How To Measure Hotel Loyalty Programs Performance

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Very often hotel owners or managers start loyalty programs with the aim of attracting new customers and retaining existing ones. These programs offer discounts, free and additional services for customers. For example, if a guest books a suite for three nights he gets free dinners. This is just a simple example, and the best customer loyalty programs can offer great services. However, the time comes to evaluate efficiency of loyalty programs. Many hotel owners and top managers make a mistake of evaluation program results after the end of the program. Its something goes wrong from the very beginning the hotel managers will learn about that only in the end when it will be too late to do anything. Of course, ongoing financial results can tell much but not everything about efficiency of a particular loyalty program. This is where performance evaluation tools come into play. Being armed with knowledge on current performance of a hotel and efficiency of loyalty program, top managers can introduce amendment
s and changes to the program to achieve even better results. It is very difficult to make 100% correct forecasts. Markets change all the time and customers change their preferences. Thus, loyalty programs have to follow these changes.

An increasing number of hotel owners and hotel managers use Balanced Scorecard. This revolutionary performance evaluation and strategic management tool proved its efficiency in hotel business which is characterized by intense competition. Balanced Scorecard does not only evaluate financial indicators (results) but also nonfinancial measures that can tell much about what is going to happen in the near future. Balanced Scorecard consists of four categories: financial, customer, internal business processes, learning and growth. Each category contains key performance indicators which provide top managers with correct and timely information on performance on the loyalty program and its outcomes for business.

Imagine that hotel management has launched customer loyalty program by offering discounts for regular customers and free gifts and services for new ones. As some time passes by, Balanced Scorecard begins to display the first results which are not only financial results. For example, the number of hotel customers may increase and customer satisfaction improves. This means that in the long term the hotel will see and increasing revenue because customers who have participated in loyalty program will most likely come back again. If Balanced Scorecard shows warning signs the loyalty program needs to be changed. For instance it may turn out that providing new customers with free dinners is not profitable at all. Thus, the hotel managers have to look for another way to attract customers.

Loyalty programs have one goal to increase revenue by improving loyalty of existing customers and attracting new customers. At the same time loyalty programs have to be profitable in financial terms. Balanced Scorecard will help optimize costs and improve efficiency of loyalty programs.

Introduction of Balanced Scorecard to the hotel should be supported by the majority of personnel who should participate in discussion of key performance indicators and everyday use of BSC.

Can Singapore Private Banking Replace Swiss Private Banks

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Singapore private banking has grown massively over the past decade. Assets under management at Singapore private banks have grown to around 300Bn, 6 times what they were 10 years ago. It is estimated that Singapore manages around 5% of the world’s private wealth, while Swiss private banking manages around a quarter.

Singapore has benefited from tight bank secrecy regulation, in addition to a rise in the number of Asian millionaires, especially the type that want to invest with private banks and financial instruments rather than in property.

Yet in response to demand from the G20 group of developed countries, Singapore has promised to rethink its ultra private secrecy laws. Like Switzerland, Singapore has to walk the tightrope between keeping its sovereignty and international acceptance of its laws and banks.

One of the reasons why Singapore has grown is because it already was a large financial center in its own right. Unlike smaller tax havens and dependencies of other countries which have been accused of ”inventing” laws to benefit from capital flight, Singapore is a long-standing trading hub and center of international financial settlements.

There are several arguments in favour of Singapore keeping its privacy laws. Many private banking clients in Singapore are very powerful people among neighbours like China, Indonesia and Thailand. It’s in their interest to ensure that Singapore bank secrecy is not relaxed. Furthermore, Singapore is an international financial center – it cannot be blackmailed in the same way as other jurisdictions.

However Singapore has made concessions, and may not necessarily see its future in harbouring Western tax evaders. Singapore has signed TIEAS with a number of countries and promised to adopt article 26 of the OECD model tax convention on information exchange over tax matters.

After Swiss banking secrecy was put under the spotlight, it was widely reported that bankers were urging a massive flight of capital to Singapore, where bank secrecy rules still held strong. But in reality, basing any structure on bank secrecy is like building a house on a fault line, it’s bound to change. The smartest investors instead used techniques which do not depend on bank secrecy in any single country.

Savvy private banking clients are now using distinct structures which operate independent of bank secrecy such as investing through trusts or trust companies.

Further, the reasons for banking in an offshore centre like Switerland do not depend entirely on tax. In fact the biggest reason is security. Hundreds of banks have been going under in the US, not Switzerland. Investors are also escaping from currency devaluations, civil forfeiture and frivolous lawsuits.

Singapore wealth management is certainly growing in sophistication, but it is still in a learning phase. During the mid 2000’s when Singapore’s private banking industry was growing rapidly, it was alleged that ther were not enough bankers to meet demand. Singapore private banks were instead employing local hairdressers and carsalesmen with good people skills and turning them into private bankers.

Singapore private banking is modelled closely on Swiss private banking, even down to its family trust law. In terms of weathering geo-political events like the war on bank secrecy, Singapore may have to follow the Swiss lead also.

Why has My Financial Planner Never told me about Self-Directed IRAs

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Traditionally, custodians control IRA investments and may not always promote all the investments approved by the IRS. They have created the notion that stocks, bonds, CDs, annuities and mutual funds are the only investment options available. Over the past few years, there has been an increasing awareness about the use and advantages of self directed IRA accounts. Many savvy investors have begun to move away from the volatile stock market, and divest into alternative investment available through a self directed IRA.

Self directed IRA accounts allow individuals to enjoy diversified investments not readily available through most custodians. Almost any investment in allowed except: collectibles (such as coins, artworks, stamps, etc.) and life insurance contracts. If your financial planner does not offer any of the investment options that are allowed by the IRS, it may mean the time has come to approach another financial planner more familiar with self directed IRA accounts. .

The Self Directed IRA as a wealth builder

The self directed IRA is an effective tool that you can use to build your wealth while putting total control in your hands. One of the reasons why your financial planner may not have explored all the investment opportunities available with an SDIRA is that their services may no longer be required, resulting in loss of revenue to them from your retirement account. The latest IRS rules make it easy for you to invest your IRA account in alternative investments. You can put money into commercial and residential real estate IRAs, buy a business entity, loan your money for mortgages, notes, tax liens and foreclosed properties. You can be the manager of your property. If you do not have all the funds to invest in real estate, you can opt for an IRA loan to leverage your investment. A real estate loan obtained with your self directed IRA must be a non recourse loan.

If you have not heard of a self directed IRA before, it is possible that your financial planner does not deal with all the investment options that are allowed. For example, if your financial planner is a bank, your investment options are limited primarily to CDs. If it is a brokerage firm, you can only invest in stocks and bonds. Moreover, since your financial planner more or less manages your entire retirement account, they may not want to present you with investment options from which they cannot earn revenue. After all, their services are offered for a fee. To protect their fees, they may withhold information, offer very sketchy details, or discourage any alternative investments altogether.

It is also likely that your current financial planner assumes that you don’t want to control your own retirement investments, simply because its been implied it by them managing it for you. Some people actually prefer to status quo their decision-making and leave it to an expert. In fact, many people are unaware that they can invest in real estate with their IRA. Those that want to, however, do make their own investment choices and enjoy tangible returns. Real estate investments make a good choice particularly in combination with an IRA loan which, in addition to protecting your various IRA assets, also indemnifies you personally from all liability. You can also use your IRA loan to refinance a property you own free and clear in your self directed IRA. Thus, a self directed IRA, potentially allows for larger and more profitable investment options, compared to traditional investments.

For more information regarding Real Estate IRAs, please visit IslandViewMortgage.com

ICT in Financial Inclusion, Taxation, Excise and Finance – Abhishek Sinha

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tv.eletsonline.com

Please also visit FIPS(“Financial Inclusion & Payment System”) fips.eletsonline.com

Elets – A platform for disseminating creative ideas on ICT

Elets Technomedia is a technology media and research company that focuses on ICT in government, education, healthcare, agriculture and rural development sectors. Our mandate is to provide effective information on latest development in different ICT tools, techniques and their applications across our verticals through premier print publications, online portals and premier events, seminars, conferences and summits. Elets has created a name for itself as a technology media and research vendor of choice.

Strategies

To strengthen and facilitate knowledge sharing platforms engaging with partners across the globe through International conferences to provide cross-cultural grounding to stakeholders and participants To provide stakeholders with a platform to share models of best practice, knowledge and experience on a range of issues in the domain of ICT in Governance, Education, Health, security, Urban and Rural Development To mobilise the communities towards creating a digitally informed knowledge society based on shared understanding

Elets Focus Areas

Elets provides an unmatched versatility for working with multiple partners and consultants to mutually share knowledge. With a vision to provide effective information on latest development in different ICT tools, techniques and their applications across various verticals with focused reference to governance, education and health, we

a) bring niche monthly publications;

b) provide knowledge exchange fora and

c) conduct research projects, primarily through Events & Conferences.

Current Hospital Management Issues In The Us

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In the health care industry, hospital management has emerged as one of the most important areas within the industry because, as a discipline, it integrates medical, practical, social, and economic factors in ensuring the smooth and effective management of hospitals as the main sources of health care provision and services. According to the American Hospital Association (AHA), there are currently 5,708 registered hospitals throughout the US servicing over 37 million patients in a single year. The logistic requirements of overseeing such a huge sector of the health care industry require expert and professional management.

In addition, the AHA official guide to hospital listing requirements, it states that there must be a chief executive responsible for overseeing hospital operations in accordance with established policy. In this light, it is clear that ensuring the smooth delivery of services to patients entails proper hospital management.

As a discipline, hospital management has faced growing demands for high quality medical care and services, as well as facilities where these shall be undertaken. Hospital management serves as the direct link between healthcare facilities and the practitioners, staff, and companies providing the services and products needed to ensure smooth operation. As a highly demanding field, hospital management has faced several issues in the past. The ongoing search for solutions to improve the delivery of superior services to patients is a challenging and difficult task, especially when one considers the major issues involved.

Financial constraints
With the economic downturn currently being felt across US industries, hospital management is also reeling from its effects. In fact, according to American College of Healthcare Executives (ACHE) annual survey regarding issues faced by managers, financial problem is the top issue in hospital management today. Problems such as increased operational costs, the demand for more affordable services, and the like have seriously effected hospital management in unprecedented ways.

Ensuring patient safety and service quality
Despite the financial considerations, a hospital manager must still ensure that the institution is capable of providing superior services to its patients. This aspect requires continuously identifying, conceptualizing, and implementing systems designed to ensure patient safety and service quality. For example, given the drastic limitations in budget, the dilemma is to provide the same level of service quality and patient safety and security at a lesser cost to the hospital.

Employee Satisfaction
Apart from the above, third on the list is maintaining employee satisfaction. Given that hospital personnel are on the frontline of service provision, a hospital manager must keep the employees satisfied and motivate them to produce good work. This area requires a review of stress-inducing factors that heighten employee dissatisfaction. Steps must also be taken to address the issue of lack of control over ones duties and work schedules as well as the lack of access to the decision making process involving hospital personnel.

An effective hospital management system is one that expertly integrates various factorseconomic, financial, social, and professional considerationsto maintain the quality of service and ensure the overall safety and security of its patients. In order to improve an existing management system, these important factors must be considered and ultimately, be addressed.

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