|Hospitality & Gaming Operations|
Conventional wisdom has held that some industries — like gaming entertainment, sports and gaming — are recession proof. But that wisdom is being put to the test as the nation continues to creep down the path of economic unknowns.
The gaming industry has been hit, the sports world is gearing up for a dinger and the nation’s gaming strong holds are struggling. Most casino companies have aggressively cut back on executive pay, yet the next several operating quarters continue to look bleak for both regional and Las Vegas casino operators.
Here are some Do’s and Don’ts to consider:
Do increase funding of sales and marketing, but don't spend foolishly. Consider the various types of social media available to you, are you missing a potential demographic, perhaps now’s the time to bring someone with a different view or perspective.
Do monitor labor expenses, but don't furlough workers unless absolutely necessary. Ask yourself if you are really leveraging the strengths and talents of your employees. In a recent study conducted by Marcus Buckingham, he noted that employees only spend 20% of their time leveraging their strengths; they’re not focused on doing the things they do best.
Do focus on building financial literacy in your organization, but don't keep your financial situation close to the vest.
At Talent Blueprint, we take a holistic approach to building and protecting the financial well being of your business. Our systematic approach incorporates the SWOT analysis framework. We conduct an environmental scan of your business: first, an internal scan to identify your strengths and weaknesses; and then, external scan to identify the opportunities and threats to your business.
We apply this approach to each area of our expertise:
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