So far the hotel industry in London has not been affected by the global downturn in the same way as the financial sector, however, the effects of high fuel bills and rocketing food prices are starting to take their toll. The impact of the economic problems in America will filter through to tourism in London sooner or later, so how to steer safely through the crisis?
Cutting costs is the obvious solution but you need to make sure these are the right costs. Shopping around for a better deal on gas and electricity prices is a good place to start, contact one of the specialist companies who can do this on your behalf at no cost to you.
Waste removal is another increasingly expensive area as the landfill tax increases to encourage re-cycling. Ensure that the maximum of waste can be recycled and ensure you have the best prices.
Take advantage of the many schemes on offer from local authorities or private companies to come to your property to show you how you can become more energy efficient, often the initial report will be free.
Eliminating the marketing budget might seem like a good idea but this would be a mistake. Review any marketing activity to ensure that it is targeted, effective and good value for money but keep marketing your product.
In summary:
- Look at ways of cutting costs
- Negotiate new deals for the utilities and waste management
- Have an environmental audit to advise on energy efficiency
- Review marketing activity to ensure it is targeted and effective but keep marketing