Expert advocates profitability for hospitality entrepreneurs

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Hospitality and hospitality consultant, Abdulkarim Ahmed, advised hotel businesses to look for new sources of revenue to weather the ongoing economic downturn.

Ahmed, who said this in a recent interview in Abuja, urged hoteliers to diversify their customer base by looking at potential new markets that are emerging.

Ahmed, who is the managing director of V-Hospitality, a management consultancy, said: “It’s a great time for hoteliers to experiment with a variety of digital initiatives to attract young, affluent and savvy travelers. of technology by leveraging customers of online touchpoints and providing digital tours, live streaming via social media, among others, in addition to promoting local attractions, cuisine and outdoor excursions.

The tourism sector and hotel businesses have been negatively impacted by the pandemic and aggravated by the ongoing war in Ukraine coupled with economic downturns in most countries.

Ahmed, who has enjoyed great success with his flagship boutique hotel, Vanern Residence in Abuja, advised hoteliers and other hospitality businesses to work on profitability, take a close look at their businesses’ operating expenses and find ways to reduce these costs.

According to him, “you can for example try to make your suppliers accept more flexible conditions. By adjusting your sales estimate, you could strike a balance between supply and demand, resulting in a more stable cash flow.
Vanern Residence, he said, was able to ride out the pandemic by seeing the lockdown as an opportunity, which led to developing a unique service offering for customers.
He also urged businesses to “offer your visitors or customers a product or service that is not currently available in the industry in which you work. Investigate flaws in your competitors’ products and service offerings, using market research to achieve this”.

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