The success and growth of your hotel business depend on the way you market your business and what you offer your customers. You will need to have a good strategy to excel in both these areas. But, this is not enough. Putting the strategy into action will require funds. In such cases, availing a business loan is a good move. Choose a collateral-free loan like Bajaj Finserv’s Business Loan for Service Enterprises, tailor-made for hotel owners. It allows you to keep your assets and working capital safe while giving you the money you need for your hotel business.
Additional read: Four easy ways to finance your growing business
Here are the ways in which you can use a business loan to help grow your hotel.
Use the funds for targeted marketing
You may offer the best services, but spreading the word is what will draw customers to your hotel instead of your competitors’. So, create a marketing plan that covers both online and offline media. Hire an in-house team or outsource the task to an agency using funds from a business loan. Reward customers for leaving a review of your hotel on travel platforms, run contests and actively engage with customers on social media. Dedicate a part of your marketing budget towards promoting social media posts and running digital campaigns. These tactics will help you get more guests and increase revenue.
Remodel the hotel
When checking into a hotel, guests look for a comfortable stay full of indulgence. So, remodel your hotel periodically to add new features such as a Jacuzzi, heated flooring, a pillow menu, a swimming pool, a gym, etc. These adjustments will significantly enhance your hotel’s appeal and add customers to your roster. Also, ensure that you renovate your hotel regularly to replace any cracking tiles, old carpets, old linen, etc. This will keep your hotel looking new and feel more welcoming to customers.
Additional read: Funding options to raise capital for your business
Invest in experienced resources
Hiring experienced human resources is the key to growing any hospitality venture steadily. You can sign up with a consultant to streamline your operations and hire the right staff for your hotel. From qualified chefs to pleasant and capable front office staff, investing in the right resources will ensure that customers have a pleasant experience, recommend you to others and keep coming back. You must also invest in a good banquet sales team to draw in parties who are looking to book hotel space for a wedding.
Expand to a lucrative location
Whether it is a small, luxurious retreat or a full-scale hotel if you can afford to expand to a holiday destination such as Goa or Pondicherry, do so. Expanding your hotel to more than one city is the easiest and most effective way to grow. Having a presence in popular holiday destinations will draw in crowds. Keep an eye on properties you can buy and use a business loan to help set up shop in another city.
If growth is part of your business plan, pay attention to these four areas to maximise your hotel’s business potential.
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