STR’s Post

That time of the year for many markets. Budget season is upon us and if you are looking at data to make your case or arm yourself with insights for approving revenue management budget - you got company! 77% of hoteliers say revenue management delivers ROI. And for data and insights - Check out this report 👉 https://lnkd.in/d3pMk_cB that dives into all the data behind how an RMS is not just an expense, but a strategic investment. #RevenueManagement #HotelManagement #Hospitality #hotelsandresorts #budget

Say goodbye to manual data aggregation via spreadsheets and hello to dynamic financial forecasting. 📊 Gain confidence in budgeting and forecasting across your portfolio with Otelier TruePlan. Use powerful predictive models and hospitality-specific drivers to run what-if scenarios and make decisions quickly. Dive into the future of hotel finance: https://lnkd.in/egaiAusb #FinancialAutomation #OtelierTruePlan

💭 Picture this: It’s budget season– the pressure is on for precision and efficiency, and usually but manual processes turn this critical period into a nightmare of errors and wasted hours. But this year is different... Your hotel data is seamlessly automated, with real-time updates at your fingertips. Your team is now free from manual data entry, human error minimized, and the administrative burden is lifted. A single-database solution effortlessly consolidates your data, providing instant, precise analytics. Now, every decision is backed by accurate, accessible information—empowering you to navigate the complexities of budget season with newfound confidence and financial stability. 🙌 This isn't a dream– this is ProfitSword! Take a look around: https://hubs.li/Q02LXQjv0 #HotelBudgetSeason #HotelFinance #BI #HotelTech

"An accurate forecast is at its core the most important piece of analytics a hotel needs. It's the start of everything: from setting the right price, to projecting financial expectations, to having the right staffing levels to accomodate guests. The best forecast is one that can be used to gain cross-functional alignment across organisation." - Tess McGoldrick, VP Revenue Analytics The definition above is spot on... #Forecasting is the very foundation upon which all successful #Revenue Management strategies are built, Forecasting is the be-all and end-all of Revenue Management if not done properly.

Is your hotel's average rate feeling as hot as the summer sun? Don't sweat it! Our revenue management specialists can help you turn up the heat on your profits this season. We'll help you: - Craft a sizzling pricing strategy that attracts guests without burning your margins. - Dive into the data pool to uncover hidden revenue opportunities. - Prepare for a record-breaking summer with our expert forecasting. Stop letting summer revenue slip through your fingers! Contact us today and let's make this your hottest season yet! #beattheheat #revenuegrowth #hospitalityconsultants #DeltaHMG

Monitoring #profit and #loss (P&L) in #hotel #finance is crucial for understanding the financial health of your business. Here are some tips to consider: 1. 𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝 𝐭𝐡𝐞 𝐔𝐧𝐢𝐟𝐨𝐫𝐦 𝐒𝐲𝐬𝐭𝐞𝐦 𝐨𝐟 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐬: Familiarize yourself with the Uniform System of Accounts for the Lodging Industry (USALI) to ensure you’re following industry standards for financial reporting. 2. 𝐑𝐞𝐠𝐮𝐥𝐚𝐫 𝐑𝐞𝐯𝐢𝐞𝐰: Analyze your P&L statements regularly, at least monthly, to keep a close eye on financial performance and make timely adjustments. 3. 𝐃𝐞𝐩𝐚𝐫𝐭𝐦𝐞𝐧𝐭𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬: Break down your P&L by department to pinpoint areas of strength and weakness. This will help you identify where to cut costs or where to invest more. 4. 𝐁𝐞𝐧𝐜𝐡𝐦𝐚𝐫𝐤𝐢𝐧𝐠: Compare your hotel’s performance against industry benchmarks to understand where you stand relative to competitors. 5. 𝐊𝐞𝐲 𝐏𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐈𝐧𝐝𝐢𝐜𝐚𝐭𝐨𝐫𝐬 (𝐊𝐏𝐈𝐬): Track KPIs like Total Revenue per Available Room (TRevPAR), Labor Cost per Available Room (LPAR), and Gross Operating Profit per Available Room (GOPPAR) to get a more nuanced view of your hotel’s financial performance. 6. 𝐔𝐬𝐞 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲: Implement digital tools to streamline data collection and analysis, which can lead to more efficient financial management. By following these tips, you can maintain a better grasp on your hotel’s profitability and make informed decisions to drive financial success. #ehotelmanagementschool #hms #finances #profit #loss #tips

By taking a dynamic approach to demand forecasting, hoteliers can harness advances in forecasting methodology, data analysis, and technology to adapt to constantly changing conditions and produce optimal financial outcomes even in times of uncertainty. Check out our latest Lessons in Revenue eBook 👇 and share with other leaders in hospitality who may find it useful! #RevenueManagement #HotelManagement #Hospitality

Is your hotel's average rate feeling as hot as the summer sun? Don't sweat it! Our revenue management specialists can help you turn up the heat on your profits this season. We'll help you: - Craft a sizzling pricing strategy that attracts guests without burning your margins. - Dive into the data pool to uncover hidden revenue opportunities. - Prepare for a record-breaking summer with our expert forecasting. Stop letting summer revenue slip through your fingers! Contact us today and let's make this your hottest season yet! #beattheheat #revenuegrowth #hospitalityconsultants #DeltaHMG

Forecast or controls - which one comes first? Or rather should one come first? Start of a fab series on lessons learnt over the years. Read through and better your practices. IDeaS Revenue Solutions published a series of eBooks covering various "Lessons in Revenue" for hospitality professionals. This one goes on a deep dive into Dynamic Demand Forecasting. #revenuemanagement #hotelsandresorts #hospitality #forecasting

🏨💼 Understanding the Importance of P&L Basics in Hotel Management 💼🏨 📊 Financial Performance Evaluation: P&L statements provide a snapshot of a hotel's financial health, enabling managers to assess profitability and make informed decisions. 📈 Budgeting and Forecasting: P&L data helps in setting realistic revenue and expense targets, aiding effective resource allocation and strategic planning. 💰 Cost Control: By analyzing cost components, managers can implement measures to control expenses without compromising service quality. 💡 Revenue Management: P&L analysis aids in optimizing pricing strategies and identifying revenue-generating opportunities across various hotel services. 📝 Decision Making: P&L insights support data-driven decision-making, from evaluating new services to assessing marketing campaigns' performance. 📊 Performance Benchmarking: Comparing key metrics against industry standards helps gauge performance and identify areas for improvement. 🤝 Stakeholder Communication: Clear P&L reports facilitate effective communication with investors, owners, and other stakeholders.