You have limited resources for catering events. How do you decide which ones to prioritize?
When resources are tight, deciding which events to cater requires strategic thinking. Here are key strategies for making those tough choices:
- Assess the event's potential ROI. Prioritize events that offer the best return on investment, whether it's financial gain or brand exposure.
- Evaluate alignment with your brand. Choose events that resonate with your company's values and target audience.
- Consider logistical feasibility. Opt for events where you can deliver quality service without overextending your capabilities.
Which strategies do you find most effective when resources are limited?
You have limited resources for catering events. How do you decide which ones to prioritize?
When resources are tight, deciding which events to cater requires strategic thinking. Here are key strategies for making those tough choices:
- Assess the event's potential ROI. Prioritize events that offer the best return on investment, whether it's financial gain or brand exposure.
- Evaluate alignment with your brand. Choose events that resonate with your company's values and target audience.
- Consider logistical feasibility. Opt for events where you can deliver quality service without overextending your capabilities.
Which strategies do you find most effective when resources are limited?
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➯ Loyalty is key even so revenue might be less from A event to B event. A might have one event worth of 15k while B event might have 5k in that situation but whole year contribution is 120k ➯ Prioritize based on contribution- but make sure you have service recover for second one.
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To choose and prioritize events when resources are limited, you need two assess your resources looking to both sides of the coin which are expected ROI vs. consumed time/effort and hotel exposure/reputation. According to the available resources, mixing both sides is of course a plus. So you have to choose best revenue generating events which involve international companies, high profile event attendees, celebrities, community institutes which will enable the hotel to showcase its brand and grow its banqueting market segment. You also need to consider events that include room and stays booking which will enhance the generated revenue and will lead to many upselling opportunities for a skilled rooms and food and beverage teams.
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When selecting events to cater with limited resources, it's crucial to prioritize based on factors such as the potential for future business, the alignment with your catering business's brand, and the logistical feasibility. It often involves a strategic decision-making process where you weigh the benefits and costs of each event. This ensures that the resources are allocated in a manner that maximizes business growth and customer satisfaction while maintaining operational efficiency.
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