SME business funding with “challenging” credit – funding a mezzanine floor We all love a challenge and this proposition of funding a mezzanine floor for a very challenging credit certainly ticked that box!
Semi-Permanent Structure Funding Fit Out Finance has a strong record on providing temporary and semi-permanent structure funding, whether for own-use or for hire and long-term rental purposes.
Coffee Shop Franchise Fit Out Fit Out Finance was recently pleased to offer funding for the fitout of a small franchised coffee and cake shop to a start-up franchise in London.
Brexit creates unprecedented demand for warehouse fit out finance Stockpiling due to Brexit fears is creating unprecedented demand for warehouse space. And as a result of this is creating growth in the market for financing of warehouse fit out.
Building customer reviews into your hotel promotion
Building up your customer reviews is key to the promotion of your hotel. The results of investing in a great customer experience can be seen in your customer reviews. If you have a great all-round proposition, you are more likely to feel confident in asking for reviews.
Sites like TripAdvisor, TrustPilot together with listings sites like Trivago, Booking.com, LateRooms, Expedia and more all provide opportunities to leave feedback. You should also factor Facebook and Google reviews into your planning as places where good experiences can be recorded.
There are lots of good reasons to proactively seek reviews and to ask for them as early as possible. Therefore, if a positive experience is front of mind you want to capture that before the detail is forgotten. The more specific any feedback is, you can either use it in active promotion or use it to quickly address areas of concern.
There are lots of ways to encourage all visitors to leave positive feedback this includes:
- Offering cards at check in and check out.
- Adding links to receipts in the bar, restaurant and spa.
- Putting stickers in windows and in rooms.
- Sharing feedback and reviews around your venue to show customers you value feedback.
Online reviews are a critical component of the marketing mix for a hotel and hospitality businesses. Many people evaluate the selection online and take into consideration reviews before spending money on hotel stays, meals out, business functions or spa days.
Any Google, TripAdvisor or Trivago search will present your hotel business together with related images. Many of these often feature the building itself.
Your venue must be clean and tidy, freshly painted and with the appropriate level of signage so visitors can find their way in and around. An old TV property show termed the phrase ‘kerb appeal’ and it is important as it can impact first impressions.
But, often the thing that carries the most weight is the quality of the reception carpet. Carpet is an expensive commodity and one which depreciates but one that can carry the brand and make an immediate and appealing visual impact.
Attention should be given to all the aspects covered in other sections
- Signage
- Digital screens (AV considerations)
- The design of the reception desk and area
- Art / wall hangings
- Furniture
- Internal lighting
- Exterior lighting
- External sculptures
- Flowers
It is unlikely that you will find a bank to support funding for ‘soft assets’ such as front of house carpets, as they hold no residual value. However, a specialist fit-out finance provider will fund based on their inherent value to the business.
These secondary elements are important to creating the ambiance that leads to visitors having a better experience, such that they leave positive reviews, so you can build your business and its profitability.
A thriving hospitality business with sustained good reviews is more likely to receive awards and accolades – which in turn will lead to more customers. A virtuous circle which creates opportunities to re-invest and developing your offering and facilities further.
In our hotel investment guide “Invest for Profit” we only focus on hotel bedrooms towards the end of the guide.
That’s because the number of hotel bedrooms and number of nights you have to offer are finite. There are, however, infinite ways to maximise the use of other areas of your hotel with revenue generating business.
That said, guest rooms are where most time is spent. investment in bedrooms can start relatively simply in terms of fixtures and fittings through to bespoke room design for specific clientele.
Investment in your bedroom portfolio is important and relative if you think about who you want to attract. Examples of the sorts of things you might want to consider for the different audiences and room types might include
- Classic double rooms, with options for single occupancy.
- Family rooms – which might be slightly larger, contain store-away beds, additional screens, decent audio-visual and be located away from the noisy function suites and bars.
- Rooms for business travellers – minimal in design, potentially less space and including desks, additional sockets including USB friendly charging, appropriate lighting and the latest audio-visual technology.
- Rooms for elderly / disabled guests – using the family room concept and situating them on the ground floor or near lifts for easy access, wider doors, walk-in showers, alarm cords and lower level height sockets and switches.
- The wedding suite/bridal suite – a sumptuous room with soft furnishings, appropriate level of décor, high level of comfort, appropriate lighting, great views and technology.
It’s undeniable though that investing in hotel bedrooms – the place where anyone staying at your hotel is likely to spend the much of their time – is a smart move.
Hotel leisure facilities are one of the ‘nice to have’ aspects for some hotel businesses, especially those targeting business and international customers.
Quality hotel leisure facilities can move a property from 3 stars to 4 stars, potentially attracting a higher calibre of spending customer.
Most independent hotels offering leisure facilities do so through a restricted space – often a single room with a few free weights, a bike and a cross trainer. Leisure provision escalates from this entry level to include more machines, changing and shower facilities, to sauna and plunge pools and showers, and ultimately swimming pool areas at the top end.
At the top end, spas are often central to the marketing of a lot of hotel strategies, providing recurring revenue streams adding to the seven day, round the clock revenue potential of your business.
Adding spa facilities to your hotel offering does the following:
- Creates a competitive advantage against other local hotels leading to increased bookings / occupancy (and reducing the temptation to discount).
- Enhances the overall guest experience, leading to positive feedback and reviews which are critical to online marketing.
- Keeps guests on site, therefore spending their money in your bar, restaurant etc. rather than somebody else’s.
- Creates referrals and recommendations. There is no better source of business than word of mouth from a satisfied customer.
- Adds the purchase of spa-related accessories and consumables.
- Provides a defined targeted marketing opportunity for ‘spa breaks’.
Well-designed hotel leisure facilities offer a range of income streams when you consider the potential users. You might offer several gym memberships packages for off peak, on-peak, older visitors, hotel guests, corporate memberships, classes, fitness classes, baby swimming lessons and more.
Further reading:
Why the time is right to invest in your hospitality business.
A mixed use hotel fit out finance case study.
Why is investing in your hotel kitchen a good thing for your business?
Why investing in your bars and dining areas are good for your hotel business?
Functions and events bring a whole different dynamic and audience to your venue. Using hotel function space for wedding business, birthday and other milestone occasions are an accepted way for independent hotels to improve revenue.
But considering business audiences can truly turn your venue into a seven-day operation and give you countless opportunities to realise additional revenue and reduce your overheads.
Opening up hotel function space for mixed use.
One successful approach may be to make your venue available to business networking groups. There are several national organisations always looking for quality locations and localised groups looking for regular breakfast, lunch and evening hospitality.
- It provides regular ‘off peak’ custom. Some operate on a weekly or fortnightly schedule and can host anywhere from 20 to 80 delegates.
- It keeps the kitchen and staff busy. Imagine that additional business every week in one corner of your venue.
- It keeps bringing new people to your venue. This sort of approach also encourages a passive audience to experience and become advocates for your venue locally.
- It stimulates further business. Attendees can be encouraged to leave reviews and some of these businesses return and run meetings and events of their own.
This is just one example of maximising hotel function space. Investment to support this kind of customer may come in the form of meeting room presentation, projection, boosted WIFI and meeting materials such as white boards, drop down screens and audio-visual equipment.
What other local businesses or groups could you accommodate during the day to increase function room usage and what investment would you need to achieve it quickly? What types of milestone events are you missing out on because a lack of the right facilities?
Further reading:
Why the time is right to invest in your hospitality business.
A mixed use hotel fit out finance case study.
Why is investing in your hotel kitchen a good thing for your business?
Why investing in your bars and dining areas are good for your hotel business?
In previous posts, we’ve discussed how specific investments can have a significant impact within a hotel business. The hotel kitchen is the engine room of most hospitality businesses. Equipment specification and investment decisions are based on drivers such as compliance, reliability, flexibility, economy and environmental.
For example, investing in a wok burner to stage regular and authentic Chinese and eastern cuisine nights requires specialist funding.
Typical alternative investment solutions include
- Ovens – bringing equipment up to standard, improving power and energy efficiency or increasing output.
- Extracting and ducting and greasing equipment to ensure a busy modern professional kitchen works efficiently and whilst conforming to local environmental guidelines and not upsetting neighbours
- Refrigeration – again bringing up to standard, meeting power and energy efficiency standards or simply increasing output.
Utilities are typically the third or fourth biggest overhead in a hospitality business so investing in any efficient equipment can make quite a difference to your bill – and could be something to shout about from a green perspective too.
Don’t forget how you can put your hotel kitchen centre stage.
There is a trend towards open kitchens, where customers can see what is going on, with accessible serving areas. Investing in this area might help you to premium price or certainly to sell special positioned and therefore more desirable tables.
Further reading:
Why the time is right to invest in your hospitality business.
A mixed use hotel fit out finance case study.
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