What an Efficient Hotel Balanced Scorecard Is Made up Of
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What an Efficient Hotel Balanced Scorecard Is Made Up Of
By Sam Miller
So now that you have laid out your strategies, it is time for you to make them happen. Experts have found out that even though companies have already established a promising strategic plan, only ten percent of the strategies are executed efficiently. This is why there is a big challenge that businesses are facing today when it comes to managing their strategies well. Hoteliers have the same predicament. They are obliged to make their customers happy as soon as they enter the boundaries of the hotel and that happiness should stay until they leave. Apart from that, the managers have to oversee everything that is happening under their roof. This is when the hotel balanced scorecard becomes the perfect tool in monitoring business processes.
If you have decided to create the hotel balanced scorecard, you should bear in mind that it should only contain the right things so that it will work efficiently. The first thing that you should secure is the realization of the fact that you will not be able to manage anything unless you can describe it quantitatively. Nevertheless, there is no general way to define the strategy of the business. It is up to you on how you will manage your company and how you can establish or formulate the strategic plan. Apart from that, you have to ensure that the workforce understands what the strategy is and it should also be linked with the companys budgets.
So how do you create a hotel balanced scorecard that is effective and valuable to your organization? First is that you will have to translate the strategies of your company into operational terms. Next is that you will have to put your strategies into the center of your processes. You should turn your organization into a strategy focused one. Make sure that the strategies are first, followed by management then processes, then the executive leadership and the motivation efforts.
As you can see the hotel balanced scorecard is all about the strategies and not about the financial records. Although the financials are important because cash flow is essential in order to improve business, you should also satisfy your customers, your staff and guarantee that the processes are above quality. Realize that the hotel BSC is not only about the metrics or the indicators that you will be using. The hotel balanced scorecard will be your guide so that you can promote an effective change process within your organization.
The balanced scorecard should be focused upon the strategies, the mission, the vision and the values of the company. These statements should always be considered when it comes to choosing the KPIs or the key performance indicators. In addition to that, you should also cascade your hotel balanced scorecard for inn and resort management. This is because cascading