Developing A Business Plan Of Vocational Hotel †Free Samples

Question: Discuss about the Developing A Business Plan Of Vocational Hotel. Answer: Strategic plan The existing strategic plan of Vocational Hotel of year 2016-2018 has its goal towards targeting the customers to make this hotel one of the best in the market among the visitors of Melbourne. However, enhance their reputation in the market they must also focus on the sustainability development. Along with this, they must also start a staff-training programme for better supervision on the staffs efficiency (Rojas-Arce et al. 2012). Business plan The owners of Vocational Hotel named Bill Smith and Lyn carter who started this business by investing just $100,000 each with a mortgage so that they can buy the property and they took a loan for their business for $100,000. However, its mission should not only to become number one hotel in the market but also to make some profit out of it. Apart from this, they must also attract customers in all season because currently they are only focusing on skiers and summer visitors. Operational plan An operational plan is very important for this hotel, as this will notify better-plannedmanagement of their resources. However, apart from the departments that the hotel is currently holding there must be certain additions as groups of staff at the reception who will be responsible for welcoming the guests and help them reach their respective rooms. Thus, together with other teams or departments they can contribute in achieving the companys success. Analysis of existing mission, vision, values and objectives The existing vision of this hotel of being number one among the visitors should also focus on satisfying its guest more than being number one. This vision can be achieved if they follow the mission of improving themselves every other day. Their mission must have a multi-skilled workforce and a user-friendly technology increasing value. They must incorporate certain changes in the objectives as well like to increase little bit on occupancy rates at lean seasons and start a training program for the staffs to be more impactful. Apart from these the vision of the organization will be to upgrade the sustainability approach in their business activities. Their existing vision is already to become number one in the list of their visitors but along with it they must also become the first choice of their business partners, shareholders and colleagues. Stakeholders The stakeholders of Vocational hotel are the investors or the owners Bill Smith and Lyn carter, themanagement companies who have imparted their brand, leadership and expertise. The PR agencies can also be called as a stakeholder for this hotel and lastly, the project manager who looks after the projects oversees and supervises timeline (de Grosbois 2012). Lastly the Employees as well as the customers are also the stakeholders of the company. Employees are the internal stakeholders whereas customers are the external stakeholders; thus, both are important stakeholders in an organization. Employees play a vital part in earning the revenue for the organization and without the customers business wont last so they are essential. Product, service and pricing strategy and the target market Apart from the products and services the hotel is currently serving, they must also bring certain variety for their guests so that the experiences of the guests at their hotels also come into their notice. They must start with giving their guests free breakfast and onsite day spa. Pricing strategy should depend as par with the competition. The consumers that are targeted are the skiers and summer tourists. Now they must also target the tourists for all seasons along with the businesspersons who can avail their services for business purposes (Mohammed and Rashid 2012). KPIs and benchmarks KPIs are the key performance indicators are the measurable values that signifies any organizations attaining the business objectives (Parmenter 2015). For victoria hotel the KPIs can be- Online rating Percentage of occupancy The average daily rate The revenue per available room Satisfaction of the customers Return of investment However, the benchmark must be set the standard of excellence, upheaval and extraordinary services to their guests in their hotels. Financial and human resource requirements Finance department is responsible for the money in and out in a business, payroll, preparing the financial reports, balance sheets and budgets and most importantly to avoid error, fraud or theft in any monetary aspect. On the other hand, the HR deals with recruiting, retention, compensation, liability and labour (Boella and Goss-Turner 2013). Thus, the company will be needing investors that are the ultimate financial requirement for hotel business along with the Human resource employees in the health and safety area of the guest and in the area of riskmanagement where they can inspect and identify the harm and act to it immediately. Law and legislation requirements For any business, it is very important to meet the requirements of the government. However, for a hotel business the first and foremost task is to register with the local council under the Heath regulation 2001. Then they need to register for the food under Food act 1984. Other registrations will be for taxes, for serving alcohol, for playing music (Howard, Gordon and Jones 2014). Thus to conclude this report it can be said that the existing business plan needs certain changes that are reviewed and evaluated in this new one that can help the Vocational hotel to have a smooth profitable business in future. References Boella, M. and Goss-Turner, S., 2013.Human resource management in the hospitality industry: A guide to best practice. Routledge. de Grosbois, D., 2012. Corporate social responsibility reporting by the global hotel industry: Commitment, initiatives and performance. International Journal of Hospitality Management, 31(3), pp.896-905. Howard, S.J., Gordon, R. and Jones, S.C., 2014. Australian alcohol policy 20012013 and implications for public health. BMC public health, 14(1), p.848. Mohammed, A.A. and Rashid, B., 2012. Customer Relationship Management (CRM) in Hotel Industry: A framework proposal on the relationship among CRM dimensions, Marketing Capabilities, and Hotel performance. International Review of Management and Marketing, 2(4), p.220. Parmenter, D., 2015. Key performance indicators: developing, implementing, and using winning KPIs. John Wiley Sons. Rojas-Arce, J., Gelman, O. and Surez-Rocha, J., 2012. The methodology for strategic plan implementation. Journal of applied research and technology, 10(2), pp.248-262.