Today's Hotelier - April 2016 - (Page 90)

DOING BUSINESS 7.5-MINUTE READING TIME Are you an expert in all aspects of hospitality business? Write to our editor at RELATIONSHIP-BUILDING Core principles to lasting partnerships Successful business partnerships define our organizations and are a key factor in our overall success and profitability. by RICHARD TAKACH, JR. S OME RELATIONSHIPS ARE, by their nature, short-lived. Others can last a lifetime. The business relationships and partnerships that we create in our organizations, in many ways, define who we are, how we deliver to our customers and to the promise behind our brand. They're a direct indicator of our overall success and profitability. The ability to form successful partnerships, similar to how we build an internal team of executives and staff, is an essential function and distinguishing skill of all hotel executives. ARE WE ON COMMON GROUND? Partnerships begin with knowing ourselves. We have to know what we need and are looking for in a partner; we have to know what works best for us. What are the specific skills, experience, resources or assets that we require, and what are we willing to "pay" for them? We must know what we expect from a partner in terms of returns on investment and/ or performance and how these will be measured. It is best to meet prospective partners in person to better gauge compatibility and other intangibles that can make or break any relationship. Next comes 9 0  | APRIL 2016 | TODAYSHOTELIER.COM http://www.TODAYSHOTELIER.COM

Table of Contents for the Digital Edition of Today's Hotelier - April 2016

Message From AAHOA
Letter From The Chairmen
Lobby Bytes
AAHOA Spotlight
Member Talk
Perspectives From The Chief suites
Government Affairs
Food & Beverage
Compliance & Legal
5 Unexpected Things Hoteliers Can Learn From Kevin O’Leary
Guest Experience
Sales & Marketing
4 Steps To Creating A Powerful Guest Experience
Doing Business
3 Ways To Breathe Life And Revenue Into Your Space
AAHOA Events
Founding Members
Finance & Revenue
Advertiser Index

Today's Hotelier - April 2016