lorajpatel-blog

[lorajpatel-blog]

week #12 progress

·         What is working

The business has taken several baby steps and is almost on its feet. Over the past weeks, the marketing strategies employed have been great success. We have experienced more sales mostly from local guests as opposed to international guests because of the travel bans and restrictions imposed on several countries due to the current Covid 19 pandemic. Since the beginning of the virus most people had to work from home which creates boredom. Therefore, we decided to focus on providing services inclusive of gyms and office rooms which is ideal for guests working remotely. In additions we have outside leisure activities like visiting local landmarks, zip lining, fun water sports etc. finally we included food delivery to the local clients. So far, the mentioned services have yielded more sales has resulted in low cost for bulk purchases of hotel items thus increasing net profits.

·         What is not working

Although the business has been progressing well, we still have some challenges. Attracting and retaining most skilled and experienced employees from chefs, receptionist, publicists etc. is an issue. Employee expectations keeps changing and growing and the ones with most expertise attracted by the large chain hotels.

·         How do you feel the project is coming?

I would say the business is not where I opted it to be by now, but the going has been great. The marketing strategies have really proved to be successful. The local market is doing greater than expected and we hope for more returns and more international travelers soon.

·         What are you learning about the business?

People love leisure and breaking away from norm once in a while. Hospitality is there to ensure that. Therefore, it is very important to ensure the clients needs are satisfied by being treated to splendid services but still with a feel at home touch.

·         What are you learning about yourself?

Patience has been my core value. Being patient enough with what is not working and putting effort to ensure a change. I have seen growth by taking more responsibilities and being accountable for every success or failure. I hope for more self-growth as the business continuous to thrive.

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my progress wk#11

·         What is working

Any service industry requires rigorous market research to identify the open opportunities yet to be exploited by the competition thereby developing effective strategies. Offering exceptional customer care service, after sales service like following up on customer reviews, and the serene hotel environment giving customers a home away from home feeling, has been a huge boast in selling out the brand. We have many customers coming back for a second and third visit as well as newbies trickling in as a result of online reviews and successful social media marketing.

·         What is not working

Running a successful high-end hotel depending on different categories either five-star, four-star, or three-star requires huge capital outlay. Setting up alone almost consumes every penny leaving nearly nothing for the day-to-day operations before the business starts getting some returns. It is therefore a challenge to work on $50 thousand budget and cater for everything.

·         How do you feel the project is coming?

So far, the venture is progressing well given the tight start up budget and then hotel being an infant in the industry competing with house hold names that have been in existence for almost a decade and more. More extensive market research will have to be conducted to formulate effective strategies to aid in keeping up with competition and gain market positioning, thus ensuring long-term existence.

·         What are you learning about the business?

Customer satisfaction comes before anything else because that is what will grow the brand by gaining loyal customers. However, it can be challenging to impress every individual as much as it is one of the core missions of the business. So, everyone involved in the venture will have to do their level best to ensure we offer nothing but magnificent experience that is unmatched.

·         What are you learning about yourself?

I am patient enough. To succeed in any industry, it requires undying patience to see the business up and running as well as in handling customers from all walks of life. I like it that I can be able to create a feel at home ambiance for total strangers and improve my networking by meeting different people with different experiences professionally and in private life.

[lorajpatel-blog]

My progress - week #7

·         What is working

Any service industry requires rigorous market research to identify the open opportunities yet to be exploited by the competition thereby developing effective strategies. Offering exceptional customer care service, after sales service like following up on customer reviews, and the serene hotel environment giving customers a home away from home feeling, has been a huge boast in selling out the brand. We have many customers coming back for a second and third visit as well as newbies trickling in as a result of online reviews and successful social media marketing.

·         What is not working

Running a successful high-end hotel depending on different categories either five-star, four-star, or three-star requires huge capital outlay. Setting up alone almost consumes every penny leaving nearly nothing for the day-to-day operations before the business starts getting some returns. It is therefore a challenge to work on $50 thousand budget and cater for everything.

·         How do you feel the project is coming?

So far, the venture is progressing well given the tight start up budget and then hotel being an infant in the industry competing with house hold names that have been in existence for almost a decade and more. More extensive market research will have to be conducted to formulate effective strategies to aid in keeping up with competition and gain market positioning, thus ensuring long-term existence.

·         What are you learning about the business?

Customer satisfaction comes before anything else because that is what will grow the brand by gaining loyal customers. However, it can be challenging to impress every individual as much as it is one of the core missions of the business. So, everyone involved in the venture will have to do their level best to ensure we offer nothing but magnificent experience that is unmatched.

·         What are you learning about yourself?

I am patient enough. To succeed in any industry, it requires undying patience to see the business up and running as well as in handling customers from all walks of life. I like it that I can be able to create a feel at home ambiance for total strangers and improve my networking by meeting different people with different experiences professionally and in private life.

[lorajpatel-blog]

Local competition

Being a newbie in the market, going up against household names in the industry such as Marriott International Inc., Coast Hotels Limited, Hilton Worldwide Holdings Inc., Intercontinental Hotels Group, and Wyndham Hotels Group LLC, among others (Jayawardena, 2013) can be nearly impossible. These hotels have been in existence for more than a decade and are world’s leading resort destinations owing it to their strong brand names and recognition, financial resources, and well-trained staff.

The above hotels have a network of high-end hotels within Canada, USA, and the rest of the world offering unparalleled, dynamic meetings and events capabilities with world-class design, state-of-the-art technology, signature food and beverage experiences and premium wellness offering

But, as it is said, “you either go hard or go home”. I would therefore have to capitalize on the rival’s weakness as well as come up with new marketing and operational strategies for purpose of differentiation and market positioning to avoid collapsing.

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Strength and Weaknesses

To a become successful entrepreneur one has to develop essential entrepreneurial skills necessary managing an enterprise. These skills can be both hard and soft i.e., financial, technical, leadership, and communication skills.

Financial management

I have always been keen on how I spend money and owning my own business has made me even more cautious to avoid unnecessary expenses and maximizing profits and overall income. To improve further my financial skills read financial guide books and take classes from professional financial planners. Furthermore, I have put in place financial software like internal controls to ensure all financial transactions and statements and books are accurate to avoid errors and prevent fraud.

Customer service

Effective customer service skill is a result of my easy self to connect with people quickly. This virtue has enabled me to connect with customers thus building a loyal customer base and expand my networking. Similarly, the easy connection enables me build a good relationship with my employees which fosters a positive working environment providing room for growth.

Time management

As an entrepreneur I have to really work and improve on this skill. I have to set deadlines and break down tasks into manageable to do list in order to achieve the business objectives within a set timeline.