CBIZ INNKEEPERS INSURANCE BLOG

Insights and liability tips on how to protect your inn or bed & breakfast, giving you and your guests peace of mind.

Ward, Hayden
/ Categories: BLOG Articles

Bed & Breakfast Trends for 2023

innkeeper trend report 2023

It would be an understatement to say that the travel and hospitality industries are back. Revenge travel has been at the forefront of many travelers’ minds—booking trips far ahead into the future and focusing more on experiences rather than physical items. Being aware of the hospitality business trends for 2023 can help bed and breakfast owners successfully meet their challenges and find growth opportunities.

3 Trends for Bed & Breakfasts in 2023:

1. Recession Preparation

Due to limited resources, small businesses often face unique challenges during a recession and must make difficult decisions to stay afloat. Proper planning and implementing preventive strategies can help small businesses minimize the financial hardships of a recession. This often starts with evaluating cash flow, managing controllable risks and remaining flexible.

Inflation is driving up costs, forcing organizations of all sizes to turn to cost-saving measures. Outsourcing nonessential functions and investing in automation are effective ways small businesses are addressing their rising costs. By outsourcing or automating functions—such as recordkeeping, accounting and marketing—bed and breakfasts can reduce their labor costs and be more productive.

2. Smart Technology

The pandemic sparked advancements in operational smart technology for bed & breakfast owners. Technology is one of the fastest-evolving developments the world has ever seen and it’s changing how properties act before, during and after a guest’s stay.

Many inns and bed & breakfasts are replacing their front desk with digital keys, mobile check-in, QR codes and tablets. This trend can help eliminate wait times and allow you to focus on more of your guests’ needs. As expected, travelers nowadays are extremely tech-savvy. This trend is here to stay!

Don’t forget there are smart technology devices that can support cleaning protocols, team communications, property care, leak detection, and property automation. For more information on smart tech devices, check out our post here!

3. It’s All About the Experience

Even during a time of possible recession, consumers are still making travel and experiences a main priority. According to a third-party research study, 74% of consumers value having an experience over owning products. Our advice: learn about your guests and create different personas to create better experiences.

We’ve heard about wellness retreats and other experience-centered trips, but you can incorporate some of these ideas into your bed & breakfast packages. Consider morning yoga, meditation, a guided hiking tour or crafting. Creating meaningful experiences for your guests will be key for 2023.

Ensure You’re Protected with CBIZ Innkeeper Insurance

Taking the time to ensure your guests and your property are safe is the most important factor in running a bed & breakfast. Our hope at CBIZ Innkeepers Insurance is to provide your property with coverage that gives you peace of mind as you welcome guests into your charming property. Connect with a team member today at CBIZ Innkeeper Insurance to learn more.

This blog may contain scenarios that are provided as examples only. Coverage is subject to the terms, conditions and exclusions of the policy issued. The information provided is general in nature and may be affected by changes in law or the interpretation of such laws. The reader is advised to contact a professional prior to taking any action based upon this information.

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CBIZ Innkeepers Insurance, a division of CBIZ Insurance Services, Inc., is the largest insurer of innkeeper businesses in the United States. As part of an $850 million New York Stock Exchange traded company (CBZ), we developed a specific policy coverage to meet the needs for inns and bed & breakfasts, and the amenities offered by these businesses. Our policy is underwritten by an A.M. Best Rated A++ (Superior) company.

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