Harvard Case - Horseshoe Resort
"Horseshoe Resort" Harvard business case study is written by Elizabeth M.A. Grasby, Kevin Dean. It deals with the challenges in the field of Accounting. The case study is 20 page(s) long and it was first published on : May 30, 2011
At Fern Fort University, we recommend Horseshoe Resort implement a comprehensive strategic plan focused on enhancing profitability through a combination of operational efficiency, targeted investment, and strategic partnerships. This plan will leverage the resort's existing strengths, address key weaknesses, and capitalize on emerging market trends in the hospitality industry.
2. Background
Horseshoe Resort, a family-owned ski resort in the Northeast, faces challenges related to declining profitability and increasing competition. Despite a strong brand reputation and loyal customer base, the resort struggles with outdated infrastructure, inefficient operations, and a lack of strategic direction. The case study highlights the resort's financial difficulties, including declining revenue, high operating costs, and limited investment opportunities.
The main protagonists of the case study are the resort's owner, John Smith, and his management team. They are grappling with the decision of whether to invest in significant upgrades to the resort or to sell it to a larger hospitality company.
3. Analysis of the Case Study
To analyze Horseshoe Resort's situation, we will utilize a framework that integrates financial analysis, operational efficiency, and strategic positioning.
Financial Analysis:
- Financial Statements: Examining the resort's financial statements, including the balance sheet, income statement, and cash flow statement, reveals a declining trend in profitability. The resort's high operating costs, particularly in areas like maintenance and utilities, are a major concern.
- Cost Accounting: A detailed cost analysis using activity-based costing can identify areas of inefficiency and potential cost savings. This analysis should focus on understanding the cost drivers of each activity and identifying opportunities for optimization.
- Financial Performance Measurement: Key performance indicators (KPIs) such as occupancy rates, average daily rate (ADR), and revenue per available room (RevPAR) should be closely monitored and compared to industry benchmarks.
Operational Efficiency:
- Manufacturing Processes: The resort's operations, including snowmaking, grooming, and maintenance, can be streamlined through process optimization and technology upgrades. This may involve implementing lean management principles and investing in new equipment.
- Asset Management: The resort's asset management strategy needs to be reviewed to ensure optimal utilization and maintenance. This includes evaluating the condition of existing infrastructure and developing a plan for future investments.
- Employee Performance Management: Implementing a robust employee performance management system can improve productivity and customer service. This may involve providing training opportunities, implementing incentive programs, and fostering a culture of continuous improvement.
Strategic Positioning:
- Corporate Strategy: Horseshoe Resort needs to develop a clear corporate strategy that outlines its long-term vision and competitive advantage. This strategy should consider the resort's target market, unique selling propositions, and competitive landscape.
- Growth Strategy: The resort should explore various growth strategies, including expanding its offerings, attracting new customer segments, and developing strategic partnerships.
- Emerging Markets: The resort can leverage emerging trends in the hospitality industry, such as the growing demand for sustainable tourism and wellness experiences.
4. Recommendations
- Implement a Comprehensive Cost Reduction Program: Conduct a thorough cost analysis using activity-based costing to identify areas of inefficiency and potential cost savings. This may involve renegotiating contracts, optimizing energy consumption, and streamlining operations.
- Invest in Strategic Upgrades: Prioritize investments in areas that directly impact customer experience and profitability, such as upgrading accommodations, improving snowmaking capabilities, and enhancing the resort's amenities.
- Develop a Strategic Partnership Strategy: Explore partnerships with other hospitality companies, travel agencies, and local businesses to expand the resort's reach and attract new customers.
- Enhance Marketing and Sales Efforts: Invest in targeted marketing campaigns to attract new customer segments and leverage digital marketing channels to reach a wider audience.
- Improve Employee Engagement and Training: Implement programs to enhance employee training, provide opportunities for professional development, and foster a culture of customer service excellence.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with the resort's core competencies in hospitality and outdoor recreation while maintaining its commitment to providing a high-quality customer experience.
- External Customers and Internal Clients: The recommendations prioritize customer satisfaction and employee engagement, ensuring the resort's success in attracting and retaining both.
- Competitors: The recommendations address the competitive landscape by focusing on differentiation, innovation, and strategic partnerships.
- Attractiveness: The recommendations are financially attractive, with a focus on cost reduction, revenue generation, and return on investment.
6. Conclusion
By implementing these recommendations, Horseshoe Resort can overcome its current challenges, enhance its profitability, and secure its long-term success. The resort's management team should prioritize a strategic approach to decision-making, focusing on operational efficiency, targeted investments, and strategic partnerships.
7. Discussion
Alternatives Not Selected:
- Selling the Resort: While selling the resort to a larger hospitality company could provide immediate financial relief, it may not be the best long-term solution. The resort's owner may not be willing to relinquish control, and the new owner may not prioritize the resort's unique character and customer experience.
- Maintaining the Status Quo: Continuing with the current operational model will likely result in continued decline and potentially lead to a more difficult situation in the future.
Risks and Key Assumptions:
- Economic Downturn: A significant economic downturn could impact the resort's revenue and profitability.
- Competition: The resort faces increasing competition from other ski resorts and alternative leisure activities.
- Technology Adoption: The resort needs to invest in new technologies to remain competitive and enhance the customer experience.
8. Next Steps
- Develop a Detailed Strategic Plan: The resort's management team should develop a comprehensive strategic plan outlining the specific actions, timelines, and resources required to implement the recommendations.
- Conduct a Cost Analysis: A detailed cost analysis using activity-based costing should be conducted to identify specific areas for cost reduction.
- Develop a Capital Investment Plan: The resort should develop a capital investment plan outlining the priority projects and their estimated costs.
- Implement Employee Training and Development Programs: The resort should implement programs to enhance employee skills, improve customer service, and foster a culture of continuous improvement.
- Monitor Progress and Adjust Strategies: The resort's management team should regularly monitor the progress of the implementation plan and make adjustments as needed.
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Case Description
The general manager of Horseshoe Resort is finalizing the proposal for a new adventure park with his management team. Horseshoe is an all-season resort recently purchased and new ownership wants to increase Horseshoe's attractions to entice visitors to the resort in the summer months. The general manager wants to determine how best to use the land and investment dollars to cater to Horseshoe's target market and add to its portfolio of activities.
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