Chapter 2 DO How can you create a strategic map for your hotel?
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1 Chapter 2 DO How can you create a strategic map for your hotel?
2 Objects To know the purpose of creating the strategic map To make proper vision and mission statementExplain how to link Goals to StrategyGuide how to process from strategies to annual plans
3 1. Creating your strategic map It represents a continuous, progressive activitywhich becomes more specific and detailed as you move through it;Only realism and accuracy are necessary – in whatever format works best for you.Creating your strategic map requires reflection, analysis, action and evaluation guided by four core questions.
4 You shouldn’t try to create your strategic map alone - Stakeholders It is also useful to get external advice as you tackle this challenge.There are generally a range of low-cost mentoring services available from government agencies, industry associations, or indeed your bank, so make use of them.
6 2. Where are we now?Before you go anywhere, you must have a detailed understanding of your current position.
7 ☞ We will need accurate and relevant information at hand about your hotel, your market, the industry and general.
8 You must interpret your research to identify the positives and negatives of where your hotel currently lies. - SWOT- Where are we now?: Strengths and Weaknesses- Where do we want to be?: Opportunities and ThreatsA fact-based SWOT, you will have the right information to help you make smarter choices as you develop your strategic map.
10 To make you more goal-orientated and that cannot happen unless you define those outcomes in the first place.What you are trying to do here is to visualize what achieving excellence actually means for you and then you work back from that by defining a clear path to get you there.You will often see this big picture thinking described as your vision and mission statement.Vision and mission can serve as a powerful driving force for your hotel and can both define and guide the journey to excellence.
11 1) Getting the most from your vision and mission statements vision is what you ultimately want to achieve in your hotel. It is your snapshot of what excellence will look like⇒ destinationmission describes what type of hotel you will operate as you work towards that vision⇒ journey
12 the written statements are useful as a communication tool, but the real benefits of having a vision and mission for your business come from first developing them and then more importantly living them every day
13 2) Developing your vision and mission The more people in your hotel that you include in the development of vision and mission the better.(1) Clarifying your visionas you are the most important stakeholder in your hotel, it is logical to first define your vision in conjunction with any owners/ investors/ partners you might have in the business.
14 Definition of your vision vision defines their overall aim for the business. It should signpost the future and represent a real challenge for the hotel; not something that is easy to achieve or that you are doing already.you may never get there, but you are always striving to.(2) Defining your missionthe mission refers to your primary stakeholders and is where you start translating your stakeholder focus into words by outlining, again in broad terms, what you are trying to deliver for them.
16 Definition of your mission mission describes what excellence will look like in relation to your ongoing dealings with your primary stakeholders.Some organizations develop a separate values statement
17 When you do develop or revise the vision and mission statements for your hotel, keep the following in mind.Don’t be constrained in how you go about it.If you don’t want statements then just use memorable phrases which have real meaning for youIf you don’t want two statements just have one, once it incorporates the principles of vision and missionIf you don’t like the terms vision and mission then call them something else – just make sure you end up with your meaningful sound bitesEmbrace a challenge, but be realistic too. Reach for the stars as they say but at least stay in our solar system
18 4. Living your vision and mission vision and mission are tangible, living commitments which really mean something to those working in the business.
19 1) From vision and mission to goals your primary stakeholders actually know about them by communicating your vision and mission widely and frequently.you must translate the broad aspirations outlined within them into concrete goals; then you must plan how to realize those goals.SMART: specific, measurable, achievable, realistic and time bound
20 Your strategic goals will serve a number of important functions and they will: define in more concrete terms what excellence will look likeguide you in preparing strategies and plansallow you to measure progress at a later stage as to whether you are living your mission and ultimately whether you are getting closer to your vision.
21 Sample goals for this hotel derived from their vision and mission could be:
22 The mission related to three different primary stakeholders: Customers: Our customers are our priority and we will provide them with a quality experience which is second to none.Employees: we recognize the importance of our employees in achieving this and we will create a positive working environment which encourages their loyalty, commitment and hard work.- Owners/ Managers: we strive to be excellent leaders and will undertake all our business activities in an honest and ethical manner to provide a fair return on our investment.
24 5. How will we get there?once you identify your goals, based on your own vision and mission, you must then decide what you intend to do in order to realize them. This is where strategy comes in.
25 In identifying their strategies, the management team at our fictitious hotel would need to ask themselves certain questions based on their defined goals.
26 : where are we now? ⇒ where do we want to be? they are designed to help move you from your current position towards the goals you want to achieve: where are we now? ⇒ where do we want to be?The strategies should also help you to play your SWOT◈ Each new phase builds on the previous one, so there is at all times strong linkages from broad aspirations to concrete actions.◈ You remain stakeholder focused throughout, so you ensure that your strategies and actions are geared towards meeting their needs◈ You define a specific path to guide your journey to excellence.
27 6. From strategies to annual plans Annual business plan:having a structured annual business plan is essential: you will actually move closer to your goals and become the best. (a short-term focus, day to day, week to week )
28 having a structured annual business plan is essential. financial budget is not an annual plan: Budget only focus on outcomes, so they do not provide you with the necessary guidance on how to get there.Whereas operational planning is concerned with doing things right, annual planning is focused on doing the right thingsYour annual plan should address the range of finance, marketing, human resources and operational actions implement your strategies in any given year.
29 a five-step procedure for preparing and implementing your annual plan