The hospitality industry in Cyprus is booming. Strategy, planning and especially innovation are vital firm success factors and can be responsible for the performance and the growth of an organisation. The small and medium sized companies play valuable role in the economy, particularly in the current economic climate.
There are a number of reasons for the lack of strategy in small and medium sized companies. The small business generally do not engage in strategic planning because of â??planning barriersâ? such as luck of time, lack of specialised expertise, reluctance to share strategic plans with other employee, inadequate knowledge of planning process, lack of innovative thinking and vision that engenders differentiation and overall goals of strategy are not well understood.
It is important for SMEs owners to understand their points of potential innovation and differentiation and to re-create their vision and master plan that will lead them to realize their goals.
- Business Owners and CEOs of Small and Medium organisations in the hospitality sector
- Chief Financial Officers
- Directors and Senior Managers
- Operational managers
- Business development managers
2 Days training to:
- Innovation and entrepreneurship in Hospitality Business
- Use your company background to create a business model canvas & formulate strategy
- Quality Management through Business Modelling
- Market Research Methodology, analysis and result Evaluation (PESTEL, SWOT, PORTER 5 Forces) & error identification
- E-Business strategy and use of the internet & technology
- Choosing the best business models and strategies
- Practical financial planning: principles, techniques, financial templates & calculations
- Income Seasonality in Hospitality Business Financial Risks Analysis
- Market dangers, risk reduction techniques, business model adaptation & resilience
- Creating an action plan: Prioritising ideas, translating ideas to specific actions & identifying timescales and responsibilities
Key Learning Outcomes = Benefits for Organization
- Understand the full potential of the business
- Identify the market challenges and potential development and apply scientific as well as experiential techniques
- Create a short-list of the best ideas before designing a business plan.
- Analyse the effectiveness of the strategic business plan in the hospitality sector, identify risks and mitigate impact
- Learn how to design the business model of the firm so as to boost profitability with a flexible, adaptable and financially viable structure, infrastructure and personnel
- Utilise the latest technology that will enable the business to optimise its operations and maximize its reach in terms of potential customers.
- Create a fully detailed business plan, with different scenarios, structures and managerial models in anticipation of different developments
- Introduce the elements of innovation and competitive differentiation that could be applied