The Hotel Business Assignment Example | Topics and Well Written Essays - 3000 words

The Hotel Business - Assignment Example As the discussion stresses the hotel business is one of the booming industries today. The advent of globalization has both necessitated and attracted people to travel far geographic regions either for business, studies or leisure purposes. The demand for hotels have drastically increase with this change in lifestyle. The hotel industry has then been a very profitable venture for most businessmen. Travel catalyzes the hotel industry. And since technology has increased the possibility and ease of transportation, we predict that the hotel industry will also continue to boom. From the report it is clear that agreeing on contracts and signing becomes very fragile especially if it involves a great deal of resource and puts the integrity of the business at risk. Contract agreement can be a very sensitive issue whether it be on employment, on business links and even in some financial decisions such as investing and borrowing. People who have experience on contract agreements have something to share on how to make the process of agreeing easy and comfortable. For the hotel industry, the practical guide is the same as with the other industries. During telephone conversations and at meetings take notes of the points covered and at the end read them back to the other person to ensure there is a mutual understanding of what has been agreed† and â€Å"confirm those points in a letter as soon as possible† while also maintaining copies of all communications.... On the other hand, if both parties do not agree on non-negotiable aspects such as price, then the owner must not pursue with the deal. Preparation is also very important. This is the stage where the hotel owner can study previous contracts on similar arrangements so that adapting there will be a foundation for familiarity. This is also the stage where the owner can write down the most important points that you need on agree on (Nicholas Sharp). As to the records, Sharp and Etches give two practicals: "During telephone conversations and at meetings take notes of the points covered and at the end read them back to the other person to ensure there is a mutual understanding of what has been agreed" and "confirm those points in a letter as soon as possible" while also maintaining copies of all communications (Nicholas Sharp). When the contract is with a supplier, several things must be done before inking the contract. It would be very helpful to shop for different quotes before narrowing down your choice to a particular supplier. The contract should contain the relevant information such as "how and when payment should be made" (National Consumer Agency). During the negotiation, it is highly advised to never agree to something whether verbally or in writing when you still have some points to raise and agree on. A very straight action of saying "no" to a proposal that contains some things that you do not agree on is also a must. "Tactically, it is often better for you to prepare and send the other party the contract you want, rather than wait to get the other party's version. If you have to react to another version this