Newfoundland and Labrador Product Development Strategy

- 171 -Preference should be given to properties that can influence demand generation and length ofstay to some degree. Only properties located in the designated destination areas would beconsidered for capital financing except in exceptional cases.Support Other than FinancingIt is recommended that HNL and government agencies continue to assist the demandgenerating and demand influencing sectors of the accommodation sector in the province inothers ways, particularly those planning new projects, expansions or upgrades. The followingforms of assistance are most helpful:o Support professional development:- Management training programs- Product study (best practices) trips- Online learning programs- Funding for planning and feasibility assistanceo Assistance for market development initiatives targeting marketplace intermediaries ona cost-shared basis (demand generating and demand influencing properties only) –travel trade, meetings and incentive planners, other key group business sectors(website development, marketplaces, trade shows, direct sales to key group prospects,familiarization visits)o Provide business planning ‘tool kits’:- ‘How to’ workbooks for different types of accommodations – designguidelines, viable business models (number of rooms, services, revenuesources, etc.), planning worksheets/tools, etc.- A financing self-evaluation tool for operators, with guidelines for differenttypes of development, that could also serve as a pre-screening tool for ACOAand other agencies- Computer and software purchase and orientation, eg: budgeting,pricing/revenue management, accounting, marketing planso Provide mentoring/coaching (either directly by ACOA or another agency, or throughcontracted services, by qualified professionals that know the tourism business and itsmarkets):- For applicants seeking financing, both on development planning as well asoperational start up and the early phases of market and business development- Post development mentoring – call in advisory service, follow-on visits- Information sessions across the province and for different sectorso Consulting Services:- Planning and feasibility studiesTHE ECONOMIC PLANNING GROUP of Canada Newfoundland & Labrador Tourism Product DevelopmentD. W. Knight Associates Strategy and Accommodation Needs Study