Creating a Business & Marketing Plan can be very intimidating but if you have a good template & plenty of information about your business you shouldn't have any trouble.
It's more about putting the pieces together in the correct order as long as you have the correct & accurate information
1. Planning + Execution=Success
Business-Marketing-Action Plans
S.W.O.T Analysis
Strengths-Weaknesses-Opportunities-Threats
Comp Set Analysis vs. Market Analysis
2. Business & Marketing Plans
Everything goes back to your overall Business Plan
•Marketing Plan + Action Plans x Business Plan = Overall Goals
•What are your Goals? Are revisiting them regularly? (Monthly)
•Team Goals: What would you like to see the hotel accomplish?
•Individual Goals: What are you working for?
• Your every day routine is a component that plays a HUGE ROLE
•How are you planning, organizing, communicating & branding?
3. Business Plan Outline
Summary
Business concept
Current situation
Key success factors
Financial situation/needs
Vision
Vision statement
Milestones
•What is your Mission Statement?
•Keeps you focused & organized
•Revisit (Daily, Weekly, Monthly)
•Know your current situation
•What’s realistic to accomplish?
Envision Success “Constructive Daydreaming”
8. Action Plans: (Revisit Monthly)
Top 4-5 Target Market Groups
Goals: S.M.A.R.T
Aggressive but Attainable
Build off of previous year
Time Sensitive
Revenue & Time Specific
‘X’ Amount Rooms (how?)
Accountability
Who is responsible? Why?
Date to be completed
Delegate to others=Team Effort
9. Action Plans (Coralville Example)
Leisure
1-4 Guests (Walk-In Traffic)
Word of Mouth, Market Trends, Advertising
Corporate
Negotiated Rates based on LOS & Frequency
Own your area! Businesses within 10-20 mile radius
University of Iowa/UIHC (Hospital)
Key Departments of Interest
Partnerships, Referrals & Constant Hotel Needs
Government
American Legions, VA Hospitals, Fed Rooms, D.O.T
Groups & Tours
Sporting Events in the Area (Annually)
Bus Tours-Companies