Mint Consulting conducts its business according to 9 step model which helps in the development of your business!
Together with you, we seek for answers to numerous questions which occur when launching a new hospitality business, but also for already existing one, so that we could appropriately establish the foundations of your hospitality business which you could change thereafter according to the changes of respective parameters!
First of all, it is necessary to define who do you wish to address, understanding what your target group is, but know this – not everyone can be your target audience!
For whom are you creating your hospitality business; what is specific to your clients; what is the purchasing parity of your clients; who are your most significant clients: whether they are businessmen or however, students…
What is in fact the value which you deliver and the content which you are presenting to your clients; Which needs of your clients are fulfilled by your solution, and which value propositions are you offering to each single type of your guests…
This is a way in which you deliver value to your customers
There are different types of channels: Channels which serve for creating knowledge about your own services, channels which enable you to be on the lookout for signals coming from your guests, channels via which your customers buy the products and services which you offer, distribution channels, as well as post-sale channels which allow you to groom your customer relations.
Education and expertise development play a major role with every individual.
Which relationships have you already built and what is the cost of establishing and maintaining customer relations; How do you treat elderly customers, and how in fact you should be behaving; Are the relationships which you are building in accordance with your business model…
First you need to see what are your customers ready to pay for versus for what they already are paying for. As well as the payment methods used for payments; What are your actual values for which the customers are ready to pay for.
Where does your money come from and how is every revenue stream contributing to the overall income of your business.
There are few resource types: information and knowledge, space and equipment, patents and data, money and credit, and people.
Which resources are necessary to you for delivering the key values which you are offering, and which resources are necessary to maintain your current revenue levels.
What do you need to do in order to develop and maintain communication channels with your clients, and what is necessary to be done in order to maintain the current revenue levels of your business.
Sales; Manufacturing; Problem solving; Networking; Research and development
What are the motives for creating partnerships in hospitality: is the main reason savings increase, lowering key business risks or acquiring missing resources necessary for value delivery; Who are your key suppliers…
This is the final part of your business model.
First you need to understand the complete infrastructure of your hospitality business, so that you could properly assess all of your costs.
In case that your costs are higher than your revenue, you will be instantly informed and you will have an opportunity to adapt your business model accordingly.
Based on the sum of all costs which you have, you can determine whether the business which you have in mind is sustainable or not.