Revenue Hub

AUGUST 29, 2024

Managing marketing budgets effectively is crucial for any hotelier aiming to achieve sustainable growth in an increasingly competitive landscape. Here’s how to manage your hotel’s marketing budget effectively with these considerations in mind.

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Budgeting Marketing Book Pricing 94

eHotelier

NOVEMBER 28, 2023

6 key PMS features independents must consider budgeting for in 2024 - Insights - Insights

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Budgeting 290

Revenue Hub

SEPTEMBER 16, 2024

Traditional budgeting has long been the standard for financial control in the hotel industry, but these budgets become irrelevant far too quickly. Unlike static budgets, which are set once a year and quickly become outdated, rolling forecasts are updated monthly, allowing hotels to react to changes.

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Budgeting Scheduling Article Marketing 69

Hospitality Net

SEPTEMBER 6, 2024

In this week’s episode of the Hotel Moment podcast, Joel Morales, CMO at Castlerock Asset Management, joins Karen Stephens, Revinate CMO, to offer a proactive approach to budget season – starting before August.

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Budgeting Marketing 98

Hospitality Net

AUGUST 22, 2024

Are you getting ready for budgeting and forecasting for 2025? Do you want to learn how to leverage consumer trends, market data, and your historical channel and audience information to develop a data-driven budgeting and forecasting methodology? Are you concerned that fewer guests are finding your hotel online?

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Budgeting Information Book Marketing 98

Hospitality Net

OCTOBER 14, 2024

Budgeting is like training for an Olympic marathon. Days are spent creating a plan to address weaknesses, build on strength and endurance, and hedge against unfortunate events. Money is earmarked for activities that hopefully will generate income or sponsorships to procure better equipment.

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Budgeting Procurement Training Events 75

Revfine

JULY 11, 2024

Hotel budgeting season is right around the corner, and many hoteliers are getting ready to roll up their sleeves and start making tough financial decisions as they look to align investment priorities with next year’s budget projections.

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Budgeting 98

Boutique Hotel News

MARCH 15, 2023

UK: Today, the Chancellor of the Exchequer Jeremy Hunt has outlined his Spring Budget. Contents of the Budget which affect hospitality includes: • From August, alcohol taxes on wines will rise by up to 50p a bottle but the duty charged on draught beer will be up to 11p lower than the duty in supermarkets. • million) will be abolished.

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Budgeting Pricing Presentation Marketing 130

Hospitality Net

APRIL 30, 2024

One of the critical aspects of financial management is budgeting, a process that traditionally involves significant time, effort, and coordination among various departments within a hotel organization.

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Budgeting 90

Hospitality Net

SEPTEMBER 12, 2024

Creating a robust budget is essential for any company’s planning and operations. Often, they exclude procurement, a crucial player in managing expenditures, from the budgeting process. Yet, many hospitality organisations need to leverage all their resources and expertise.

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Procurement Budgeting 98

Revenue Hub

FEBRUARY 15, 2024

The traditional budgeting approach is proving increasingly inadequate in today’s fast-paced and unpredictable market, where traveler behaviors, economic conditions, and competitive landscapes can shift in weeks. They can quickly pivot strategies in response to market fluctuations instead of remaining bound to an outdated budget.

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Budgeting Article Pricing Marketing 100

eHotelier

OCTOBER 19, 2023

Budget season is upon us, and around the world hotel owners and operators are buried deep in data trying to come up with 2024 performance numbers.

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Budgeting 130

eHotelier

JANUARY 28, 2024

The ibis Budget Windsor and adjoining development land have been listed for sale amid strong demand for accommodation investment opportunities in the 2032 Olympics host city.

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Budgeting 130

Revenue Hub

AUGUST 30, 2024

While the budget depletion column is not one of your standard columns, it is recommended as a key custom metric to focus on when optimising your Google ads campaigns. It is a value that is measured in percentage and it helps you to see the rate at which your daily or campaign budget is being used up. What are the consequences of this?

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Budgeting Scheduling Article Accounting 84

Hospitality Net

SEPTEMBER 21, 2023

A hotel budget is a financial plan that outlines the projected income and expenditures for a specific period, usually one fiscal year. The budget also accounts for all types of expenses, including operational costs, capital expenditures, and marketing budgets.

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Budgeting Accounting Book Marketing 97

Revenue Hub

NOVEMBER 13, 2023

NB: This is an article from Global Asset Solutions This is no less true for budget season, although for many in the hotel sector, it can also come with a sense of foreboding. It will allow the Executive Team to build a budget with the ownership’s goal in mind. To have the budget approved by the ownership group straight away.

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Budgeting Guest Satisfaction Strategic Planning Presentation 88

Modern Restaurant Management

NOVEMBER 28, 2022

Come 2023, it will be increasingly important for restaurants to factor technology into their budgets to adapt to the changing economic landscape and better meet consumer demand. For these reasons, restaurants should factor technology into their 2023 budgets.

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Budgeting Customer Service Communication Pricing 201

Revenue Hub

NOVEMBER 17, 2023

In our previous article, we shared insights and advice from global hospitality experts on how to make the 2024 hotel budget process as smooth and painless as possible. Here, we share five ways to improve budget accuracy and performance in uncertain times. So, we’re able to be more aspirational,” he said. That is absolutely critical.”

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Budgeting Article Strategic Planning Accounting 93

Revenue Hub

NOVEMBER 14, 2023

In the second of our series on the budget approval process, we are looking at specific areas to look at which can ease the approval process and ensure a more accurate budget and a profitable following year. On the other hand, if you budget for additional occupancy, you will need to book for higher maids.

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Budgeting Events Article Presentation 91

Duetto Cloud

AUGUST 15, 2024

Discover how an RMS can help you eliminate manual tasks, access & visualize all the data you need, & generate budgets and forecasts at the click of a button.

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Budgeting 64

Revenue Hub

SEPTEMBER 27, 2023

NB: This is an article from Fairmas One powerful approach that has been gaining momentum is “Zero-Based Budgeting” (ZBB). In this blog, we’ll dive into the concept of Zero-Based Budgeting and how it can reshape the financial landscape of hotels. Implementing Zero-Based Budgeting 1. Benefits for Hotels 1.

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Budgeting Guest Satisfaction Article Blog 82

Hospitality Net

SEPTEMBER 17, 2024

It’s that time of year – budget season. Budget" – even the word sounds daunting to most people. The good news is the budgeting process for your hotel doesn’t have to be overly difficult. The key assets when building a budget for your hotel company are:

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Budgeting 75

Lodging Magazine Operations

SEPTEMBER 6, 2023

Budget season is looming, and it’s a time when everyone goes to the mat to decide what to cut and what to purchase in the new year. While a hotel’s […] The post Prepping for Budget Season: Preventing Phone Systems From Breaking the Bank appeared first on LODGING Magazine. There’s more happening in the fall than football.

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Budgeting Magazine 115

Revfine

SEPTEMBER 22, 2023

A hotel budget plan is a projection of financial earnings and expenditures over a defined period of time, allowing your hotel to understand its financial status and determine how much money is available for planned or unplanned projects.

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Budgeting Article 59

Revenue Hub

OCTOBER 13, 2023

Planning a hotel budget is a critical task that ensures the smooth operation and financial health of your hotel. This guide will walk you through the essential steps, best practices, and expert advice to help you create a robust hotel budget. Without a budget, you risk financial instability and inefficiency.

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Budgeting Revenue Projections Article Maintenance 95

Revenue Hub

FEBRUARY 28, 2024

NB: This is an article from Triptease , one of our Expert Partners Subscribe to our weekly newsletter and stay up to date Let’s dive into what this means for your hotel’s budgeting strategies and how you can navigate these circumstances.

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Budgeting Article Marketing Book 92

Revenue Hub

NOVEMBER 30, 2022

With the industry still recovering from the pandemic and inflation impacting both revenues and operational costs, what should budget 2023 consider? The unprecedented volatility has made the task of budgeting for 2023 daunting. Let’s look at a few areas you should think about when preparing the annual budget for your hotel.

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Budgeting Pricing Accounting Article 83

SiteMinder

SEPTEMBER 10, 2023

What is a hotel budget? A hotel budget is a financial plan that outlines the projected income and expenditures for a specific period, usually one fiscal year. The budget also accounts for all types of expenses, including operational costs, capital expenditures, and marketing budgets. Why is a hotel budget important?

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Budgeting Maintenance Front Desk Operations Document 59

Revenue Hub

NOVEMBER 8, 2023

NB: This is an article from Travelboom Hoteliers understand the importance of budget season, but often dread dealing with the details. Other: What other campaigns are you running that you can measure, and ultimately improve by increasing or decreasing budget in 2024? Some may not even know where to begin.

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Budgeting Marketing Customer Service Article 93

eHotelier

DECEMBER 11, 2022

The traditional P&L based on cost categories is not telling stories about what is going on in the business, nor does it help make any relevant decisions.

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Budgeting 264

Revenue Hub

NOVEMBER 3, 2023

For hotel owners and operators alike, the annual budget is often a gruelling and time-consuming process. Are there ways to make the 2024 budgeting process more streamlined and efficient? Start Early but Submit Late Hoteliers often complain that the budgeting process seems to start earlier every year.

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Budgeting Strategic Planning Article Accounting 95

Hospitality Net

AUGUST 26, 2024

As the hospitality industry gears up for 2025, hoteliers are increasingly looking to AI technologies to optimize their operations and budget planning. This blog delves into the latest AI-driven trends that are set to revolutionize labor management in hotels, helping hoteliers stay ahead of the curve.

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Budgeting Blog 98

Revenue Hub

SEPTEMBER 18, 2024

As a hotelier, you’re always looking for ways to attract more guests, boost bookings, and get the most out of your marketing budget. With endless options for online advertising, deciding where to focus your efforts and budget can feel overwhelming.

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Budgeting Marketing Article Special Events 73

Social Hospitality

AUGUST 7, 2024

This blog post will discuss all the actionable budgeting tips for maximizing ROI in social media advertising campaigns. Key Factors Of A Social Media Budget Staffing and labor costs Staffing and labor costs are the first factors to consider. How To Properly Allocate A Social Media Advertising Budget?

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Budgeting Blog Marketing Document 52

Hospitality Net

AUGUST 7, 2024

It is budgeting time and you guys will be buys, my beloved RM’s. So help is at hand:

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Budgeting 98

Hotel Owner

MAY 15, 2023

The budget hotel sector has seen major growth in the last few years as people either cut back on luxuries or want less luxury from their hotel stays. In 2022, Easyhotel’s RevPAR was up 56% and its market share increased showing strength of the budget model in the current climate.

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Budgeting Book Pricing Marketing 105

Revenue Hub

OCTOBER 2, 2023

NB: This is an article from Demand Calendar Whether they run luxurious resorts or small bed-and-breakfasts, hotel companies spend considerable time and effort creating annual budgets. Let’s start with the steps in budgeting for hotels. Is budgeting critical in hotels? This process is meticulous and time-consuming.

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Budgeting Information Article Events 84