BUSINESS PLANNING IN THE HOTEL AND RESTAURANT INDUSTRY AS A KEY TOOL FOR THE DEVELOPMENT OF A PROFITABLE ESTABLISHMENT

Abstract

The article examines aspects of planning for profitability, competitiveness, and long-term development of enterprises in the hospitality industry. The relevance of the research topic is driven by increasing competition in the hotel and restaurant services market, dynamic shifts in consumer preferences, the active digitalization of business processes, the need for enterprises to adapt to crises, and the growing importance of strategic management in an unstable external environment. The study aims to develop theoretical foundations and substantiate practical recommendations for business planning to enhance the profitability of hotel and restaurant enterprises amid dynamic changes in the external environment.

To achieve this aim, the study examines existing approaches to defining the essence of business planning, its role within the strategic management system, and its contribution to ensuring enterprises' competitive advantage. The conceptual provisions of foreign and domestic scholars regarding the use of business planning as a tool for the development of economic entities, particularly enterprises in the hospitality sector, are summarized. Current trends in the development of the hotel and restaurant business are identified, along with key factors influencing the effectiveness of enterprise planning activities. The importance of integrating strategic, marketing, operational, financial, and digital components into a unified business planning system designed to ensure sustainable profitability is substantiated. Business planning in the hotel and restaurant industry is a continuous process of developing, implementing, and adjusting managerial decisions to ensure long-term enterprise profitability by aligning market opportunities, resource potential, and consumer needs. An integrated business planning model for a profitable hotel and restaurant establishment is substantiated and encompasses analytical, value-based, operational, marketing, financial, and control blocks. Compared to existing approaches, the proposed model ensures a continuous cycle of planning, implementation, control, and adaptation of managerial decisions, creating the prerequisites for improving operational efficiency, strengthening competitive positions, and ensuring the sustainable development of hospitality industry enterprises.