Your first steps as a business man - Introduction to the situation
From Virbus
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Congratulations! Your talent has been recognized by influential local hospitality business property owners. Your theoretical knowledge of service management and your experience in hospitality operations have made you ready to face new challenges.
Now you have the opportunity to show your skills and capabilities as a manager!
Background:
Your sponsors own several local hospitality properties (hotels, restaurants, tourism entities). Now they are planning to open a new city-centre business hotel in your market. However, owners do not have the hospitality management expertise to operate the enterprise. Thus, they want to make a contract with a competent management team. This time the owners have decided to turn to an individual operator, rather than a flagged one, to run their operations.
Task at hand:
You are being asked to take over the leading role of the business planning process and start up the new business hotelin the city centre of an european capital.
After signing the management contract, the owners turn over the property to you. However, in order to be able to run the operations, you will need to find financing for your start-up. In order to acquire outside financing from your local bank and other financial institutions, you will need to develop a detailed and realistic business plan.
Within the terms of your business plan, you are expected to define parameters, such as star rating, staffing level and staffing competencies, leisure- business mix, related operational costs, etc. It is also up to you to decide the physical size of the property (i.e. the number of rooms of your hotel).
Your goal is to achieve the following in the local setting you have chosen:
- create a sustainable and realistic business plan
- secure resources and stabilize business operations for the first year
- run operations with a good level of service quality
- generate a return on investment (ROI) expected by the owners
- fulfill all legal obligations as well as the expectations of key stakeholders
Learn a lot and work hard in meeting your managerial challenge!
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