The end of the year means extra focus on hotel budgeting strategies for 2018. While the end-product is an estimated financial statement for the upcoming year, the process begins with a marketing plan. Robert Mandelbaum, contributing author at Hotel Management, shares useful insights in his article, “Understand Your Local Market When Making 2018 Budget.” Research
Hotel operators know that there are countless incremental costs that add up to a lot of expenses. Industry executives discussed this topic at length at Hotel ROI Midwest conference, part of the Hotel ROI Series. Here are some of their insights on how reducing hotel costs. Eliminate Dead Space | According to Chris Winterhalter, CEO
Within the hospitality industry, every season has its revenue advantages and disadvantages. Finding revenue success lies in focusing and capitalizing on each particular seasons advantages. Know the purchasing habits of your clientele. Familiarize your team with how to upsell certain items or services in the summer months. Take action to prepare the team and hotel for the summer season.
The only reason the peak summer season may fail to bring in an abundance of revenue is if your hotel team is unprepared. There’s still time yet to plan and get organized, and we want to help!
The beginning of fall is the perfect time to strategically plan how to maximize revenue through the end of the year. When the holidays start to roll around, people are much more inclined to spend, and hotels are a popular item to spend money on.
Especially in the midst of family gatherings, holiday parties and the like, it can be an absolutely gold rush of revenue if you are prepared. We want to help you finish out the year strong so we’ve compiled the following tips for your benefit:
Is your hotel in need of increase revenue from B2B business? We’re guessing yes.
Especially if your hotel’s revenue mostly comes from B2B, this isn’t true of all hotels, but it’s safe to say that B2B revenue typically makes up a large chunk of the revenue pie.
The question remains – how? Of course all hotels desire more B2B revenue, but how do they get it? Through a variety of methods, including, but not limited to, the following.
In a hotel, maintaining peak performance levels requires many resources. Figuring out how to decrease waste while keeping performance standards and levels high, is a challenge to say the least.
Yet, not figuring out how to decrease waste is bad news for your hotel on two fronts – the environment + the bottom line.
Negatively impacting the environment may also negatively impact your hotel’s reputation. It’s no secret that consumers are much more environmentally aware, and take notice when establishments aren’t.
The fact remains that wastefulness must be avoided, with efficiency and sustainability taking it’s place.
“A Goal Without a Plan is Just a Wish.” In the hospitality industry, wishes won’t get us very far. We work with goals, and goals require a plan. We spent a while detailing all the ways you can increase revenue through ancillary income for meetings and events in a previous blog. Selling ancillary items is
People venture into a restaurant to eat the food. People visit their fitness studios to workout. People travel to a hotel to sleep. If any one of those businesses simply relied on the purported “main service,” would they be profitable? Maybe somewhat, but not as much as they could be. Restaurants train team members on
10, 9, 8, 7… the countdown has begun, and no, not for the epic ball drop ringing in 2016, but for the rapidly approaching due date of your hotel’s budget and marketing plan for the new year. This is an instrumentally important tool for your hotel, it can truly influence the success or failure for the next year.
A Coach pours over each play by play of past games, taking notes, jotting down fresh ideas. As the team practices every day until the next game, the coach implements new strategies and teaches his players new tactics. It’s game time once again, the team is ready, they’ve rehearsed their new plays a hundred times.
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