{"id":5303,"date":"2021-12-15T12:11:42","date_gmt":"2021-12-15T12:11:42","guid":{"rendered":"https:\/\/www.schofields.ltd.uk\/blog\/?p=5303"},"modified":"2022-10-12T11:08:00","modified_gmt":"2022-10-12T11:08:00","slug":"top-tips-for-conducting-your-year-end-performance-review","status":"publish","type":"post","link":"https:\/\/www.schofields.ltd.uk\/blog\/5303\/top-tips-for-conducting-your-year-end-performance-review\/","title":{"rendered":"Top Tips for Conducting Your Year-End Performance Review"},"content":{"rendered":"<span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\">4<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span><p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-5306\" src=\"https:\/\/www.schofields.ltd.uk\/blog\/wp-content\/uploads\/2019\/03\/Depositphotos_60078831_m-2015.jpg\" alt=\"\" width=\"700\" height=\"420\" srcset=\"https:\/\/www.schofields.ltd.uk\/blog\/wp-content\/uploads\/2019\/03\/Depositphotos_60078831_m-2015.jpg 1000w, https:\/\/www.schofields.ltd.uk\/blog\/wp-content\/uploads\/2019\/03\/Depositphotos_60078831_m-2015-300x180.jpg 300w, https:\/\/www.schofields.ltd.uk\/blog\/wp-content\/uploads\/2019\/03\/Depositphotos_60078831_m-2015-768x461.jpg 768w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<p>Now is the perfect time to analyse your holiday letting business to determine how your rental property (or properties) has fared over the past 12 months.<\/p>\n<h2 style=\"text-align: center;\"><span style=\"color: #000080;\"><strong>Why should you carry out a SWOT analysis<\/strong><strong> for your holiday let?<\/strong><\/span><\/h2>\n<p>Running a holiday let is not an easy task. There\u2019s lots to organise and do \u2013 no matter whether it\u2019s low or peak season. During that time, it\u2019s likely that you\u2019ve learned some new things, but you\u2019ve just been too busy to take it all in and reflect. You may have also made a few mistakes over the year.<\/p>\n<p>An annual review is a great way for you to reflect, analyse and identify your successes and failures. Once you\u2019ve evaluated your business, you\u2019ll be able to plan how you can improve and meet your goals.<\/p>\n<p>If you fail to plan, you are planning to fail.<\/p>\n<h2 style=\"text-align: center;\"><span style=\"color: #000080;\"><strong>How should you approach your end-of-year evaluation<\/strong><strong>?<\/strong><\/span><\/h2>\n<p>One of the most straightforward ways to start the review is to use the tried and trusted SWOT analysis framework (Strengths, Weaknesses, Opportunities, Threats).<\/p>\n<p>A <a href=\"https:\/\/www.wordstream.com\/blog\/ws\/2017\/12\/20\/swot-analysis\" target=\"_blank\" rel=\"noopener\">SWOT analysis<\/a> is often behind the best marketing plans, so it\u2019s worth spending some time on this exercise to kick things off. It shouldn\u2019t take you very long to complete and don\u2019t forget, it will also provide a brilliant reference point when you complete your next year end review. This is because things change &#8211; and this is especially true of the holiday rental industry.<\/p>\n<p>Which of the four \u2018buckets\u2019 (Strengths, Weaknesses, Opportunities, Threats) might each of the following fit into &#8211; when it comes to <em>your <\/em>holiday let?<\/p>\n<p>For example, perhaps you need to try Airbnb because they are dominating Google for your target keywords and your Vrbo leads are down 25% year on year. Or, you need to update your website description and photos to show your new outdoor firepit area, because your guest reviews continually mention they weren\u2019t aware of it and loved sitting out at night under the stars.<\/p>\n<p><strong>Here are some aspects you can review as part of your SWOT analysis.<\/strong><\/p>\n<p><span style=\"color: #000080;\"><strong>Current procedure\/technology used<\/strong><\/span><\/p>\n<ul>\n<li>Marketing software<\/li>\n<li>Booking software<\/li>\n<li>Accounting practices<\/li>\n<li>Receiving payments<\/li>\n<li>Use of automation to reduce man-time: e.g. check-in\/check-out, emails<\/li>\n<\/ul>\n<p><span style=\"color: #000080;\"><strong>Bookings<\/strong><\/span><\/p>\n<ul>\n<li>Competitiveness of rates vs competitors\/\u2018norm\u2019 in the marketplace<\/li>\n<li>Occupancy rate<\/li>\n<li>Profit\/Profit per booking<\/li>\n<li>Number of cancellations\/refunds<\/li>\n<li>New vs returning customers<\/li>\n<\/ul>\n<p><span style=\"color: #000080;\"><strong>Marketing<\/strong><\/span><\/p>\n<ul>\n<li>Branding \u2018look and feel\u2019<\/li>\n<li>Number of leads\/bookings generated each month by source and return on investment (ROI) (e.g. direct\/website\/listing sites\/social)<\/li>\n<li>Website traffic\/relevance\/photos<\/li>\n<li>Social media channel followers and engagement<\/li>\n<li>Customer reviews\/feedback<\/li>\n<\/ul>\n<p><span style=\"color: #000080;\"><strong>Expenses<\/strong><\/span><\/p>\n<ul>\n<li>Property management<\/li>\n<li>Spend on external services (accounting, maintenance, etc.)<\/li>\n<li>Sundries<\/li>\n<li>Utilities<\/li>\n<li>Cleaning<\/li>\n<li>Advertising\/Marketing<\/li>\n<li>Operational costs<\/li>\n<li>IT (hardware and software)<\/li>\n<\/ul>\n<p><span style=\"color: #000080;\"><strong>External factors<\/strong><\/span><\/p>\n<ul>\n<li>Local events which attracted (or deterred) more guests (festival, major construction work, etc.)<\/li>\n<li>New resort opening in the area<\/li>\n<li>Transport connections<\/li>\n<li>Economical factors (e.g. Brexit, a downturn in the economy, Covid)<\/li>\n<li>Seasonal\/environmental factors (e.g. weather, natural disaster)<\/li>\n<\/ul>\n<p>Now that you have done your SWOT analysis, you will be far better equipped to plan for the year ahead, with a much-improved chance of increasing your holiday letting business\u2019s performance as a result.<\/p>\n<h2 style=\"text-align: center;\"><strong><span style=\"color: #000080;\">Reconnecting with your business &#8211; and your customers<\/span><\/strong><\/h2>\n<p>As well as looking at the above, it\u2019s a good idea to step back and re-examine the ethos and purpose behind your business. Getting into this frame of mind can help you to better connect to future customers.<\/p>\n<p><span style=\"color: #000080;\"><strong>Think about the following:<\/strong><\/span><\/p>\n<ul>\n<li>Who are your customers? Who is your ideal guest?<\/li>\n<li>What are their needs? What would impress them?<\/li>\n<li>What would a perfect stay look like?<\/li>\n<li>What is your \u2018mission\u2019 as a holiday rental host?<\/li>\n<li>How do you rank against your direct competitors &#8211; and in the marketplace?<\/li>\n<li>What does your property offer that others can\u2019t?<\/li>\n<li>What are<em> your<\/em> needs as a business? What does success look like?<\/li>\n<\/ul>\n<p><span style=\"color: #000080;\"><strong>Time to get planning\u2026<\/strong><\/span><\/p>\n<p>Now that you\u2019ve looked at the year just gone, it\u2019s time to plan for the next 12-months and put all those observations and analysis to good use.<\/p>\n<p><span style=\"color: #000080;\"><strong>For example, think about:<\/strong><\/span><\/p>\n<ul>\n<li>How can future mistakes be avoided?<\/li>\n<li>What worked really well, how can this be repeated?<\/li>\n<li>What didn\u2019t work and should be scaled back or stopped<\/li>\n<li>What produced good results, but took an excessive amount of effort? Is it really worth doing again?<\/li>\n<li>How can outgoings be reduced?<\/li>\n<li>What is worth investing in during the next 12 months?<\/li>\n<li>How can you use technology and outsource tasks to work more efficiently?<\/li>\n<\/ul>\n<h2 style=\"text-align: center;\"><strong><span style=\"color: #000080;\">Setting goals and objectives<\/span><\/strong><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-5307\" src=\"https:\/\/www.schofields.ltd.uk\/blog\/wp-content\/uploads\/2019\/03\/Depositphotos_47973839_m-2015.jpg\" alt=\"\" width=\"696\" height=\"464\" srcset=\"https:\/\/www.schofields.ltd.uk\/blog\/wp-content\/uploads\/2019\/03\/Depositphotos_47973839_m-2015.jpg 1000w, https:\/\/www.schofields.ltd.uk\/blog\/wp-content\/uploads\/2019\/03\/Depositphotos_47973839_m-2015-300x200.jpg 300w, https:\/\/www.schofields.ltd.uk\/blog\/wp-content\/uploads\/2019\/03\/Depositphotos_47973839_m-2015-768x512.jpg 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" \/><\/p>\n<p>You probably don\u2019t need us to tell you that setting some goals and objectives for your holiday rental is essential. Many of us will have previously failed to spend time on this type of exercise until now; perhaps just preferring to \u2018get on with things\u2019.<\/p>\n<p>The risk is, however, that a lack of strategy can end up leading to opportunities and details being missed \u2013 and new (or even repeat) mistakes being made.<\/p>\n<p>Using the knowledge you\u2019re now equipped with from your end-of-year review, set some achievable and realistic business goals you\u2019d like to have achieved in 3 months, 6 months or by this time next year. What does a successful year look like?<\/p>\n<p>It doesn\u2019t have to be complicated either; you can set objectives which are straightforward and clear \u2013 just make sure it\u2019s possible to achieve what you\u2019re setting out to do.<\/p>\n<p>Then use the long-established <a href=\"https:\/\/blog.hubspot.com\/marketing\/smart-goal-examples\" target=\"_blank\" rel=\"noopener\">SMART methodology<\/a> (Specific, Measurable, Achievable, Realistic, and Time-bound) to set your goals.<\/p>\n<p><span style=\"color: #000080;\"><strong>Here are a few example goals someone may set \u2013 using SMART<\/strong><\/span><\/p>\n<p><span style=\"color: #000080;\"><em>\u201cIncrease the total number of bookings (year on year) by 15%\u201d<\/em><\/span><\/p>\n<p><span style=\"color: #000080;\"><em>\u201cReduce average spend on acquiring each booking by 10%\u201d<\/em><\/span><\/p>\n<p><span style=\"color: #000080;\"><em>\u201cIncrease visits to my website by a total of 20% by year-end.\u201d<\/em><\/span><\/p>\n<p><span style=\"color: #000080;\"><em>\u00a0<\/em><em>\u201cReduce yearly spend on cleaning and maintenance by 10%\u201d<\/em><\/span><\/p>\n<p><span style=\"color: #000080;\"><em>\u00a0<\/em><em>\u201cUtilise holiday rental software in order to automate tasks and reduce property management hours worked by 20%\u201d<\/em><\/span><\/p>\n<p><span style=\"color: #000080;\"><em>\u00a0<\/em><em>\u201cBoost mid-week May bookings by 10%\u201d<\/em><\/span><\/p>\n<p><span style=\"color: #000080;\"><em>\u00a0<\/em><em>\u201cHost 20% more repeat guests than last year\u201d<\/em><\/span><\/p>\n<p><em>\u00a0<\/em>Take care not to set too many goals and objectives for your business though, as they need to be a manageable number (2-3) so that you can work towards them all, and not be over-burdened.<\/p>\n<p><span style=\"color: #000080;\"><strong>In summary\u2026<\/strong><\/span><\/p>\n<p>The beauty of conducting a year-end-review and setting goals and objectives for your holiday let is that the information becomes a very useful reference for you over the next 12 months.<\/p>\n<p>However, before you commit resources to any goal, ask yourself: how will this help your holiday rental business or improving the guest experience?<\/p>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\">4<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span> Now is the perfect time to analyse your holiday letting business to determine how your rental property (or properties) has fared over the past 12 months. Why should you carry out a SWOT analysis for your holiday let? Running a holiday let is not an easy task. There\u2019s lots to organise and do \u2013 no matter whether it\u2019s low or &hellip;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":["post-5303","post","type-post","status-publish","format-standard","hentry","category-holiday-home-marketing"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Review Your Airbnb Holiday Let Business Performance<\/title>\r\n<meta name=\"description\" content=\"An annual review is a great way for you to reflect, analyse and identify your successes and failures so you can plan how to improve and meet your goals.\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.schofields.ltd.uk\/blog\/5303\/top-tips-for-conducting-your-year-end-performance-review\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Review Your Airbnb Holiday Let Business Performance\" \/>\r\n<meta property=\"og:description\" content=\"An annual review is a great way for you to reflect, analyse and identify your successes and failures so you can plan how to improve and meet your goals.\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/www.schofields.ltd.uk\/blog\/5303\/top-tips-for-conducting-your-year-end-performance-review\/\" \/>\r\n<meta property=\"og:site_name\" content=\"Tips for Marketing &amp; 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Running a Successful Holiday Let","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.schofields.ltd.uk\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.schofields.ltd.uk\/blog\/#\/schema\/person\/9155ce047da1ffc98839b2464a5d494a","name":"Philip","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.schofields.ltd.uk\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/9e868fd95213fdf7fdbc976d34987825?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/9e868fd95213fdf7fdbc976d34987825?s=96&d=mm&r=g","caption":"Philip"},"description":"Founded in 1984, Schofields is a family run company specialising in holiday home insurance for properties in the UK, France, Spain, Portugal and Italy. Phil Schofield leads the marketing team and offers a wealth of industry knowledge to the Schofields blog and various online publications. With over 10 experience managing holiday lets, Phil is an active member of the holiday letting and self-catering community, providing expert holiday letting advice, as well as essential holiday home marketing tips. His combination of insurance and marketing knowledge make him a key asset to the holiday rental industry. Phil Schofield has been featured in The Telegraph, A Place In The Sun, The Daily Mail and many more! To find out more about Schofields, check out the about us page.","sameAs":["http:\/\/www.schofields.ltd.uk"],"url":"https:\/\/www.schofields.ltd.uk\/blog\/author\/phil\/"}]}},"_links":{"self":[{"href":"https:\/\/www.schofields.ltd.uk\/blog\/wp-json\/wp\/v2\/posts\/5303"}],"collection":[{"href":"https:\/\/www.schofields.ltd.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.schofields.ltd.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.schofields.ltd.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.schofields.ltd.uk\/blog\/wp-json\/wp\/v2\/comments?post=5303"}],"version-history":[{"count":1,"href":"https:\/\/www.schofields.ltd.uk\/blog\/wp-json\/wp\/v2\/posts\/5303\/revisions"}],"predecessor-version":[{"id":6724,"href":"https:\/\/www.schofields.ltd.uk\/blog\/wp-json\/wp\/v2\/posts\/5303\/revisions\/6724"}],"wp:attachment":[{"href":"https:\/\/www.schofields.ltd.uk\/blog\/wp-json\/wp\/v2\/media?parent=5303"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.schofields.ltd.uk\/blog\/wp-json\/wp\/v2\/categories?post=5303"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.schofields.ltd.uk\/blog\/wp-json\/wp\/v2\/tags?post=5303"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}