If you think being in the hospitality ownership business is your ticket to getting rich quick, working less, and retiring early--you’re on the wrong path!
Whether you’re just starting out or are a well-seasoned small business owner, these three tips will help streamline your business.
1.Build a great team you trust and can collaborate with.
“If you want it done right, do it yourself” is a trap -- don’t fall for it! The second you start to think that your business will go under without your constant supervision, you severely damage your chances for growth.
Surround yourself with honest, hard-working people and trust them to serve as experts in their own areas (hospitality software makes it easy to source and hire top candidates). This will not only empower them to be leaders in their roles, but it will free up your schedule to take on bigger, larger-scale initiatives.
Keeping your team involved is also an excellent way to reduce turnover, which can become costly. Using hospitality software to communicate company goals, values, and objectives with your team is key to making them feel involved in the bigger picture -- not to mention it will translate to on-point service for your customers.
Simply put, trust your team to put their heart and soul into the business, and trust hospitality software to do the heavy lifting on things you simply don’t have time for.
2. Automate the hard stuff so you can do more of what you love: running your business.
Cloud and web-based hospitality online solutions aren’t new, but few are tailored specifically to the hospitality industry. These hospitality solutions are key to reducing the time you spend managing things manually -- like sourcing candidates, hiring new team members, onboarding, scheduling, and communication. Don’t be the only small hospitality business owner who’s not taking advantage of these cost-effective solutions!
Manually tracking these things takes a lot of time, especially if you have (or would someday like to have) multiple locations. Establishing a daily P&L, and a corresponding plan to track it, can be crucial to your success. Cloud and web-based hospitality solutions can do this (and more) so you can determine what’s driving your business, and quickly pivot to positively impact your business.
Be prepared to make data-driven decisions--but first, you need easily accessible data. Good hospitality management services have tools that can provide you with reporting to track your business from any device -- anytime, anywhere.
3. If you want to be a big business, start acting like one.
Big businesses were once small businesses. When you’re starting out, look down the road instead of right now. Is the goal to stay the same, or grow? Grow, of course! Make sure your initial investments give you room to expand, and understand the details of how you can expand.
Don’t be afraid to spend a little more money upfront on things like hospitality software and contractors. It takes money to make money, and going with the cheaper options (or trying to DIY) may end up costing you more in the long run.
You’ve heard the phrase ‘fake it ‘til you make it.’ Try acting like a big business, and you may actually become a big business in a shorter amount of time than you thought possible.
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