As most people will tell you, two of the hottest careers in the hospitality industry are Hotel Management and Restaurant Management. Both employ similar management principles and both sometimes share the same venue. That said, there are distinct differences that separate the two careers.
For one thing, some hotels will house a variety of restaurants. In fact, many of the finest restaurants in the world are situated inside hotels. Some economy hotels will even lease space to restaurants, reasoning rightly, that having an eatery in close proximity makes their hotel more appealing and convenient for guests.
Whether you choose to launch or expand your career in hotel management or restaurant management, you’ll still be responsible for a variety of day-to-day operations. Both careers will call on your skills, training and education in business as well as hospitality.
For example, if you decide to pursue a career in revenue management, there are some specific skill sets you’ll need to acquire:
- Economic savvy. You’ll need to understand how currency exchange fluctuations affect demand across various continents. That means keeping up with the latest economic news.
- Math wizardry. You’ll need to be at home with statistics, weighted averages, standard deviation and variances. You’ll have to know the formulas and calculations that can analyze these and other trends.
- Analytical thinking. You’ll need excellent analytical skills to cross-analyze various dates, spot trends and variations. You'll need to understand complex data models to predict certain outcomes.
- Excel at spreadsheets. You’ll need to know Excel and other spreadsheet applications to compile data into statistical summaries and develop formulas for dynamic tables, graphs, macros and conditional formatting.
- Understand techspeak. As you navigate increasingly complex software for distribution, reservation and revenue management, you’ll need to “talk the talk” when it comes to exploiting these systems to the fullest.
- Understand webspeak. With online sales growing at a rapid clip, you’ll have to grow increasingly web savvy. Incentive sales, online distribution, and what the consumer is doing online will become critical. Here, mobile media consumerism will take center stage and you’ll have to know where the technology is headed.
As you may have already surmised, the competition for hotel and restaurant management positions is fierce. That means you have to be on top of your game at all times. You’ll not only have to apply your skills and education, but your personality as a can-do performer, someone who is not afraid to take on challenges and to the extra work that separates the winners from the “also rans.”
It also means you have to show an ability to get along with co-workers, as well as those working under you. If you’re still in the classroom or in on-the-job training, pay particular attention to sensitivity training and developing your people skills. This can help you as you rise in your career.