Picture Source: dna-nigeria
The hotel industry faced many challenges last year and somehow the industry survived and made it into 2015. The two main factors were the boko haram threats on hotels and the ebola outbreak. No one saw this coming and getting into the New Year, many hoteliers and optimistic with great plans for the year. Who would have imagined that the industry could have been this badly affected in 2014 considering that Nigeria is seen as one of the emerging markets in the hospitality industry?
It is obvious to say that budgeting and forecasting are important for a hotel and so is developing a contingency plan for proper crisis management. The boko haram threat and ebola led to low occupancy, low revenue, cancelled event bookings, job loss and increase in expenditure on training and PPE’s. As the saying goes, ‘make hay while the sun shines’.
There are some lessons learnt in last year’s challenges. Focus on making high profits daily and we can say that procrastination will not help in this unpredictable environment. It is important to
2015 has presented itself with devaluation of naira and high cost of importation. Room rates are probably and possibly a decrease in occupancy… again. Let’s stay optimistic and remember that teamwork is necessary to survive this phase. Develop ways to gain competitive advantage in the industry as well as reduce your expenses. There is a demand for hotels but so maximize your opportunities to be the ‘GUEST’S FIRST CHOICE’.
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