What is the hotel business plan?

The business plan provides a detailed summary of the objectives of an intended business undertaking and an outline of the actions required to achieve its operational and financial goals, growth targets, and strategic direction.  It provides measures of revenues, margins and profits and is used to monitor the performance of the business.

The business plan of a project in a new market will normally include:

1. Market-entry strategy – The plan to enter a new target market and consider entry barriers, the competitive environment, the project ownership structure, and the business model;
2. Management and organization plan – The organization structure and arrangement of responsibilities, authority, rights and communication;
3. Financial and investment plan – The details of the investment and financing requirements and the projected costs, operational expenses and revenue;
4. Human resources plan – The current and future human resources requirements, areas where there will be staffing needs, and actions to fill the vacancies;
5. Marketing and sales plan – An outline of the advertising, marketing and sales efforts to achieve the financial and sales goals;
6. Risk management program – The procedures used to identify potential events that may negatively affect the organization and to protect and minimize these risks;
7. Project exit strategy – The developer's plan to exit the project, generally either upon project completion or asset sale;
8. Road map – A description of the project's strategic direction, for tracking the progress of initiatives; and.
9. Action plan – The specified activity required to achieve the strategic objectives.

Business plans are subject to adaptation as business develops or objectives change and when new opportunities or threats arise.  This necessitates that they are updated accordingly.

Sustainability calls for the planning of a prioritized set of actions that positively impacts the environment and society, while increasing the project's economic value.  Sustainable development must consider the interests of all stakeholders.