The hospitality dilemma: Dwindling budgets, increased demands
At The Refinishing Touch we are in the enviable position of being close enough to hear the detailed needs of our clients in the hospitality industry, and being able to respond with the right solution. Our expertise has allowed us to bring sustainability and cost-saving to some of the world’s best-known brands, innovators, and historical buildings - and to do the same for government bodies and colleges.
It's impossible to ignore the current climate and its impact on the hospitality industry. The industry is reeling to meet the demands of an ever changing marketplace – hoteliers need to have realistic rates while trying to attract travelers, causing a seemingly irreconcilable conflict.
In recent weeks, many of our partners, and prospects have been saying the same thing: in the face of dwindling budgets, modernization projects seem impossible. Some have reached a point where funds have been frozen by the Board or shareholders, stopping all upgrade projects in their tracks or before they've even started.
How then are customers satisfied and budget constraints met? What exactly is the solution in a damned-if-you-do, damned-if-you-don't climate? An article in a recent issue of Hotel Interactive caught our attention. In the article, Steve Belmonte offers up a two answer response to this very issue.
On one hand, Belmonte advises that sometimes there is a need for owners and managers to take a close look at their current situation. If they have found themselves deferring necessary upgrades due to a lack of available funding, and using the downturn as an 'excuse,' then maybe they should consider repositioning themselves in the market. On the other hand, Belmonte takes the opportunity to encourage solid fiscal responsibility, with practices like competitive bidding through each level of service, until a recovery plan is in place and the business is back on track for success.
Sound advice, and we couldn't agree more. With the economic climate as it is today, every penny counts. We've been in the business of cost-effectively improving the value of in-house assets since the day we were founded in 1971.
Belmonte concludes that whatever happens, hotels need to provide a good service to customers. Travelers have expectations for the quality of services and furnishings that they will receive when they book a room.
As our clients will tell you, refinishing furniture is an affordable way for hotels to ensure customers receive the quality they expect, even in a difficult period for the industry. Happy customers share their experiences and come back. With some alternate approaches and innovation the dilemma can be resolved.