Wikipedia says that ‘due diligence’ is a term used for a number of concepts involving the performance of an investigation of a business or person. It can be a legal obligation, but the term more commonly applies to voluntary investigations. ‘Know Your Customer’ (KYC) is the ‘due diligence’ that financial institutions must perform to identify their clients and ascertain relevant information pertinent to doing financial business with them.
We all have regular business guests and frequently welcome companies for business meetings. These companies are very critical to our financial success. Groups give important occupancy to the bottom line. I suggest that getting to know something about these companies can have an impact on the company’s executives and coordinators.
Always check your arrivals list to be aware of who will be checking in. Of course, VIPs are a priority. (See DC Update #157-Making Guest Feel Like VIPs and DC Update #185-Visiting VIPs.)
Being aware of who is staying with you is just the first step. Learning something about the guests, especially businesses or regulars, is your next mission. You might ask other long-time staff members what they know about the guests or companies, but using Google might be the best way to do your ‘due diligence’.
A guest or company who is responsible for substantial room nights is extremely important to our success. So, it follows that we should get to know those guests a little better.
Another area where doing due diligence is important is your knowledge of the local area: restaurants, museums, galleries, stores, sports, activities, tourist sites, etc. Guests expect you to be knowledgeable about things they ask about.
Due diligence also applies to your awareness of your direct competition—the hotels in the area and what they offer or don’t offer. Knowledge about your competition makes you better equipped to sell your hotel on reservation calls.
Do you know your guests and their companies? Do you know what is going on in your area? Do you know your competition?