Every fall, we embark on business planning for the following year. This year has included a highly unusual presidential race. Here are 8 items to put on your “to-do” list to get you to 2025 and keep you focused!

1) Complete your research.

Business plans for 2025 must be clear, concise, and straightforward and are most effective when done before completing a budget. Review macroeconomic data indicating a gradual economic turnaround with slow growth in 2025.  Domestic leisure demand is a bit flat after exceeding 2019 levels; corporate transient and corporate group demand is up and continuing to reach 2019 levels. Review your trend report and competitive set information from STR and Kalibri Labs, which will indicate where you are vis-a-vis your competitive set and what costs are incurred by every reservation. Your table of contents should include primary macroeconomic data, hotel supply and demand, competitive environment, action plans, and expected results. The action plan details who, what, when, and all costs associated with each action. I recommend you keep it simple. 

2) Develop a budget.

Budget accuracy depends on the determination to gather correct and current market data, so again, research! Once you have an in-depth understanding of 2025 market conditions specific to your property, your budget will streamline operations and create strategic opportunities for your hotel, ensuring that every dollar spent goes towards boosting your bookings, improving your reputation, and generating the highest possible returns. Don’t forget to budget for cybersecurity, IT, wage increases, and legal costs based on today’s litigious environment. Consider investing in artificial intelligence and robotics if you have not started down that path.

3) Coordinate multi-pronged marketing efforts.

Review the STR report, reports from TravelClick, and other market intelligence and market pace reports carefully. Ensure your email lists are updated for newsletters and blasts and that you comply with GDPR and CCPA in California. Meet with general managers and marketing team members of competitor hotels. Site tour each business and establish a referral program. If appropriate, coordinate a market review with your franchise marketing manager and discuss opportunities for digital marketing and pay-per-click.

Meet with key contacts at your brand, visitor bureau, and chambers of commerce. Qualify critical companies and individuals to create or update your email list. Business Journals also have great lists of top businesses and employers. Don’t forget to check your reservation system database for errors – compare it to the convention and event calendars to ensure peak periods are blacked out. Take advantage of your Cvent listing by promoting your meeting space and continuously creating and delivering “can’t-resist” content for your website and e-blasts. Post to social media at least twice weekly to “tell your story” and promote your property to domestic drive markets and any critical markets your travel partners encourage.

4) Create a public relations strategy.

Brainstorm and create possible press releases for the coming year and a public relations plan. Contact each segment specialist for your franchise sales staff and local tourism agency. This will help you see opportunities to promote your business at future segment-specific directories or sales missions. Naturally, if you are independent, you must ensure you have representation to compete in each market segment. The PR Plan is part of your “above-mentioned” action plan.

5) Implement a focused sales plan.

Take the time to pause and reevaluate your overarching sales strategy. Even though hotel sales processes have changed, thousands of RFPs are still flowing through the system. Create a lead form at the front desk. Review competitor websites and social sites, including Instagram, Facebook, and X. Look at all previous businesses and examine key marketing reports. Now is the time to strengthen community relationships and explore creative partnership opportunities such as space sharing or creating new experiences with local vendors. Be a lobby lizard at your hotel and talk to guests because this leads to guest loyalty and gives you timely insight into who travels!

6) Review your revenue management tactics.

Conduct rigorous benchmarking, prepare accurate projections, and develop a responsive new business mix — these are the pillars of sound revenue optimization and the foundation of a strong business strategy. Position your property in the proper channels with software and optimize rates for your unique location and rooms. As you increasingly provide guests with an authentic connection to your area, a well-configured hotel revenue system can help you optimize these strategies and boost revenue. 

7) Address changing trends.

Remember that the world changes quickly as we develop this year’s plan. Our 2025 Top Trends article is now posted, and our Top 10 will be out later this season. Sustainability is a thing, and guests care about it. Sustainability is “meeting the needs of the present with innovative solutions without compromising the future.” Guests care about that and want an experience — this is where a story about your features and benefits is beneficial. Otherwise, our hotels are just places to sleep.

Mobile will continue to influence the industry, and other disruptive technologies will continue to be incorporated into brands’ guest offerings. Think Internet of Things (IoT), Artificial Intelligence (AI), Virtual Reality (VR), and facial recognition.

8) Integrate technology wherever possible.

It’s no surprise that digital technologies will power the future of the hospitality industry. When looking for productivity, the promise of AI is a reality and is here to stay. In our case, we are using robotics not to replace jobs but to make them more effective and efficient. Technology is also helping to keep everyone safe. For example, a room-service robot makes contactless deliveries to a guest’s room. Mobile ordering technology can also help convert traditional dine-in F&B outlets to takeout and delivery outlets to comply with social distancing ordinances. 

Be resilient; each year is a blessing; enjoy the ride!