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:
“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
Though it may be more fun attracting leisure and transient travelers, group and meeting business make up a substantially larger piece of the revenue pie for hotels. Often times, group and business events make up nearly 50% of a hotel’s revenue – that’s some serious cash! Most likely you’re already well aware of the revenue percentage your hotel receives from groups and meetings, but are you equally as aware of every ancillary income opportunity? Do you have the most profitable strategies and practices in place, that will help positively impact your bottom line? As we head into the new year, it’s imperative that your entire management team has the knowledge and tools in order to hit every revenue goal throughout the year. Heed the following advice and practices, and you will be one of the profitable hotels exceed all revenue goals for 2016.
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.
Be prepared, not scared. Budget planning season has rolled around once again, and with it tends to come stress, worry, and frustrations, but that doesn’t have to be the case. Of course, budget and marketing plans are developed to set goals, targets, and hold everyone accountable. With that being said, this is also a learning
Think back, what’s your earliest memory of having a story read to you? For as long as humans have existed on this Earth, storytelling has existed. It isn’t difficult to discern why humans love stories – emotion. Listening to, or a reading a story offers an opportunity to connect with people, places, and events emotionally. People love stories, because stories are an opportunity to feel something. Hotel’s should use stories as an opportunity to significantly increase revenue, through emotionally connecting with guests.
Being a part of a hotel brand or franchise can provide numerous benefits and resources. Often times, individual hotel management teams aren’t aware of all the different ways they can maximize the return on their branded investment. Rather than letting simple ROI opportunities fall by the wayside, grab them while they’re hot and reap the benefits. Analyze the following three areas within your hotel, and take note if your hotel team is taking advantage of them as best as possible.
Acquiring financing for new hotel development or acquisitions of existing properties has been near impossible over the past several years. The tepid recovery of the economy combined with a lack of new hotels, has, in fact, created a more favorable environment for investors seeking hotel projects.
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