Hospitality industry in Cyprus is booming. Strategy, planning and especially innovation are vital firm success factors and can be responsible for the performance and the growth of an organisation. The small and medium sized companies play valuable role in the economy, particularly in the current economic climate. The strategy covers all major aspects of the firm and through strategy all parts of company are compatible with each other and fit together well.
There are a number of reasons for the lack of strategy in small and medium sized companies. Although, strategic planning is vital ingredient in small and medium hospitality business development, their competitiveness and success. The owners of SMEs that engage in the strategic planning are likely to achieve higher growth and profit. It is important for SMEs owners to understand their points of potential innovation and differentiation and to re-create their vision and master plan that will lead them to realize their goals.
- Business Owners and CEOs of Small and Medium organisations in the hospitality sector
- Chief Financial Officers
- Directors and Senior Managers
- Operational managers
- Business development managers
- Innovation and entrepreneurship in Hospitality Business
- Full Contents of a Business Plan – Part I
- Company Background
- Business Model Canvas
Applications in Hospitality Business
- Quality Management through Business Modelling
- Exercise: Business Modelling in Hospitality Business
Full Contents of a Business Plan – Part II
- Market Research Methodology, analysis and result Evaluation (PESTEL, SWOT, PORTER 5 Forces)
- Business Strategy, Sales and Marketing for Hospitality Business
- E-Business strategy and applications in Hospitality
- Exercise: Short Case studies with brief consulting for error identification and problem solving for each of the three Chapters
Choosing the best Business Models and Strategies
- Full Financial Planning, including principles, techniques, preparation of financial templates and calculations
- Estimations in: Investment costs, Fixed Costs, Variable costs, Revenue expectations calculation techniques, Income statement, Break-Even Analysis, Cash Flows, Ratios Analysis.
- Exercise: Case Study for Evaluation of the feasibility of a company.
- Case Study for Identifying the Key elements in Financial Feasibility and Profitability.
Income Seasonality in Hospitality Business Financial Risks Analysis
- Market Dangers
- Business Model Adaptation
- Risk Reduction techniques
- Adapting the Business Model for achieving maximal profitability and maximum quality.
Creating an action plan
- Prioritising ideas
- Translating ideas to specific actions
- Identifying timescales and responsibilities
- Identify the market challenges and potential development and apply scientific as well as experiential techniques in order to create a short-list of the best ideas before designing their business plan.
- Analyse the effectiveness of the strategic business plan in the hospitality sector, by using techniques that will allow them to see the full potential as well as the risks that could deviate them from achieving their goals.
- Learn how to design the business model of the firm so as to be able to absorb the maximum revenues with a flexible, adaptable and financially viable structure, infrastructure and personnel.
- Fully understand and learn how to use all the technological tools that will enable the business to optimize its operations and maximize its reach in terms of potential customers.
- Include everything identified above in a fully detailed business plan, with different scenarios, structures and managerial models.
Benefits for you
- Learn how to create and evaluate a sustainable business plan.
- Learn how to optimize value for the firm.
Benefits for your organization
- Understand the full potential of the business
- Introduce the elements of innovation and competitive differentiation that could be applied
- Design and implement the business plan so that the organisation become more profitable and competitive
Note: This programme includes 14 hours in-class training and a half-day private company consultation.