The investment in developing a property as a resort can be big. For the sake of profitability and long-term financial stability, the resort can't only address the needs of today. Fortunately, a resort development advisory firm can help you think about what the future may hold. Here are three ways they might be able to help you future-proof your business and protect your investment.
What's popular today may not be popular in 10 years. That's why you'll want to keep tabs on trends within the industry and among customers. A resort development advisor can compile data on who visits the area around your location to determine who the current market is and what the long-term opportunities for expansion might be. They also can look at industrial data, social media trends, and surveys to project what the resort should look like down the road. If there's an uptick in families bringing kids on vacation, for example, the advisor might encourage you to build bigger rooms to accommodate those guests. You can then set your prices accordingly to maximize the returns from each room.
One of the biggest threats to a resort is the insurance risks it may face. These can appear on many fronts. for example, a visitor might get hurt and file a negligence claim based on the design of a part of the resort. There also might be natural disasters, such as storms and floods that damage part of the property. Overall, your goal is to keep the resort as insurable as possible. A resort development advisor can talk with insurance companies about their concerns regarding the property. The insurers will also suggest potential mitigation measures. Not only will these make the site more insurable, but there are often reduced premiums for following the insurance provider's guidance.
It's wise to have business processes in place to handle a resort's many components. These include tasks like hiring managers and new employees, dealing with customer service issues, purchasing fixtures, and doing maintenance. Your goal is to economize each of these without negatively affecting the overall resort experience.
Likewise, you want the processes to become part of a larger culture at the business. The processes will then be handed down to new employees, creating a virtuous cycle. You may also note them in an employee manual, making it easier to train people and bring them into your business culture.
Contact a resort development advisor for more information.Share