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 87

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.”

Budgeting 88

Budgeting Article Strategic Planning Accounting 88

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 86

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 178

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 78

Hospitality Net

FEBRUARY 12, 2024

As hospitality businesses navigate a “new normal” in 2024, many of the top owners and operators have shifted focus from traditional annual budgeting to a more dynamic and responsive forecasting approach. Let’s explore key budget and forecasting strategies to guide you in 2024.

Budgeting 88

Budgeting 88

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 90

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

Hotel Owner

FEBRUARY 29, 2024

Hospitality CEOs from groups including Mitchells and Butlers, Accor Hotels, Stonegate Pubs and Crerar Hotels have signed an open letter urging the Chancellor to take immediate action at the budget to prevent further business failure.

Budgeting 98

Budgeting 98

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 88

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 110

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 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 90

Revfine

MARCH 21, 2024

Question for Our Revenue Management Expert Panel: What happens if hotel owners do not listen to revenue managers during budget preparations? What advice would you give to an RM team when asked to justify their budget?

Budgeting 52

Budgeting 52

Hospitality Net

NOVEMBER 8, 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.

Budgeting 98

Budgeting Article 98

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 78

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

Hospitality Net

OCTOBER 2, 2023

Navigating the intricacies of a budget process can often feel like embarking on a complex journey. From financial planning and resource allocation to decision-making and prioritisation, understanding how budgets are formulated and executed is crucial for individuals and organisations alike.

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Budgeting 75

Hotel Owner

APRIL 11, 2024

To maintain competitiveness in the contemporary hospitality sector, it is not merely advisable to invest in search and metasearch advertising campaigns; it is essential to do so in a professional, performance-oriented manner, optimising investments and accurately allocating budgets.

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Budgeting Book Reservations Marketing 52

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

Hotel Owner

AUGUST 7, 2023

Travelodge has announced it is upgrading a further 55 hotels across its estate to the group’s new Budget-Luxe design, with 25 sites in key staycation destinations fast tracked to be completed in time for the summer staycation period.

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Budgeting Scheduling Book 96

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 80

Hospitality Net

NOVEMBER 3, 2023

This is no less true for budget season, although for many in the hotel sector, it can also come with a sense of foreboding. Each season brings with it change and, depending on the time of year, the chance for renewal and growth.

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Budgeting 75

Hospitality Net

SEPTEMBER 20, 2023

Budgeting effectively is a challenge at the best of times, but hoteliers looking to set their 2024 budgets have to do so amid lingering uncertainty across the travel industry.

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Budgeting 97

Hospitality Net

JANUARY 17, 2024

As another budget season in the books, it’s a good time to pause and reflect on the lessons learned from this critical period. I talked with the HSMAI Rising Revenue Optimization Leader Council about the challenges faced and strategies employed during this time. Here are our key takeaways for future planning and continuous improvement.

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Budgeting Book 75

Hospitality Net

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. What unique challenges are hotels facing in the 2024 budgeting and planning process? HotStats reached out to global hospitality leaders to find out.

Budgeting 101

Budgeting 101

Serviced Apartments

MARCH 6, 2024

UK: In the Spring Budget 2024, Chancellor Jeremy Hunt revealed the government will freeze alcohol duty and cut National Insurance, as well as raise the VAT threshold for small businesses to £90,000. In today’s Spring Budget, Hunt outlined plans to increase the VAT registration threshold from £85,000 to £90,000 for small businesses.

Budgeting 52

Budgeting Travel and Tourism Catering Pricing 52

Hospitality Net

SEPTEMBER 5, 2023

As the hotel industry prepares for its annual budget planning for 2024, we’re at a critical moment where technology and financial strategy blend together. This goes beyond simply setting aside funds for new digital tools; it’s about fully integrating technology into our financial and operational plans.

Budgeting 98

Budgeting 98

Hotel Owner

JANUARY 25, 2023

Travelodge has revealed it has successfully completed the first phase of its multi-million pound budget-luxe hotel upgrade roll-out programme. In addition three new-build budget-luxe Travelodge hotels were also opened in the last six months. It is our intention to upgrade all of our hotel portfolio to the new budget-luxe format.

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Budgeting Training Marketing 105

Revenue Hub

OCTOBER 20, 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. NB: This is an article from Hotstats What unique challenges are hotels facing in the 2024 budgeting and planning process? HotStats reached out to global hotel leaders to find out.

Budgeting 97

Budgeting Travel and Tourism Pricing Article 97

Revenue Hub

SEPTEMBER 5, 2023

Planning the budget for your hotel is crucial for financial success. Subscribe to our weekly newsletter and stay up to date In this guide, we’ll break down everything you need to know about budgeting with revenue best practices in mind. You’ll need to address problem areas in your 2024 hotel budget. Let’s dive in!

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Budgeting Accounting Pricing Article 83

Hospitality Net

AUGUST 15, 2023

Budgeting stands as a pivotal process for hoteliers, allowing them to strategically structure their operations, personnel, and resources to meet their forthcoming financial objectives.

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Budgeting 94

Revenue Hub

AUGUST 10, 2023

Budget concerns driven by rising inflation can affect leisure traveler’s plans – but the right strategy can help to ease those concerns. In this article, we will use insights from the survey to identify ways hoteliers can make a positive impact in easing traveler budget concerns. Consider the location and views of each room.

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Budgeting Pricing Article Catering 79

Hospitality Net

SEPTEMBER 26, 2023

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. It has gained even more popularity due to the unforeseen circumstances caused by the COVID-19 pandemic.

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Budgeting Blog 74

Hotelogix

JANUARY 20, 2023

The post Hotels across the globe are increasing their IT budgets: What about you appeared first on Hotelogix.

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Budgeting 130

Hotel Owner

APRIL 6, 2023

The Greenleaf Group has received planning permission to deliver a new 106-bed hotel for the budget hotel sector on a high-profile site on the Liffey Quays, Dublin. The group first acquired the site in January 2020 when it was initially meant for a 24-meter high residential building.

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Budgeting Back of House 105

Hospitality Net

APRIL 28, 2023

But when you have a limited hotel marketing budget, it can be difficult to determine how to best use your funds. How can you maximize your marketing campaign and extend your brand’s visibility without blowing your budget?

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Budgeting Marketing 91