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. It all comes down to honesty, communication, and realistic planning. Try to avoid being driven by fear or intimidation, instead focus on accuracy and accountability. Once you’ve analyzed the data from all angles possible, and gathered data from all participating parties, you’re ready to begin your 2016 budget plan.
3 Tips for a Successful Budget Plan
Though there are many considerations to make while budgeting, there are three main points to seriously pay close attention to.
Idealists Are Fun Friends, But Realists Are Better For Budget Planning.
The death of every good plan begins with unrealistic goals. Give your 2016 a long healthy life, with attainable goals. What this means is, try not to create your budget goals based off of a “perfect world” scenario, since it’s not a perfect world… yet.
After the results from last years goals compared with the results, you should be able to make an informed estimate of where your goals can be for 2016. There’s no better buzzkill than a long list of excitingly optimistic goals that pass by, one by one, without getting close to reaching. Inspire your team as the years goes by with the inspiring news of goals that have been reached, even surpassed. This doesn’t mean purposely set goals lower than you believe can be reached, simply don’t make them unattainable based on the analytics and data you’ve accumulated.
Don’t Hesitate, Set the Date.
With each goal, you create, set a target date. A goal without a target date is like trying to catch a butterfly without a net, it’s nearly impossible and an energy drain in the process. Hold yourselves accountable for the execution and fruition of your goals. Target dates will also help you stay organized and focused on the task at hand, rather than spreading yourself thin working on a thousand things at once.
This area requires a touch of realism as well. Take heed from previous budget plans, were the target dates set in the past appropriate? Will some of your goals see more success if the target date is sooner? Distinguish between short term and long term goals, and adjust each target date appropriately.
Clear and Concise Does the Trick Every Time.
Last, but certainly not least, keep your plan short and sweet. Hotel owners often lose interest immediately after the techno jargon begins. Speak, write, and comminute in terms that are easy to understand. This will also help with accountability if you explain the proposed budget plan as clearly as possible, and the owners agree to it, then you’re on the same page and harmony will ensue. If it turns out the owners weren’t clear on various points of the plan, and in the end weren’t on the same page as your team, discord will ensue.
Quality over quantity is a winning strategy. The more goals you set, the less likely anything productive happens. A few well-thought-out goals, backed with authentic data and analytics, have an excellent chance of being met, resulting in success for the hotel, and for your team. Keep the plan focused, and lay it out in layman’s terms and you’re golden.
2016 is coming, and it can absolutely be the best year yet for your hotel, regardless of the economy. You can inspire and motivate your team by setting attainable targets for them. You can create a positive relationship between the hotel team and the owners, through realistic and honest communication. This budget plan is one enormous opportunity to set up the hotel for incredible success. Make the last efforts of 2015 fruitful, and say goodbye to this year with a bang.
As it gets close to crunch time, you might find yourselves in need of a little help. HMG Hospitality has been advising and managing hotels for quite some time and is ready to help you achieve your goals. Contact HMG Hospitality at 858.673.1534.
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