Every Autumn we’re treated with a spectacular display of colors in our trees, grasses and even some flowers. The leaves turn from green to shades of red, yellow, orange, and purple. You could say they’re showing their true colors that have been masked in summer by the chlorophyll that makes them look green.
Fall is also a great time for you to take stock of your Innkeeping business and ensure that you don’t have rose colored glasses on about its future success and viability. Here are three tips to help you do that:
- Ensure your expenses are in line with your revenue and profit. If not, start cutting them. Get your finances in order, so that a slip in monthly revenues during the slow season doesn’t cause your entire business to collapse.
- Make sure that all of your services and amenities are generating a profit. If you’re losing money on them, modify, bundle them with other products and services or get rid of them.
- Review your business model and ensure that it still works for today’s travel environment. Look at your phone service as an example. You used to pay for long distance separately, then they bundled it with your monthly fee as cheaper solutions were presented by competitors. Now the same thing is happening with text messaging. Review all of your fixed costs and make some calls to the company’s customer service number. Inquire about new or bundled services that can lower your monthly bill. In many cases, the service rep is authorized to give you a discount just for asking.