Strategic planning is crucial to succeed in the competitive hospitality industry. Jon Yantin, a senior hospitality strategist at Stake Concepts, shares with us his framework for launching new businesses and reinvigorating existing ones.
When someone leaves your pub, hotel, holiday park or restaurant, what do you hope they will tell others about you?
Answering this question is just the first of many steps towards differentiating your business in an increasingly competitive world.
According to Jon Yantin of Stake Concepts, there are at least 33 steps you need to consider as part of your planning process. His framework of 33 strategic deliverables is the hidden blueprint behind much of his success in the hospitality industry. Including launching and operating businesses and brands like ME Hotels, All Bar One, The Chicago Rib Shack and Tiger Tiger.
Out with the old, in with the new
33 deliverables you ask with a raised eyebrow. What exactly is a deliverable?
Deliverable (noun): a product that a company promises to have ready for a customer.
Ok, simple enough, but why are there 33 of them? That sounds like quite a lot of plates to keep spinning at once. That’s especially true when you compare it with the traditional four-step planning process which looks something like this:
- Come up with a concept
- Work out what your proposition is to your customer base
- Implement it
- Manage it
The four-step process above might be nice and simple. However, after 25 years in the hospitality industry, Jon’s view is that it’s a little bit more complicated than that.
“By adopting a far more granular approach you stand to gain greater transparency and an in-depth understanding of how each deliverable can influence your business and revenue. Additionally, it will allow key team members to have clear responsibilities and accountability.”
Essentially, it reveals to you and your team what’s working, what could be improved, and where to invest your resources in your business.
To simplify the 33 deliverables framework, each deliverable is nested under one of eight pillars. Those pillars are:
- Strategic vision
- Retail offer
- PR and growth
Download your full worksheet of 33 Strategic Deliverables here.
How to get started
To get started with this framework you don’t need to tackle everything at once. The first step is to pick out one or two pillars that you know is your core competency. Maybe you’re a strong marketer or an astute sales person, or you come from an HR background and are great with people. Whatever it is, make a note of it and don’t worry about it. Chances are these are the areas you are already excelling in.
Now pick one or two pillars that are challenges for you or your business and work through each of the strategic deliverables that sit underneath it. By exploring and questioning each deliverable you will begin to see where there are opportunities for growth and what you can do to really make your hospitality business stand out.
Interested in the 33 strategic deliverables and want to master the framework? Consider joining us at one of our hospitality masterclass events led by Jon Yantin.