Hospitality consulting: Difference between revisions
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==The Statistics== |
==The Statistics== |
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“90% of new restaurants fail in their first year,” <ref>"Restaurant Failure Rate Recounted" (February 2010). ''Restaurant Owner.'' Retrieved from http://www.restaurantowner.com/public/302.cfm</ref>, was an interesting statement made by Chef Rocco of a reality show called ‘The Restaurant.’ The number is very intimidating, yes, but hardly factual. “After the first year 27% of restaurant startups failed; after three years, 50% of those restaurants were no longer in business; and after five years 60% had gone south. At the end of 10 years, 70% of the restaurants that had opened for business a decade before had failed,” <ref>http://www.restaurantowner.com/public/302.cfm</ref>. Although these numbers are still alarming, they are not as appalling as those stated by Rocco. |
“90% of new restaurants fail in their first year,” <ref>"Restaurant Failure Rate Recounted" (February 2010). ''Restaurant Owner.'' Retrieved from http://www.restaurantowner.com/public/302.cfm</ref>, was an interesting statement made by Chef Rocco of a reality show called ‘The Restaurant.’ The number is very intimidating, yes, but hardly factual. “After the first year 27% of restaurant startups failed; after three years, 50% of those restaurants were no longer in business; and after five years 60% had gone south. At the end of 10 years, 70% of the restaurants that had opened for business a decade before had failed,” <ref>"Restaurant Failure Rate Recounted" (February 2010). ''Restaurant Owner.'' Retrieved from http://www.restaurantowner.com/public/302.cfm</ref>. Although these numbers are still alarming, they are not as appalling as those stated by Rocco. |
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The top six reasons why restaurants fail include no unique selling point, too large of a menu, all talent but no brains, poor pricing strategy, no marketing skill, and bad negotiation skills, <ref>http://blog.bodellconsulting.com/2008/03/29/the-biggest-mistakes-restaurants-make-and-why-they-have-a-high-failure-rate/</ref>. This is where a Hospitality Consultant comes in to play. |
The top six reasons why restaurants fail include no unique selling point, too large of a menu, all talent but no brains, poor pricing strategy, no marketing skill, and bad negotiation skills, <ref>http://blog.bodellconsulting.com/2008/03/29/the-biggest-mistakes-restaurants-make-and-why-they-have-a-high-failure-rate/</ref>. This is where a Hospitality Consultant comes in to play. |
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Revision as of 06:13, 17 March 2010
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Hospitality Consulting is the counsel and expertise given by professionals of the hospitality industry to hotel operators, restaurant owners, club management, and other professionals in the hospitality industry. "The hospitality industry consists of a broad category of fields within the service industry that includes lodging, restaurants, event planning, theme parks, transportation, cruise line, and additional fields within the tourism industry" and a consultant provides guidance in a particular industry within their expertise.
The Statistics
“90% of new restaurants fail in their first year,” [1], was an interesting statement made by Chef Rocco of a reality show called ‘The Restaurant.’ The number is very intimidating, yes, but hardly factual. “After the first year 27% of restaurant startups failed; after three years, 50% of those restaurants were no longer in business; and after five years 60% had gone south. At the end of 10 years, 70% of the restaurants that had opened for business a decade before had failed,” [2]. Although these numbers are still alarming, they are not as appalling as those stated by Rocco. The top six reasons why restaurants fail include no unique selling point, too large of a menu, all talent but no brains, poor pricing strategy, no marketing skill, and bad negotiation skills, [3]. This is where a Hospitality Consultant comes in to play.
Career Information
Consultants in the hospitality industry generally earn a degree in Hospitality Management where “contracting, negotiating, diagnosing, data collecting, discovery, reporting, and project management” [4] are studied. This background of education allows consultants to understand the needs and expectations of markets in the hospitality industry. The responsibilities of a consultant include advising “in key areas such as food/beverage/banquet operations, retail outlet management, reservation call centers, centralized accounting operations, franchise revenue management, loyalty programs, data center operations, brand standards, project accounting, capital expenditures, architecture and construction, corporate treasury and centralized purchasing” [5].
Career Oulook
Job outlook for a consultant in hospitality remains strong. As the hospitality industry becomes more and more competitive and the economy changes, business owners increasingly need the expertise of consultants. Hours of work average about 35 hours a week. These hours must sometimes consist of weekend hours as consultants are required to meet deadlines and this means working in stressful environments. The average salary for consultants starts around $48,000 and can be up to $121,000 [6] Hospitality consulting is a career that allows those interested in the hospitality industry to have an active role without the worry of losing investments.
See Also
- Consultant
- Hospitality Industry
- Hospitality
- Hospitality Management
- Hospitality Services
- Hospitality management studies
- ^ "Restaurant Failure Rate Recounted" (February 2010). Restaurant Owner. Retrieved from http://www.restaurantowner.com/public/302.cfm
- ^ "Restaurant Failure Rate Recounted" (February 2010). Restaurant Owner. Retrieved from http://www.restaurantowner.com/public/302.cfm
- ^ http://blog.bodellconsulting.com/2008/03/29/the-biggest-mistakes-restaurants-make-and-why-they-have-a-high-failure-rate/
- ^ http://www.scps.nyu.edu/course-detail/Y65.1030/20101/hospitality-consulting-techniques
- ^ http://www.protiviti.com/en-US/Industries/Consumer-Products-and-Services/Pages/Hospitality-Leisure-Travel.aspx?ref=g&sol=CPS&key=hospitality-consultant&gclid=CJ68g-L6qaACFRkhnAodmlkWbQ
- ^ http://www.payscale.com/research/US/Job=Information_Technology_(IT)_Consultant/Salary