It’s hard to believe that May is already here; doesn’t it seem like we were all just in Puerto Rico attending our annual conference? Since this is my first message since the conference, I would like to once again thank Mary Ann Passi, the staff of CHPA and the entire conference planning committee for putting on such a great conference. Not only was it a great few days, it was also refreshing to know that our time and money in Puerto Rico went to assisting the rebuilding of that island and helping our US Caribbean neighbors. I am not sure I will ever forget those stories we heard on that first day from Bibiana Ferraiuoli, from the Ricky Martin Foundation , and Alma Frontera, from the Foundation for Puerto Rico.
One thing that continues to resonate with me this year is how rapidly our industry and the entire landscape of accommodations are evolving. The collision between the various forms of alternative housing and the more traditional corporate housing industry is a matter of our reality now and with it we are facing both new challenges and competition seemingly every day.
And, as both new and old competition evolves, it becomes even more important, that as professional operators, we provide both our clients and ourselves peace of mind. It is crucial we hold ourselves accountable to knowing who we are doing business with and undertake the appropriate due diligence to protect our companies from undue financial risk; which in turn demonstrates duty of care to our clients, guests and fellow corporate housing partners.
In our continuing efforts to assist our membership in evolving and growing your business, CHPA has recently introduced several new initiatives, aimed at helping you do just that:
- Strengthening the CHPA company accreditation program. The company accreditation program demonstrates a company’s commitment to professional business practices. Previously, the accreditation required a credit check once every three years. Earlier this month, the CHPA board voted to strengthen the program by requiring a credit check annually; if a company does not pass, they will lose their accreditation immediately. CHPA is also expanding the credit reporting agencies used in this process; we now work with both Experian and Dun & Bradstreet to verify credit is in good standing.
- Enhanced member education. CHPA recently completed its first comprehensive member education survey to ensure that our offerings match the needs of our members. One key finding is that we must offer stronger education regarding vetting supply chains, doing due diligence when partnering with new clients and providers, and understanding key financial indicators in our businesses. New resources and education on these topics are in the works; watch for these offerings as they become available and make the time to take advantage of them.
- Launch of CHPA Analytics. Better data leads to better business decisions. CHPA Analytics is a new data tool that helps your company make better business decisions, leading to increased profitability. Historically, CHPA’s industry survey has offered only a snapshot of the industry’s performance; CHPA Analytics will provide real-time, easy-to-understand data to drive business strategy, revenue growth, and sales and marketing objectives. Our data partner Datlytics is working to onboard companies who have expressed interest in the platform, and we look forward to a full launch of this platform later this summer.
As our industry changes, CHPA is adapting to address the new realities we face. As you heard from the CHPA Board of Directors final session at our conference, you have a talented, seasoned group of professionals looking out for your best interests. I do not ever recall a time of such remarkable change in our industry and staying ahead of this change will be a driving mandate for CHPA this year and in the years ahead.