Today's Revenue Management thought:-

Budget season is in full swing, and this week I will be highlighting some thoughts on budgetting (part 2)

Creating a revenue-focused hotel budget is essential for effective financial management and long-term success in the hospitality industry.

This is a dynamic process that requires collaboration among various departments within your hotel, such as sales, marketing, operations, and finance. It should be a living document that guides your decision-making throughout the year and helps you adapt to changing market conditions.

Set Clear Revenue Goals:

• Establish specific revenue goals for your hotel. These goals should be realistic and based on your historical data and market research. Consider both short-term and long-term revenue targets.

• Break down your revenue goals into different segments, such as room revenue, food and beverage revenue, event revenue, and other sources of income specific to your hotel.

Have a profitable week !

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