What is a Hospitality Strategy?
A Hospitality Strategy is a plan that outlines how an organization will improve customer satisfaction, enhance food and beverage quality, and develop and retain employees in the hospitality industry. It includes specific objectives, actions, and measures to guide leaders and teams in achieving their goals.
What's included in this Hospitality Strategy Template?
- 3x Focus Areas
- 9x Objectives
- 9x Projects
- 18x KPIs
Who is this Hospitality Strategy Template for?
This Hospitality Strategy Template is for leaders and teams from organizations in the hospitality industry who are looking to improve their operations and provide exceptional customer experiences.
How is this Hospitality Strategy Template relevant to your organization?
This Hospitality Strategy Template is relevant to your organization if you are looking to implement a plan that focuses on customer satisfaction, food and beverage quality, and employee development and retention. It provides a comprehensive structure and detailed steps to guide your team in achieving your goals and improving your hospitality operations.
1. Define clear examples of your focus areas
A focus area is a particular viewpoint that groups certain requirements set out by an organization. A recommendation from the Cascade team would be to create 4-5 key focus area which you feel are most important to address when creating your Hospitality Strategy. The next step would be to ask yourself: Why is this focus area important to me? What is the benefit of focusing on this viewpoint from a customer's perspective? And, of course, What is the monetary benefit of investing in such a focus area? This process is useful in identifying the key area which needs prioritization which in turn can become focus areas of the strategy.
For example, the focus areas in this Hospitality Strategy Template are: Customer Satisfaction; Food and Beverage Quality; and Employee Development and Retention.
2. Think about the objectives that could fall under that focus area
A strategic objective usually has to be specific and measurable to cause enough impact and effectively explain what you want to achieve.
An example objective that could fall under the focus area of Customer Satisfaction could be: Improve customer loyalty.
3. Set yourself measurable targets (KPIs) to tackle the objective
A KPI is a key performance indicator that is measurable and evaluates the success rate of an organization in relation to the task at hand. KPIs can be very industry-specific or broad and applicable across multiple industries.
An example of a KPI in this Hospitality Strategy Template associated to the objective Improve customer loyalty could be: Increase repeat customer visits by 55%.
4. Implement related projects to achieve the set KPIs
Projects are ways in which the objective can be achieved, but more so, closely tie in with ways in which organizations can make sure they are working towards their KPIs.
A project example for the objective Improve customer loyalty could be: Implement loyalty rewards program and personalized service for repeat customers.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Make sure your strategy is front and center with Cascade. You can plan, execute, measure and adapt your strategy in one easy-to-use platform and make sure your strategic plan is connected to on-the-ground execution.
Use this Hospitality Strategy Template and launch your strategy in Cascade; it's $0 forever.