As we countdown the days to year-end, itÃ¢€â„¢s time for that favorite American past-time: list making. You know, Top Newsmakers of the Year, Top Movies, Top Hollywood Marital BreakupsÃ¢€¦
Not to be excluded, The International Society of Hospitality Consultants just released its list of Top Ten Issues in the Hospitality Industry for 2007. While not quite as scintillating as this yearÃ¢€â„¢s Top Anorexic Models or Top Kazakhstan Potassium Producers (you had to see the movieÃ¢€¦), these issues were identified as ones that can be expected to potentially have the greatest impact on the industry next year, and consequently, your hotelÃ¢€â„¢s economic performance. So, take note:
1. Labor & Skills Shortages: growing shortage of qualified and skilled employees
2. Construction Costs: escalation of construction and renovation costs
3. Technology: lightning speed of changes; keeping up
4. Changing Demographics and Their Impact on Travel Trends: shift in baby boomers to Gen X
5. Future of Hotel Profits: balancing escalating expenses with the need to increase rates
6. Branding: mitigating consumer confusion over brand proliferation and investor concerns over cross brand impact
7. Distribution Revolution: keeping up with rapidly changing playing field
8. Travel Restrictions: and their impact on the travel industry
9. Global Emerging Marketing: are travel patterns changing?
10. Capital Availability: will investor and lender confidence continue?