3 Steps to Profitable Business Planning

This blog post is about 3 Steps to Profitable Business Planning, Three steps are required to coordinate these elements of a business plan. first I tell you 3 Steps to Profitable Business Planning is important to analyze the growth and development of any business organization

The organizational targets of any organization can be achieved by following up the five functions of management being planning, directing, staffing, controlling and organizing. The organizations appoint management in the HRM team to give training and knowledge to the new employee’s personnel for implementing these procedures effectively. The growth and development of any business organization relies on the vision and mission, goals and objectives. The main motive of any travel and tourism business is to provide customer satisfaction and comfort plus all the products and services at an affordable price. Any organization must be set up at a place which is highly populated or has more travel based areas so that many tourist and public would like to visit and become aware of that area. The requirement of any average class person is availability of goods and services at a cheaper rate and all the decisions of an organization like size , structure, investment and others must be made keeping in mind the customer base. A proper evaluation plan must be in advance of the anticipated expenses and incomes. As this plan is made keeping in mind the average middle class people thus products and services must be provided at a cheaper rate but it shall not compromise with the quality and standard for the products and services. In this plan we have used a hotel based chain industry Premiere Inn which believes in working on systematic and proper plan based approach and all the investment made and income generated from it will be saved for the future expenses and investments. The working capital expenses can be managed by the bill paid by the customers for availing of products and services after checking out. Also, being a hotel chain based industry it has a brand name and many organizations use their brand name for making advertisements and royalty is generated for giving access to use their name. Further it is also possible that other industries wants to make their advertisement in Premier Inn hotel and Premier Inn will charge certain fee for such advertisements.

Factors which are used for developing any business are as follows-

Stage 1: Development of Organization

The plans must be made keeping in mind the average middle class people who are searching for the packages at the affordable price but wants quality and standards up to the mark. To satisfy these customers an organization must launch different kind of packages such as A class package and B class package. The A class package will have higher amount as it will comprise of more and costly services whereas B class package may comprise of lesser services at a lower rate.

Stage 2: Design

The design of the hotel must be in such a way that it attracts more customers with high class quality and up to the mark standards. Design has following parts-

• Atmosphere- It means appearance and looks of the hotel. It must look soothing and comfortable
• Culture: It refers to the business environment of an organization and includes employees and staff interaction with the customers..
• Brand: Brand reflects a good image about any organization. Due to the presence of brand the customers gets attracted towards the place.
• Interior: The interior part of the hotel must be attractive to the customers.
• Exterior: The exterior is the main component as mostly the customers’ judge the outer surface and then makes a plan of entering into it or not. Thus it must be attractive too.
• Functional areas: The common areas such as footpaths, balconies, reception area, waiting area must be always clean and maintained.
• Customers with individual needs: There may be some customers who may have special requirements such as providing a wheel chair to a old person or providing lodging facility from exterior to their rooms.

Stage 3: Operation

The prices designed for providing the products and services must be accurate so that customers do not have the feeling of it as overpriced.

Operation function can be categorized into following points-

• Staff by functional areas Staffing must be conducted keeping in mind his expertise and check whether it matches with the job profile or not.
• Specialist qualifications: Specialists consists of managers, and receptionist and other staff who must be qualified and should possess good communication skills to attract customer base.
• Staffing issues- Staffing issues like lack of permanent skill employees. The organization must always keep an contact with the agency providing seasonal workers if the permanent employees are decreased.
• Recruitment- Proper personnel with proper job qualification and communication skills should be hired at Premier Inn.
• Compliance – Every hotel industry need to follow some compliance and due diligence before setting up the business such as taking various permissions etc.
• Promotion- Promotion includes all those activities which make the brand familiar with the public.

Thus keeping in mind all the above defined factor a hotel plan was made for Premier Inn, a Uk based hotel chain industry which made it a brand all over the world.

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