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By Kaitlin Dunn, Writer, Hospitality Sales & Marketing Association International (HSMAI)
As part of HSMAI’s recent Road to Recovery program, HSMAI offered Recovery Connections On-Demand Micro-Learning, a library of short recordings and how-to videos for hospitality sales, marketing, and revenue optimization professionals. “Develop Your Business Acumen: Managing Business Priorities” is available for anyone who wants to learn more about business acumen or is interested in getting the Certified in Hospitality Business Acumen (CHBA) certification. Here is a key takeaway from the video:
You have to balance the needs of owners, employees, guests, and the market. These four stakeholder groups are linked together in a service-profit chain. Employees deliver service, guests respond with loyalty, market share increases, ownership receives a return on their investment, and the business continues to provide quality employment for associates.
But even though these stakeholderes are linked together, their wants and needs can pull in different directions. For example, guests may want lower rates while owners call for higher rates, and associates may want higher wages, but the market may not support that. It falls on the shoulders of the hotel management team to use their business acumen to manage business priorities for the best-balanced result for all stakeholders.
The CHBA (Certified in Hospitality Business Acumen) designation program provides professional training in hospitality business acumen. Learn more — and register to take the course.