hospitality ventures management group

At HVMG, enterprise performance management (EPM) encompasses the processes and routines that drive the delivery of our three-year strategic plan. A key aspect of the strategic plan, the five strategic objectives, leverage the competitive advantages of HVMG and further link our vision and mission statements with the priority initiatives for the coming year.

While the strategic plan provides the roadmap, objectives and metrics to guide the organization and allocate resources, it is only as good as our ability to execute the plan and ultimately deliver results. At HVMG, our strategy is supported with management routines, processes and measures that track our progress against our plan and provide avenues for immediate course correction.

These performance management systems include:

• Weekly and monthly review and sharing of Key Performance Indicators (KPIs). The KPIs track results across seven measures and multiple time dimensions.
• Critical care support processes. When property actual results fall short of budget expectations across the seven KPIs, the General Manager develops a Hotel Improvement Plan that details the specific tactics to improve the revenue, market share, profitability and guest satisfaction performance.
• Management routines give leadership an opportunity to bring together thought leadership and experience needed to solve problems correctly the first time. At HVMG this collective problem solving happens because it is planned in advance and the right people are present to lend their expertise. Our management routines are many, from the monthly corporate Executive Team review of results, forecasts, critical care properties and hotel improvement plans to weekly revenue management reviews with the area revenue managers and property sales teams.
• Bi-monthly strategy reviews. The strategic plan is treated like an organic thing at HVMG. Strategic objectives, initiatives and related measures are reviewed on a bi-monthly basis to evaluate progress and remove barriers. As the economy and our markets continue to change, it is important that the HVMG Strategic Plan adjusts in real-time to ensure we are allocating scarce resources to the highest priorities for the organization.

EPM is in play across many industry verticals, yet hasn’t realized its full potential in hospitality. Contact us if your organization could benefit from a defined strategy, supported by processes, routines and measures to ensure the delivery of your most important goals.