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Surviving economic recessions Featured

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Economic recession imposes adverse condition due to the reduction in the occupancy rate and tourism industry.  Demand in the industry is derived from the business and tourist based travelers, whose expenditures are influenced by economic strengths. The profitability of hotels depends on the efficient business operations.  

Management practices

The hotel industry is characterized with large fixed costs such as wages of work force, bills of various utilities, and sustenance of different facilities. They key to achieving this operation efficiency is intense management practices.  The management should focus on employing innovative practices such as risk management, quality management, crisis management and efficient business organization.

Marketing tactics

Marketing tactics are one of the most effective tactics to survival a recession.  Instead of cutting marketing expenses, the hotel will focus on streamlining the marketing department and targeting new revenue sources, and market segments.  The hotel will use marketing tactics such as developing new market segments, pay-per-click advertising and the development of other revenue sources. In addition, the hotel will focus on branding, target marketing and effective pricing.

Human resource strategy

Human resource strategy is vital in the development and success of the hotel in a competitive market. The strategy will integrate key employees performing their responsibilities at maximum level.  The HR strategy will be based on promoting equal rights in the workplace, career growth opportunities, creative work environment, secure job positions and social networking.

Financial strategy

An effective financial strategy will help the hotel manage financial arrangements. It will provide an overview of financial performance and allocation of resources.  The hotel will review discretionary and non-discretionary expenses to enhance cash level and working capital availability.  In order to improve the cash flow of the hotel, the hotel will focus on improving operational management and elimination of activities.

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Prof. Richard Brixton

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