Hospitality management trends of 2018 often revolve around improving a social media presence or customer service attention. While these are important, we also need to hone in on what’s happening behind the scenes. Nothing can really trump the hard numbers – the real good old fashioned data on what’s happening in and around your business.
That’s why this year we’re putting emphasis on a regular benchmark report. This report helps the hospitality managers better assess what’s happening around the industry and compare it to their business so they can run a competitive practices. Here are three key benefits of doing regular benchmark reporting.
1. Understand and anticipate market/competitor trends
If you thought 2017 was a crazy year, you better buckle up for 2018 – it’s only going to be a more competitive market that needs to be closely and consistently monitored. Benchmark reports give you insight into what the rest of the industry is doing – this valuable information can keep your competitors from poaching both employees and customers from you. When you can see things like industry salary or benefits averages, you can better align your offerings to make your business stand out.
2. Assess internal areas in need of improvement
The benchmark report will also help you break down the way things are run internally, allowing you to dissect the areas that need improvement. It gives you a better picture of where the gaps are that need improvement – whether that be in your internal processes or in your employee’s performance. Based on the data, you can ask yourself questions regarding the areas that are weaker than others. This might be in areas like hospitality accounting or just in your general company culture – only the report can tell!
“Benchmark reporting is crucial to your business’ success”
3. Refine internal processes as necessary
Now that you’ve analysed what your business is up against, as well as what’s working within your system. Essentially, this report is a roadmap for success if you’re able to connect the dots effectively. Developing a standardised work model from there is a matter of improving the processes that don’t work, as well as bolstering the ones that do.
As you can see, benchmark reporting is crucial to your business’ success – it’s important that these are run regularly, so you can have your finger on the pulse.
It would make sense to have your best staff running and implementing the data into your business plan, but since it is incredibly time consuming, consider having another set of eyes on it all. Here at DFK Crosbie will do the hard work for you, and share the insights with your team so you know where to hone your focus. Contact us to learn more about how we can help today!