Question

(Hospitality)

Develop a financial plan for implementation of new technology for a specific operating department of the hotel.

Must be technologies that are currently available

Real world examples are used

Answer 1

Solution:

The main objective of every business is to maximize the profitability and increase the wealth of the shareholders. Financial plan and financial strategy plays an important role in the same. Proper financial planning helps to build a strong financial strategy. By implementing the strong financial strategy, business can maximize the profitability.

The financial strategy should be made by considering all the internal and external factors. Also the resources should be utilized in the optimize way. At the time of making financial plan technology also plays an important role. In the hotel business, technology should be used at the time of making financial plan. The technology should be used in promotional activities. It will help to increase the popularity of the hotel and also minimize the advertisement cost. By using the social media site, the promotional activities can be performed. Also with the help of the technology it will easy for the hotel industry to reach their customers directly. The requirement of the customer is also being known to the management of the hotel and they will modify their services according with the requirement of the customers. Also the technology will help to display the true picture of the market and financial strategy will make according with that to maximize the profitability of the hotel.

References:

Dzhandzhugazova, E. A., Zaitseva, N. A., Larionova, A. A., Petrovskaya, M. V., & Chaplyuk, V. Z. (2015). Methodological aspects of strategic management of financial risks during construction of hotel business objects. Asian Social Science, 11(20), 229.

Elgazzar, S. H., Tipi, N. S., & Hubbard, N. J. (2016). The impact of supply chain strategy on the financial performance: a case study of a manufacturing company.