Tips for a Well-run Company Framework Can Boost Your Success

Tips for a Well-Run Company

Why Now is the Right Time to Consider Implementing an Environmental, Social and Governance Framework

By JOE HOLMAN, PRINCIPAL AND ESG SERVICES PRACTICE LEADER, WITHUM By PAIGE BROWNELL, SEO LEAD, INNsight

As the hospitality industry is preparing for a full recovery, it is essential to understand the importance of paying attention to environmental, social and governance (ESG) concerns. Any well-run company looking to maximize enterprise value, looking to go public, seeking investment capital or even contemplating mergers and acquisitions activities, can benefit from implementing an ESG framework.

Attributes of a Well-Run Company:

» Respectful of the environment. » Values its employees. » Promotes diversity. » Acts as a good corporate citizen. » Maintains strong corporate governance.

63% of companies saw positive findings on returns after ESG implementation.

Good corporate citizenship and good governance qualities account for nearly 30% of corporate reputation.

70% plus of consumers surveyed in multiple industries said they would pay a higher price for a green, sustainable product.

ESG Considerations:

Energy Management

Energy management best practices reduce operating expenses while minimizing environmental impacts. For example, a hotel powered by renewable energy may reduce price spikes while making the hotel more appealing to “green-minded” guests.

Ecological Impact

Hospitality businesses located near sensitive ecosystems, such as nature preserves or beaches, understand the problems caused by tourists' influx of traffic and waste. By protecting the local environment, hotels can make the travel destination more attractive, leading to increased hotel demand.

Labor Practices

Hotels and restaurants rely on their workforce to provide guests an enjoyable stay and as a key revenue driver. Businesses that prevent discriminatory practices and ensure fair wages can improve worker satisfaction and reduce turnover. Excess turnover can significantly influence a guest’s experience.

Every company has its own set of ESG risks and opportunities. An ESG advisory services partner can help tell your sustainable story by identifying sustainable business models and sources of hidden risks, and create long-term value. Not only does ESG help make your company a better company, it can make for a better future for those who come after us.

Withum is a forward-thinking, technology-driven advisory and accounting firm, committed to helping clients in the hospitality industry be more profitable, efficient and productive in the modern business landscape. For more information, visit www.withum.com

Improve Your Online Reputation With INNsight

Ahotel’s online reputation is quickly becoming its most significant asset. Nearly 9 out of 10 consumers read reviews before deciding to book a hotel, according to Trustpilot in 2020. You may have relied on customer loyalty in the past; however, maintaining your reputation is extremely important to stay competitive and to increase your profit margins.

Websites like TripAdvisor, Yelp, Google and other online travel agents, like Booking.com and Expedia, have made it incredibly easy for a guest to rate their recent stay. They have become widely acknowledged as the go-to sources for hotel rankings online, and hotels benefit from driving more online reviews as these platforms grow. In many ways, fairly or unfairly, review aggregator sites like Yelp and TripAdvisor have become authorities on a hotel’s quality.

At INNsight, we are leveling the playing field and helping hotels take control of their online reputation. The most significant impact of our active online reputation management system is the rapid acceleration of rankings on online platforms. INNsight's Reputation Management System proactively manages the hotel’s reputation online with our intelligent software solutions and vital services that will earn your property more positive reviews as we actively manage negative and positive feedback. We ensure that your hotel is represented accurately online, and every guest review is handled with a strategic response. Our proficient content writers will respond to all reviews across major platforms, including TripAdvisor, Yelp, Google, Booking.com and Expedia, within 48 hours.

Contact INNsight to increase your property's online reputation score and rankings to convince more customers to choose your business and drive more bookings.