At EOG Accounting, we understand that running a hospitality business is a lot like juggling – you’ve got to keep your eyes on all the balls at once while making it look effortless. One of the most powerful ways to ensure that everything stays in the air (and doesn’t come crashing down) is through effective goal setting. In this blog, “5 Key Tips for Goal Setting in Hospitality,” we’re diving into how you can set effective goals to elevate your business.
By mastering these strategies, you can turn your business dreams into reality and achieve your life goals.
Running a hospitality business is no small feat. From managing bookings and ensuring exceptional customer experiences to juggling staff schedules and keeping an eye on those all-important financials, it’s a whirlwind.
Amidst all this, setting clear, achievable goals might seem like just another task on your endless to-do list. But trust us, it’s a game-changer. See what the science says here! Goal setting creates:
Tony Robbins: “Setting goals is the first step in turning the invisible into the visible.”
Whether you want to sell your business in five years time for £2 million, provide 20 full time jobs to local people, increase occupancy rates, boost customer satisfaction, or expand your services, having well-defined goals helps you stay on track and allow you to measure your progress.
Ready to start setting some goals? Here are 5 practical tips to get you started on your own:
At EOG Accounting, we’re passionate about helping you realise your vision. Goal setting isn’t just a buzzword for us; we’ve set our services up to help you achieve your goals and offer either a service or resources at each step of your business journey.
We start by understanding your vision. What do you want your business to achieve in the next 10 or 5 years? This goes beyond financials. What will your life look like? How many hours will you be working? Where will you live? How many businesss locations will you have? We will then break this down to where you need to be in 3 years’ time for you to be on track to achieve your goals.
We’ll work with you to break down these long-term aspirations into smaller, manageable goals. These goals will be a mix of financial and non-financial, such as personal milestones, customer service milestones, or operational improvements. We’ll then create a budget that aligns with your goals and long-term vision. We’ll set solid KPI’s such as Food and Drink Gross Profit Margins. For inspiration, see this blog we’ve written on what your restaurants GPM should be.
Regular management accounts give you an accurate snapshot of your business’s performance. They’re like a health check for your business, showing you how well you’re progressing towards your goals. With detailed insights into your KPIs, Revenue, Costs, and Profitability, you can make informed decisions and adjust your strategies as needed.
Management Accounts are great, they are accurate and full of useful information, but they are complex to produce and can’t be created with a click of a button. With this in miond, they’re usually only reviewed Monthly or Quarterly. That’s why we’ve created our Performance Dashboard! The dashboard is designed to quickly and effortlessly give you daily goals and feedback on performance using your core KPI’s that were set in your One Year Plan meeting.
Setting and achieving goals is like navigating a ship; without a clear destination and a reliable compass, you’ll just drift aimlessly. But with clear goals and the right support, you can steer your business towards success.
Remember, at EOG Accounting, we’re more than just number crunchers. We’re your partners in growth, dedicated to helping you achieve greatness in the hospitality industry. So, let’s dream big, set those goals, and turn your vision into reality.
Feel free to get in touch with us to start your goal-setting journey today.
Helping Hospitality Think Big – because with the right goals, anything is possible!