Follow on Google News
News By Tag
News By Location
Follow on Google News
Business Accountants: Enhancing Hotel Profitability through Sustainable Practices
This article delves into the profound implications of sustainability for hotels, exploring its operational and economic impacts. It sheds light on the actions undertaken by hotels and travel businesses to address these demands, and how technology can play a pivotal role in this journey.
Decoding Sustainability for Hotels Beyond Buzzwords
Sustainability entails initiatives that safeguard resources through actions, programs, and endeavors. It encompasses four pivotal pillars: Environmental, Economic, Social, and Human. For hotels and the broader hospitality, travel, and tourism sectors, sustainable development hinges on the triad of people, planet, and profit – underlining enduring considerations for all stakeholders:
– Planet: Hotels must adopt eco-friendly practices across maintenance, services, logistics, products, and supplies. This entails waste reduction, energy conservation, and prudent water usage.
– Profit: The hotel's growth and profitability signify its economic viability, contributing to the local economy, generating jobs, and fostering community well-being.
– People: Hotels must foster social engagement with employees, customers, suppliers, and local communities. Social sustainability encompasses diversity, inclusion, health and safety, and community impact.
While discussions around sustainability have escalated in recent years, many hotels are still grappling with practical implementation. It's no longer sufficient to simply echo the rhetoric; hotels must now demonstrate commitment by infusing sustainability into their business frameworks.
The Urgent Relevance of Sustainability for Hotels Today
Studies underline the rising preference for sustainable travel. Booking.com's annual sustainability survey revealed a 10% uptick, with 71% of respondents planning to travel in an environmentally conscious manner. This shift is mirrored in governmental measures. European businesses, including hotels, are gearing up to report sustainability initiatives by 2024, even though the mandate might not yet encompass all hotels. However, the market is leading regulations, with corporations and publicly listed entities being urged to strategize, monitor, and report their sustainability endeavors.
This market pressure extends to supply chains, encompassing hotels. Great Hotels of the World data indicates that mandatory sustainability criteria are now embedded in all RFPs for member hotels. Compliance with these criteria trumps pricing and availability considerations. The United Nations' 17 Sustainable Development Goals offer a comprehensive framework, with goals like Clean and Affordable Energy, Responsible Consumption and Production, and Partnerships for the Goals being directly relevant to hotels.
In essence, sustainability has evolved from a desirable aspect to a business imperative, directly impacting profitability.