Strategic Intent | Bed and breakfast business plan
Page 6 of 41
1.5 STRATEGIC INTENT OF THE BUSINESS
1.5.1 VISION
The vision of Extravagant Luxury Bed and Breakfast is as follows:
“To be the Bed and Breakfast, conference center and restaurant of choice in Western Gauteng by 2015”
1.5.2 MISSION
The mission of Extravagant Luxury Bed and Breakfast is as follows:
“To exceed the expectations of the visitors as well as add value to the lives of all concerned stakeholders”
1.5.3 VALUES AND PRINCIPLES
In order to meet the set vision and mission of Extravagant Luxury Bed and Breakfast, the following values and principles will be carefully matched between the business and the prospective employees. The values and principles of the business include the following:
- Passion for hospitality
- Passion for cleanliness
- Passion for courteous service
- Passion for great service
- Trustworthiness
- Honesty
- Integrity
- Team work
- Efficiency
- Effectiveness
- Customer centric
- Health consciousness
1.5.4 STRATEGIC OBJECTIVES
A. LONG TERM OBJECTIVES
The long-term objectives of Extravagant Luxury Bed and Breakfast will be to further expand its business operations in the province. Additional objectives are as follows:
- To diversify the market base by essentially including leisure and international travelers
- To position the Bed & Breakfast as a competitive attraction in Western Gauteng
- To grow the business by opening a second Bed and Breakfast within the district after 10 years
- To expand the business through franchising in other prime areas within the Gauteng Province
B. MEDIUM TERM OBJECTIVES
The medium term objectives are as follows:
To establish Extravagant Luxury Bed & Breakfast as a one stop luxury hospitality provider for international and local guests/ visitors by gaining a considerable market share of the Gauteng Province. The business shall endeavor to satisfy its share of the market by providing unique catering, accommodation and conference facilities to the new and existing market. Additional medium term objectives shall encompass the following:
- To strengthen relationships with strategic alliance partners in the market
- To develop new products/ services in line with the changing needs and preferences of customers
C. SHORT TERM OBJECTIVES
The short term objectives of Extravagant Luxury Bed and Breakfast encompass the following:
- To secure funding
- To revamp the buildings and render the required renovations
- To build a working team that has shared values
- To reposition the Bed & Breakfast as a hospitality center of choice in the market
- To upgrade the standard of the rooms so as to be at par with highly competitive direct competitors in the market
- To penetrate the current conference/ work shop and restaurant market in Western Gauteng
1.5.5 FUNCTIONAL OBJECTIVES
A. FINANCIAL OBJECTIVES
To attain a Return on Investment that will exceed the cost of capital invested on a continuous basis
B. MARKETING OBJECTIVES
To exceed the expectations of customers by offering the best catering, restaurant, accommodation and conference facilities
To essentially have a better understanding of the needs and preferences of the market (This understanding shall supersede that of the competitors)
C. OPERATIONAL OBJECTIVES
To enhance operational efficiency and effectiveness
D. LEARNING AND DEVELOPMENT OBJECTIVES
To be the best employer in the Hospitality business within Krugersdorp and surrounding regions
The strategies of the business are discussed under item 3.0
Most commented