
Can you really manage your competition? Well, you can certainly manage your competitive relations and the impact your competitors have on your business. And, in good times and bad, there are ways for you to always come out on top. Start by being realistic about who your competition is. Too often we like to flatter ourselves by imagining that we directly compete with hotels far more luxurious and packed full of more services than our own. A guideline that I use is that if a nearby hotel's rates are usually within 30% of mine-higher or lower-they are a direct competitor. And that means I need to treat them as a competitor. Here's how with seven ways to manage the competition: READ MORE