you know if your idea is viable? Preparation of an Internet business plan is a great way to get the facts to provide proof your business idea will be worth investing more time and money into.
  9. Improve your strategy – Test different assumptions related to your market through your own Internet business plan strategy. Through the use of spreadsheets you should be analyzing financial scenarios and refining your strategy as needed. Review various costs, prices and market conditions related to your market and experiment with different scenarios – “Be Open to changing your approach and plans accordingly.”
  10. Creating your customized Internet Business Plan gives you credibility by showing people you are taking your on-line business venture seriously. Taking the time to research your business project and the market demonstrates your commitment to success.
  11. Keep your company focused on results – As your company grows it is important to compare business progress to your projected goals as well as objectives. It is important to your success you evaluate your company’s progress and ward off possible problems which could arise. A business plan will help to keep your company focused on results and on track to succeed in your chosen market.

Grow Your Business With a Growth Business Plan

Are you at a point with your business where you just don’t know what to do next?
Do you have a business plan?
How about a growth business plan?

Have you looked at a lot of different ways to grow your business and nothing seems to work?

The right growth business plan could be your answer. If a growth business plan is done the right way it may open up some opportunities you have never thought about before. A growth business plan can be developed many different ways but I would like to discuss a growth business plan that you may have never thought about.

» Read more: Grow Your Business With a Growth Business Plan