Read Why do business professionals choose ready-to-use KPIs? to find out the answers to these questions:
Ideally, you need to have a strategy (in a form of a strategy map) before you start thinking about the ways to measure its execution (KPIs). Don't have a strategy map yet? Use free Strategy Map Wizard to create a strategy map for your current business challenges. The wizard will:
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Hotels form a major chunk of a nation's hospitality industry. People visiting a given country from other lands get a glimpse of the standard of living managed by the residents through the services provided by hotels housed there.
Such a reality makes it important to effectively manage the operations of hotels. People have often utilized Balanced Scorecard for achieving this aim. This management strategy rests on the fact that both financial and non-financial indicators create an apt mix to be used for gauging the performance of a process or an organization. Actual usage involves setting metrics 'that count' for appropriate assessment of the way in which management is heading. Such a 'calculative' mode of proceeding eliminates the often 'subjective and qualitative issues' that tend to creep into the picture, sooner or later.
Some of the areas that can be looked into relate to 'financial', 'customer', 'internal operations' and 'learning and growth', when it comes to managing hotels.
By constructing such a tool to reflect the 'way things have been going on' in the place, it is possible to improve the processes and ensure that growth prospects are laid in concrete and real manner rather than shaping castles in air. In all, fruitful management of hotels can be accomplished with BSC.
This is the actual scorecard with Hotel Management Indicators and performance indicators. The performance indicators include: financial perspective, wage costs as a % of total sales, annual operating profit per room, food cost as a % of food sales, % increase in labor costs, customer perspective, number of positive feedbacks, number of complaints received, response rate, frequent customers as a % of total customers, efficiency, % of room booked through reservation channels, internet bookings, room occupancy, rate of sales inquiry conversion, average length of stay, staff perspective, staff turnover, technological competence of staff, average length of employment, number of training sessions.
How is this book different from 796 other book titles about KPIs on Amazon?
"Before writing a single line, I formulated some guiding principles, one of them was: "If our clients ask, "How can I find a good KPI for..." - I want this book to provide a perfect answer."