tourism management
Faeze sadat Mirfakhraddini; Milad Ebrahimi; Farzaneh Jandaghi ardakani
Abstract
In the economy, financial resources are critical. The fact that financial resources are limited and affect the number of operations is undeniable. All parts are related to financial operations. Therefore, correctly allocating financial assets is critical in modern business, especially tourism. Considering ...
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In the economy, financial resources are critical. The fact that financial resources are limited and affect the number of operations is undeniable. All parts are related to financial operations. Therefore, correctly allocating financial assets is critical in modern business, especially tourism. Considering the location of the accommodation sector in the tourism industry, it is essential to pay attention to the financial performance of the hotels. In the present study, after examining the background of research and surveying industry and university experts, financial indicators related to hotels in Yazd Province have been identified, the data has been analyzed using the importance-performance matrix, and suggestions have been made to improve their situation. The results show that none of the criteria identified are in the critical area. Criteria such as the risk of financial bankruptcy, macro-economic growth, employment rates, direct income from the hotels primary income, the improvement of the hotel's human resources in making profits, and cash reserves such as cash it should be taken into account and hotel managers should focus on maintaining the status of these criteria.IntroductionIran’s economy is a single-product economy that relies on oil revenues. Therefore, the tourism industry is one of the sectors that can contribute to eliminating a single-product economy based on mineral resources (Khoshnevis Yazdi et al., 2017). The hotel sector is also essential to the tourism industry, significantly contributing to countries’ economic growth (Babajee et al., 2020). However, little attention has been paid to the performance criteria for improving the hotel’s performance (Bangchokdee & Mia, 2016). Therefore, managers in this industry should use the necessary management tools to ensure better results and prevent poor performance (Arasli, 2012). Generally, the company’s performance consists of operational, financial, and organizational performance (Zhang et al., 2021). Therefore, considering the importance of the hotel sector in the tourism industry and the growing trend of the tourism industry in Iran, paying attention to the performance of hotels, especially financial performance and financial indicators affecting hotels, can improve hotel efficiency. It also helps hotel managers increase the financial performance of their hotel management by identifying and analyzing the performance of indicators that affect the financial performance of hotels and making them financially efficient in the hotel sector. Therefore, it is essential to identify and analyze the indicators that affect the financial performance of hotels.Materials and MethodsThe primary purpose of the research is to identify the indicators that affect the financial performance of hotels and classification and determine their relative importance in the hotel industry of Yazd Province. The scope of this research is Yazd Province hotels. This article consists of two sections: In the first stage, by studying the background of the research and survey of experts, indicators expected to affect the financial performance of the hotels were identified. In the second stage of the research, a questionnaire was made available to the respondents to measure the importance of each factor and their performance in hotels. Then, the relative importance of the indicators was determined using the performance-importance analysis method.Discussion and ResultsThe results of this research showed that first, by studying the background of research and survey of experts, financial criteria in the hotel industry are in six general categories, which include risk index, efficiency-activity, economic, debt, profitability, and liquidity, which hotel owners should always consider. Also, to identify effective criteria for improving hotel performance, criteria can be divided into four groups:Group 1: Criteria in the critical area have no criteria in this area.Group 2: Factors in the low-priority area include liquidity from the source of investment and the risk of non-receipt of claims.Group 3: Criteria in the reduced area include the risk of exchange rate fluctuations, the risk of instability in the price of hotel equipment, quick response to competitive changes and market changes, the effect of assets on hotel revenues, gross domestic product, capital financing from debt, hotel debt financing, tax, low-interest facilities, profits from indirect income from the local, except for the primary operations of the hotel, capital growth, liquidity from current accounts and lateral investment.Group 4: Criteria for continuity of high status, including the risk of financial bankruptcy, macroeconomic growth, employment rates, direct income from hotel income (room rental), improvement of hotel human resources in making profits, and cash reserves.ConclusionsThe research findings aim to boost hotels, policymakers, and decision-makers to promote the growth of the hotel industry by facilitating the arrival of foreign tourists, encouraging domestic people to travel, and eliminating economic barriers. Hiring a highly efficient, skilled workforce and solving the liquidity shortage in managed hotels is also a solution. In addition, hotel managers should be able to improve and expand their business by creating investment opportunities for hotels. Also, the risk of exchange rate fluctuations and instability in the price of hotel equipment are of low importance. In addition, the rapid response to competitive changes and market changes in hotels in Yazd province is of low importance, which can be attributed to the need for more competitiveness of the hotel industry in Yazd Province
