Growing Profits at an Over-Performing Property?

21 Jul Growing Profits at an Over-Performing Property?

My owners want me to grow profits, but my hotel is already over-performing. If I’m already at the top, what can I do?

In 1955, Fortune magazine debuted its list of the top 500 companies. Sixty-two years later, most of those companies are gone. While the original top three remain, two are in different positions. General Motors was number one, but has since fallen out of the top ten, while Exxon Mobil is in the same spot it started at—number two. U.S. Steel dropped from number three down into the low 160 range.

Why did some companies stay put or barely slide while others took a serious nose dive? Before I answer that, let’s look at it from a hotelier’s perspective. Imagine a good piece of business comes your way. You cultivate it and it gets you from where you are today to a place where revenues are stronger. Now, you’re leading the market and exceeding budget. You enjoy the ride for a short period of time but, at some point, it comes to an end; after all, nothing lasts forever.

Whatever your circumstances are today, they will be different tomorrow, next week, next quarter, and next year. The success you enjoy today is not guaranteed, and is always the envy of others and is constantly under attack. Strive for every opportunity and take nothing for granted, because things will change.

This Ask Anthony post is done in partnership with Lodging Magazine. See original article here.