Most Innkeepers felt the effects of the Great Recession in 2009. Continuing high unemployment numbers and waves of home foreclosures mean that consumers won’t be spending freely in 2010, either. Travel is, after all, “non-essential”. This trend is likely to last for some time. With the easy lending practices of a few years ago being replaced by Scrooge-inspired lending rules for small businesses, it’s difficult for Bed and Breakfast owners to find financing for improvements or seasonal credit. What are pressured Innkeepers to do? Now is the time to plan.
A new business plan will:
• Force you to focus on your Inn’s strengths and weaknesses.
• Keep you on track in the face of daily distractions.
• Give you a sense of control.
A new business plan will also serve to tame the “marketing monster” so that your limited resources are carefully targeted.
Of course, the most important way to grow your B&B business and bring happy customers back will always be to deliver great service in a beautifully maintained Inn brimming with atmosphere and comfort. But a current business plan will help you take specific steps toward more success and reduce stess.
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