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Leaders in #hotel revenue management say they must identify the strengths and weaknesses of new hires in order to make them more well-rounded. https://bit.ly/4digdtq #revenuemanagement #hiring

The idiots guide to increasing a hotel's revenue by more than 50% within a short time ( Without any refurbishments or additional funding) 1. Manage from a customer point of view. Plan out a customer focused startegy that includes inprovements and services that your customer base wants, not what you or your bosses assume they want. 2. Get the right technology solutions. Implementation of technology in hospitality services and amenities will improve overall customer service but always remember to get the right software or hardware, not the cheapest. 3. Get your employees engaged and set clear goals. First, ensure everyone is paid the right salary at the right position. I made 56 salary adjustments out of 89 employees for the past 5 months. Take care of the little things that no one ever bothers about. One of the small thing.... could be improving your staff meals (in some places, it could be just as simple as buying better quality chicken) or even paying employees salaries and promised OT/allowances on time. 4. And most importantly, sell at the right prices. Which would you prefer, low operating cost with losses or a slightly higher cost with actual profits and better cash flow? No need to listen to the accountants, if they are good enough or have enough common sense to manage that property, they would have been made the GM or Hotel Manager.

Hiring a Hospitality Consultant to implement yield management can make a significant difference in optimizing revenue strategies within the hospitality industry. These consultants bring specialized expertise in analyzing market trends, setting dynamic pricing strategies, and maximizing occupancy rates. Their tailored approach helps hotels and resorts effectively manage demand fluctuations, increase profitability, and stay competitive in a dynamic market landscape.

Why Your Hotel Revenue Management System Might Be Falling Short   As a hotel owner, general manager, hotel manager, or asset manager, you may have noticed that the revenue management system you invested in isn't delivering the results you expected. Despite significant advancements in technology, many hotels still struggle to fully benefit from these systems. Understanding the root cause of these issues can help in addressing them and maximizing the potential of your revenue management strategies. A crucial factor in theeffectiveness of a revenue management system is the qualifications of the revenue manager. The role has evolved dramatically, and today's revenue managers need more than just financial acumen and market knowledge. They must possess strong analytical skills and technological proficiency, particularly in data science. Understanding data cleaning, machine learning algorithms, and model generalization principles are essential to harness the full power of modern revenue management systems. Key Questions Every Revenue Professional Should Answer As an industry leader, it's important to ensure your revenue team is up to date with the latest knowledge and skills. Ask yourself if your team can confidently answer the following questions: Question 1: What is the primary purpose of data cleaning in Data Science? A. To remove data from the dataset B. To ensure that the data is accurate and reliable C. To increase the size of the dataset D. To transform data into a different format Correct Answer: B. To ensure that the data is accurate and reliable Question 2: Which of the following is a common algorithm used in supervised machine learning? A. K-Means Clustering B. Principal Component Analysis (PCA) C. Decision Trees D. Apriori Algorithm Correct Answer: C. Decision rees Question 3: What is the term used to describe a model's ability to perform well on new, unseen data? A. Overfitting B. Underfitting C. Generalization D. Regularization Correct Answer: C. Generalization The Importance of Data Science for Revenue Managers One key reason why revenue management systems might not be working effectively is the gap in understanding how these systems operate. Advanced systems rely on complex data science and machine learning algorithms to make decisions. If your revenue managers lack this knowledge, they might not trust the system's recommendations or may override them incorrectly. This misunderstanding can lead to suboptimal use of the system and missed revenue opportunities. IHG heavily invests in the development of our revenue managers, particularly in IHG Revenue Services. If you are looking for a roaring career in hotel revenue management, watch this space: https://lnkd.in/d36eBv7B. Dipti ChaudharyMartin Anthony-Kirsten (CRME, CHBA)Amjad AlhashmiArijit GhoshGaurav Chopra, CHBATarandeep Singh (CRME, CHBA) Augustus SimonAnanya SinhaSaarthak SethiAmit K.Pankaj BhardwajKaty MortonTracy NicholsHannah Biegel@

In the hospitality industry, there are a variety of skills that are necessary for success. These 12 hotel skills are essential for anyone working in the hotel industry, from entry-level employees to management: 1. Communication Skills: The ability to communicate effectively with guests, employees, and other stakeholders. 2. Customer Service Skills: Providing excellent customer service is crucial. 3. Leadership Skills: Motivating and inspiring employees for the best guest experience. 4. Organizational Skills: Effectively managing and organizing hotel operations. 5. Financial Skills: A strong understanding of financial concepts for budget management and profitability. 6. Marketing Skills: Effectively marketing the hotel to attract guests and generate revenue. 7. Sales Skills: Selling hotel rooms and packages. 8. Housekeeping Skills: Maintaining cleanliness and appearance. 9. Maintenance Skills: Ensuring a safe and comfortable environment. 10. Food and Beverage Skills: Providing excellent service. 11. Event Planning Skills: Planning and executing hotel events. 12. Technology Skills: Effective use of technology. ***To be well-versed in hotel financial leadership, consider the following skills: ✅ Financial literacy: Understand key financial metrics and concepts. ✅ Budgeting and forecasting: Plan and manage financial resources. ✅ Profit and loss analysis: Evaluate financial performance. ✅ Revenue management: Optimize revenue streams. ✅ Cost control: Manage expenses effectively. ✅ Capital expenditure planning: Allocate resources strategically. ✅ Cash flow management: Ensure liquidity. ✅ Financial statement analysis: Interpret financial reports. ✅ Return on investment (ROI): Evaluate investment decisions. ✅ Market segmentation: Understand customer segments. Remember, these skills are essential for success in hotel finance and contribute to the overall profitability and sustainability of the industry. #ehotelmanagementschool #hms #finances

🏨 As an Area Property Manager at Hotels and Resorts, your duties and responsibilities may include 🏩 1. Property Oversight: Managing a portfolio of properties within a designated area, ensuring they meet Companies quality standards and brand guidelines. 2. Performance Monitoring: Monitoring the performance of properties in terms of occupancy rates, revenue generation, guest satisfaction scores, and compliance with Companies operational standards. 3. Relationship Management: Building and maintaining strong relationships with property owners, landlords, and other stakeholders to ensure effective collaboration and smooth operations. 4. Training and Development: Providing training and support to property staff to ensure they understand and adhere to Hotels operational standards, service protocols, and customer service guidelines. 5. Revenue Management: Implementing pricing strategies and revenue management techniques to optimize room rates and maximize revenue for properties in the area. 6. Quality Assurance: Conducting regular inspections and audits of properties to identify any maintenance issues, cleanliness concerns, or deviations from Companies standards, and taking corrective actions as necessary. 7. Problem Resolution: Addressing any guest complaints or issues escalated by property staff promptly and effectively to ensure guest satisfaction and maintain Company reputation. 8. Expansion and Onboarding: Identifying potential properties for expansion within the area and leading the onboarding process for new properties, including negotiations, contract signings, and setup. 9. Market Analysis: Conducting market research and competitor analysis to identify trends, opportunities, and threats in the local hospitality market and recommending strategies to maintain Company competitive edge. 10. Reporting and Analysis: Generating reports and analyzing data related to property performance, guest feedback, market trends, and operational metrics to inform decision-making and drive continuous improvement. 11. Compliance and Legal: Ensuring that properties comply with local regulations, licensing requirements, health and safety standards, and Company policies and procedures. 12. Budgeting and Cost Control: Developing and managing budgets for property operations, including expenses related to maintenance, staffing, marketing, and other operational needs, and implementing cost-saving measures where possible. Overall, the Area Property Manager plays a crucial role in overseeing and optimizing the performance of Hotel properties within their assigned area, driving growth, profitability, and guest satisfaction while upholding Companies standards and brand reputation. #pricingstrategies #RevenueManagement #CostControl #ComplianceandLegal #MarketAnalysis #QualityAssurance #GuestSatisfaction #MeetCompaniesQualityStandards

Are you a “smile and nod” type of person, or do you feel competent when it comes to discussing the financials with your hotel accountant? As the hotel owner or manager, the #1 way you can scale your profit is by looking at the financial statements to make operational decisions that will increase sales or reduce expenses. But the 2 biggest problems keeping you from scaling are: 1. Inaccurate data on the income statement 😖 2. You don’t really understand what you’re looking at 😅 Both of these problems are equally frustrating. If you’re going to make profitable decisions about the running of your hotel, you have to have accurate data AND know how to interpret it. Thankfully, we have a free resource for that! We created Cheat Sheets for hotel owners and managers that will give you a practical knowledge of: How data flows through your hotel’s systems and lands in your financials Hotel financial statement basics Hotel analytics Market segments (a breakdown of rooms revenue market segments according to USALI) and how to identify trends for your hotel I know you’re ready to smile, nod, AND have an intelligent conversation with your accountant about the hotel financials, sograb the FREE GUIDE in the comments!

HOTEL OWNERS AND MANAGERS DON'T MISS THIS! If the numbers team in your hotel doesn’t include the department managers… we have a problem. Your general managers’ input is vital to maintaining accurate financials for the hotel. Now, that doesn’t mean they have to know EVERYTHING about accounting to help the accountant keep accurate records. But they should have general knowledge of basic financials and the process of how data gets from the POS to your financial statements. When your accountant has questions about confusing activity in the General Ledger, the managers will be his/her best resource. If they are informed about the basic financials, they can be ready to provide answers or even give the accountant a heads up about upcoming expenses or recurring expenses in their department. And, in my experience, managers love when you trust them to take responsibility for their department. So how can you give your managers (and anyone in management or ownership) an overview of your hotel's financials? Grab our free guide - The Basics of Hotel Financials! Link is in the comments! #hotels #hotelmanagement #hotelier

HOUSTON WE HAVE A PROBLEM! If the numbers team in your hotel doesn’t include the department managers… Houston, we have a problem. Your general managers’ input is vital to maintaining accurate financials for the hotel. Now, that doesn’t mean they have to know EVERYTHING about accounting to help the accountant keep accurate records. But they should have general knowledge of basic financials and the process of how data gets from the POS to your financial statements. When your accountant has questions about confusing activity in the General Ledger, the managers will be his/her best resource. If they are informed about the basic financials, they can be ready to provide answers or even give the accountant a heads up about upcoming expenses or recurring expenses in their department. And, in my experience, managers love when you trust them to take responsibility for their department. So how can you give your managers (and anyone in management or ownership) an overview of your hotel's financials? Grab our free guide - The Basics of Hotel Financials! Link is in the comments! #hotels #hotelmanagement #hotelier

Are you a “smile and nod” type of person, or do you feel competent when it comes to discussing the financials with your hotel accountant? As the hotel owner or manager, the #1 way you can scale your profit is by looking at the financial statements to make operational decisions that will increase sales or reduce expenses. But the 2 biggest problems keeping you from scaling are: 1. Inaccurate data on the income statement 😖 2. You don’t really understand what you’re looking at 😅 Both of these problems are equally frustrating. If you’re going to make profitable decisions about the running of your hotel, you have to have accurate data AND know how to interpret it. Thankfully, we have a free resource for that! We created Cheat Sheets for hotel owners and managers that will give you a practical knowledge of: How data flows through your hotel’s systems and lands in your financials Hotel financial statement basics Hotel analytics Market segments (a breakdown of rooms revenue market segments according to USALI) and how to identify trends for your hotel I know you’re ready to smile, nod, AND have an intelligent conversation with your accountant about the hotel financials, sograb the FREE GUIDE in the comments!