Your hospitality property needs direction and it’s up to you to choose that direction by setting goals that you can strive to accomplish.
Welcome to another edition of Hospitality Property School.
Today, I am going to look at “Setting up Short-Term & Long-Term Goals for Your Hospitality Property”.
Your hospitality property (your hotel, resort, inn or bed and breakfast) needs direction and it’s up to you to choose that direction by setting goals.
Long-term goals can be a great motivator for self-improvement. They give you purposes that you can strive to accomplish.
Some of these goals might be far-off dreams, probably the ones that inspired you to open your property in the first place.
Short-term goals can allow you to stay on track toward attaining your eventual long-term goals.
By setting goals you will be more focused since you will know exactly what you want. Accordingly, you will need to set both short and long-term goals.
“People who wrote down their goals were 42% more likely to achieve them than the ones who didn’t. Telling a friend increases this rate to 78%”
The first step of setting both long and short-term goals is knowing exactly what you want. This means that your conscious should be clear before setting any type of goal and you need to write it down.
It is important to make realistic goals.
Being realistic means that you are setting goals which you know you can achieve and avoid the frustrations that come when you repeatedly fail to achieve your goals.
It’s a fact that many people give up because they set goals which are too high and as a result fail to achieve their objectives.
Setting the short-term goals is simpler because these goals could be achieved in days, hours or even minutes and because it is a short period, you can see factors that might hinder you from achieving your goals.
On the other hand, long-term goals can be a bit challenging. This is because the factors you had considered while setting the goals might change with time. Therefore, while setting long-term goals it is advisable to consider that some factors might change. You have to be flexible.
This means you should set goals with options for changing as time progresses.
The end results of the long-term goals should also not be very specific. Instead, your long-term goals should have a range. For instance; you can say in five years you want to reach a certain income level or open two or three other properties.
This will motivate you towards expanding your business without being too specific on the end results.
So, How Do You Start?
You Must Have a Vision
You must write down where you want your business to be in three to five years. These goals should include:
- what you want in terms of market share
- the number of employees
- amount of sales
- the net worth of the company
- your personal income
Think in Backward Steps
Once you know where you want to go, think about what needs to happen just before you reach each of your long-term goals.
If you want to achieve room sales of $1 million, before that you have to determine what you need to achieve to reach of $750,000 in sales.
Then keep working backwards to the present day and set dates for each step.
Categorize the Steps
Once you have all of your steps, place each chain of steps into categories. Some will relate to sales, others to profits, others to expansion and others to advertising and marketing. You may find exclusive categories that relate to your specific operation.
By categorizing the steps, you relate them to your existing business practices.
You should create objectives for each aspect of your business operation based on the categorization of your steps. Objectives are the stepping stones on the path and the vision is the destination. You should list your short-term goals and then long-term goals in sequence so that you can make sure every activity you engage in contributes to your overall vision for your company.
You should make it a habit to write down your goals every day, as it makes them even more compelling.
But goal-setting by itself isn’t enough, you have to follow it up with action to make that goal a reality – and that’s where most people fail.
So there you have it. A basic guideline to help you get started with setting short-term and long-term goals.
- Having a Vision
- Thinking Backwards
- Creating Objectives
If you have any stories about “Setting up Short-Term & Long-Term Goals for Your Hospitality Property” and would like to share or have any questions or feedback you can leave them in the comments section of the show notes.
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That’s it for this session of hospitality property school.
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So, as always, let’s work together to put heads in your beds.
Until next time, have a fun day.
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