Abdulla Bin Sulaymen, CEO, Seven Tides and Asteco discusses why now is the right time for hoteliers to be looking into new concepts such as a boutique brand alongside his top tips on making headway in the market.
“If you fail to plan then you plan to fail. Before we even considered launching DUKES Oceana, we spent years planning our business model and strategy. Always over-budget your finances and never under-budget. Most importantly always remember we live in a changing world, especially in the Middle East, so your plans should always be flexible, always have a plan B. Secondly, get the right team in place, a hotel maybe an asset, but we know that a hotel without good staff will fail, so hiring an experienced, talented and motivated management team to lead your staff is absolutely essential and incentive schemes can improve staff performance.
Research your market and position yourself before you start any business and it is imperative that you’ve done your homework. Research the market, your competitive set, carry out a SWOT analysis and look at how the market has reacted to other recent launches. When less is more – it is vital that any new business sets itself apart from its competitors. In such an aggressive industry it is extremely difficult to be truly unique. Lastly, sell, sell sell- generating revenue is the lifeblood of any company, without it we simply cease to exist, so the sales and marketing teams are crucial departments in any successful hotel. Much has been made of tools like social media and how cost-effective it can be. We can also put our rates on platforms such as Booking.com, which are truly international.”