strategic solution partners
Boosting Employee Engagement: 3 Key Benefits of Prioritizing Mental Health in the Hospitality Industry
Strategic Solution Partners | October 30, 2023
It’s no secret that the hospitality industry has had one of the highest employee turnover rates — since well before the pandemic. High turnover rates in any industry are a big cost to the company, and in a high-pressure sector like hospitality, the associated costs can be huge. Not only tangible costs, such as the expenses of recruiting and training new employees, but also the substantial cost of lost productivity among staff. In fact, reduced productivity costs the global economy around 1 trillion dollars each year. Luckily, recent research shows that concentrating on the mental health of your talent can not only increase staff pro...
Resort and Urban Fees: Thinking of Implementing One? Here’s How to Ensure a Successful Execution
Jack Lindemuth | January 14, 2022
By Jack Lindemuth Hotel operational expense growth pacing higher than revenue growth has made it more challenging than ever for many hotel owners to achieve their profitability goals. The pandemic turned the previous labor shortage into a crisis and new types of accommodation, such as Airbnb and Sonder continue to cause disruption. This new industry landscape requires a recalibrated business model for most hotels and resorts to achieve financial success, and one way to do that could be implementing resort and urban fees. While these are not necessarily the silver bullet, resort and urban fees can provide owners and hoteliers with...
Paying Their Dues: Why Hospitality Workers Entering the Industry Are Saying ‘Not for Me’
Cindy Johnson | January 10, 2022
By Cindy Johnson You know, we all have done it — worked our way up the ladder, pushed ourselves to physical and mental limits or sacrificed our personal plans — just to focus on our upwardly mobile hospitality careers. Over the last several decades, that is how industry leaders as well as new entrants forged their path to success: working hard, working long hours and “paying their dues” to move up. However, here we are in a world since the start of COVID and we find ourselves in the most acute labor shortage the industry has ever experienced. The hospitality industry has been hit hard by closures, layoffs, and furloughs and now com...
Strategy Before Tactics: A Lesson for Hoteliers
Bill Scanlon | June 7, 2021
By Bill Scanlon We must be more strategic! You’re not strategic enough! Get out of the tactics and think strategically! Sound familiar? Let’s take a minute and ground ourselves first. Strategy = a plan of action or policy designed to achieve a major or overall aim. Tactics = individual actions carefully planned to achieve a specific end. Though the clarity between the two is self-evident in the context of their definitions, they are often used interchangeably and are the most confused when applied in a business environment. What is Strategy? St...
Three Ways to Make Your Hotel Company Attractive to Investors
Michael Teplin | May 6, 2021
By Michael Teplin As we emerge from the doldrums of the last year and watch demand trend upward, there is a great opportunity to create competitive advantages for your hotel company. Cash flow from new Investors can make or break any company’s runway to a sustainable forward path, and a hospitality company that can opportunistically grow in today’s unprecedented environment can leapfrog its pre-pandemic growth strategy. There are three specific areas to focus on as you shift gears from cash conservation to post-pandemic growth: Fully-operation, efficient Finance and Accounting team. Corporate and Social Governance. Time...
Why Now Is the Best Time to Finance
Dr. Donald W. Wise | April 14, 2021
By Dr. Donald W. Wise Winter is officially over, and although the capital markets for hotel and resort refinance, acquisition and new-build construction lending have been frozen, they have been stealthily thawing out since the first of the year. Since the start of the pandemic, short-term bridge and renovation loans for the hospitality sector have been mostly non-existent and full recourse. Hospitality lending pencils are by no means all the way up, but the road to recovery has started with a phrase that has not been heard since before the Great Recession: non-recourse debt. What is Non-Recourse Debt? Non-recourse debt...
New Study Reveals Gig Economy Is Alive and Thriving in the Hospitality Industry
Strategic Solution Partners | May 22, 2019
• Leading hospitality consultants SSP and SearchWide Global surveyed 350 contractors and hoteliers between December 2019 and February 2019 • Data reveals that 74% of hoteliers want to bring in a senior-level contractor fast and 56% believe they can find them in less than two weeks • Findings suggest with the right conditions, the gig economy actually works, with 88% of contractors and 87% of hoteliers satisfied or very satisfied with the senior-level contractors Drexel Hill, PA (May 22, 2019) – While there's much discussion around the gig economy and what business models are the best fit for it, the new Gig Economy ...
