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 93

Boutique Hotel News

JANUARY 16, 2023

Business travel will be robust and international. In total, 72 per cent of travel managers expect their business travel volume to increase either somewhat (46 per cent) or significantly (26 per cent) in 2023, when compared to 2019. Rising costs spur budget increases . Here’s what they found: 1. Supplier takeaway.

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Revenue Hub

JULY 27, 2023

NB: This is an article from Demand Calendar One of the most pivotal decisions is setting the right price policy for hotel rooms. A hotel’s pricing strategy can be the difference between empty rooms and a bustling, thriving business.

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Pricing Guest Satisfaction Article Blog 88

Modern Restaurant Management

FEBRUARY 27, 2023

Restaurant365’s State of the Industry Customer Survey shows that 60 percent of surveyed customers plan to expand their businesses in 2023 despite expected increased labor and food costs. Businesses can run promotions, such as early bird specials, to attract budget-conscious diners and use an email database to get the word out.

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Revenue Hub

SEPTEMBER 5, 2023

Planning the budget for your hotel is crucial for financial success. NB: This is an article from Knowland But are you sure that your commercial team is following the latest hotel revenue management trends, like total revenue management and dynamic pricing, to optimize profits? Don’t worry, we’ve got you covered! Let’s dive in!

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Hotel Owner

MAY 15, 2023

“I think because we focus on the basics, consumers recognise that and reward us for paying the right price, for the right product and not for things that they don’t need,” says Karim Malak, CEO of Easyhotel. 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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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? Pricing: Have We Reached a Ceiling? percent in 2022 to 6.8

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STAAH

NOVEMBER 29, 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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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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Hotel Owner

MARCH 7, 2024

The Bristol Hoteliers Association (BHA) has expressed its frustration at the outcome of the Spring Budget, saying that the government has once again left businesses “out in the cold” to face extremely challenging times with little support.

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Hospitality Magazine

FEBRUARY 6, 2023

People will adjust their budgets and choices, and you’re flexible enough to meet them with fresh new offers. A digital menu gives you endless flexibility to experiment with new dishes, drinks and pricing. If something doesn’t work, it’s gone in minutes, or you can raise the price if it’s a success. Upgrade your menu.

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Bookkeeping Pricing Book Budgeting 162

Modern Restaurant Management

OCTOBER 12, 2023

Both legacy restaurants and newer establishments can agree that the literal cost of doing business from payment processing can severely hamper revenue growth from the first sale. business owners an added $1.2 Businesses can easily avoid this by becoming PCI compliant. billion in fees.

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Revenue Hub

FEBRUARY 9, 2023

The return of international and business travel is also likely to have a positive impact on air travel. And, with a third of travelers planning on a business trip, mid-week flights may see a bump as well. As economic pressures rise in 2023, price will continue to impact how travelers make their decisions.

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Pricing Budgeting Book Article 90

Revenue Hub

JULY 26, 2023

NB: This is an article from Global Asset Solutions Unlike other products that can be stored and sold later, the prices of hotel room nights often fluctuate based on supply and demand, with prices typically rising during peak seasons or when major events are happening and falling during slower periods.

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Pricing Book Marketing Article 91

Hotel Owner

NOVEMBER 22, 2023

Chancellor Jeremy Hunt has announced a series of measures to help boost the UK economy as part of his Autumn Budget including slashing National Insurance by 2% and freezing business rates for retail and hospitality. As part of the new measures, Hunt revealed that National Insurance will be cut from 12% to 10% from 6 January.

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Hotel Business

APRIL 12, 2023

The third edition of Deloitte’s corporate travel study, “Navigating Toward a New Normal,” examines why and when employees are expected to travel for business, as well as the dynamics creating headwinds and opportunities for the sector. based and European executives with travel budget oversight, fielded between Feb. One-third of U.S.

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Revenue Hub

OCTOBER 31, 2023

The majority of professionals in the global business travel industry say the sector has reached near-full recovery this year since the pandemic days of 2019. Subscribe to our weekly newsletter and stay up to date This is according to the latest GBTA Business Travel Outlook Poll released by the Global Business Travel Association.

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Modern Restaurant Management

APRIL 10, 2024

Adapt to Growing Price Fatigue Since the pandemic, controlling food costs has been a major challenge for restaurant operators. When prices for staple ingredients like chicken rose dramatically in 2023, restaurant operators were forced to increase their prices. Full-service menu prices climbed 4.5 Data from the U.S.

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Hotelogix

OCTOBER 18, 2023

In this comprehensive guide, we delve into what a hotel reservation system entails and highlight its pivotal role in modern hotel businesses' success.   👉It offers real-time information about room availability, pricing, and amenities, allowing potential guests to make informed decisions and quickly secure their reservations.

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Revenue Hub

MAY 2, 2023

NB: This is an article from Lybra , one of our Expert Partners A well-defined pricing strategy is vital for the success of any hotel business. Hotel pricing is a dynamic process influenced by various factors, including location, competition, customer preferences, and seasonality.

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Revenue Hub

MARCH 21, 2023

Price elasticity is an essential KPI for any business, and the hotel industry is no exception. NB: This is an article from Lybra , one of our Expert Partners It measures the responsiveness of demand for a product or service to changes in its price. Seasonality This is another important factor that affects price elasticity.

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Modern Restaurant Management

JANUARY 9, 2024

Restaurant owners should work to forecast their busy and slow seasons and use these projections to determine whether they are likely to need capital as they transition into their busy season. Small business owners should consider exploring options with their bank as well as these non-bank lenders.

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Revenue Hub

MARCH 7, 2024

Imagine a scenario where every decision you make in your hotel business is driven by hard data backed by robust commercial intelligence. Whether it’s determining your pricing strategy, managing your occupancy rates, or identifying your guests’ favorite food, data analytics allow you to take a more strategic, informed approach.

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Information Pricing Guest Satisfaction Article 84

Revenue Hub

DECEMBER 14, 2023

Hotel owners and operators are best positioned for success when they measure their business from every angle. Sometimes called occupancy on the books, business on the books, or simply “on the books,” virtually every hotelier performs some kind of forward-thinking analysis to forecast future revenue trends and combat low periods.

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Revenue Hub

DECEMBER 14, 2023

Still, it will take a compelling business case to convince higher management to make the switch. These include dynamic pricing, personalized offers, and real-time demand forecasting. With a few key allies on your side, your business case becomes that much more compelling.

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Pricing Budgeting Presentation Article 95

Restaurant Engine

JULY 28, 2021

You want to price your daily dinner specials just right for repeat business. Yet, it can be hard to know where to go with pricing. In this article, we look at how to price daily dinner specials for the best results. The only way you can know how to price your specials is to create a costing card. The menu price.

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Pricing Server Marketing Budgeting 111

eZee Absolute

SEPTEMBER 11, 2023

Dynamic Pricing Strategies was his magic trick!! Well, I have had some idea about dynamic pricing but I couldn’t let him go without knowing his secret. In this blog, I will discuss everything Arjun told me (and what I know now) about dynamic pricing for hotels and how you can make the most out of it to mint revenue for your business.

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Pricing Book Marketing Events 59

Revenue Hub

NOVEMBER 7, 2022

One of the most important elements of an effective revenue management strategy is offering the right prices. Pricing can be based on cost, competition, or demand. It’s also about adapting your rates to market fluctuations so that you offer the right price, to the right guest, at the right time.

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Revenue Hub

JULY 10, 2023

By identifying where the business is coming from and what motivates guests to complete a purchase, you can better define effective pricing strategies and target your offer to meet their needs. You can also identify areas for growth and unexploited business opportunities within your market.

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Modern Restaurant Management

OCTOBER 24, 2022

Yelp found that food businesses are seeing one of the largest increases of inflationary experiences compared to Q3 2021, followed by restaurants. In response, consumer searches for budget-friendly dining and grocery options are higher than Q3 2021. year over year, with reviews mentioning inflation up by 22 percent compared to Q3 2021.

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Budgeting Pricing Magazine Marketing 182

EATER

MARCH 16, 2022

New York City’s City Harvest is one of several organizations experiencing rising costs due to high fuel prices. Amid supply chain challenges and rising food costs, fuel price spikes are yet another headache for food banks If you’re like basically everybody else in America right now, you’re feeling a serious pinch at the gas pump.

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SiteMinder

OCTOBER 15, 2023

What is hotel dynamic pricing? Dynamic pricing is a pricing strategy for hotels that involves changing room rates daily, or even within the day based on real-time market conditions. Taking supply and demand into account, dynamic pricing allows for prices to fluctuate regularly so the hotel can maximise revenue.

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Pricing Definition Book Marketing 59

Revenue Hub

MAY 30, 2023

As the hospitality industry becomes increasingly competitive, hotels must continuously evaluate their business performance and adapt to changing market conditions. NB: This is an article from BEONx , one of our Expert Partners One effective tool for measuring and improving hotel performance is your quarterly business review (QBR).

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Guest Satisfaction Article Budgeting Marketing 80

Serviced Apartments

NOVEMBER 22, 2023

UK: UK Chancellor Jeremy Hunt has announced that the 75 per cent discount on business rates [up to £110,000] for businesses in the hospitality, leisure and retail sectors has been extended by another 12 months as part of his Autumn Statement. billion, the government is also freezing the small business multiplier at 49.9p

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Budgeting Hospitality Management Pricing 52

7 Shifts

OCTOBER 31, 2022

A restaurant business plan is one of the most (if not the most) essential elements in getting a new restaurant off the ground. There are a few reasons for this: A business plan is typically the first thing any lender or investor will want to look at. What is a Restaurant Business Plan? Restaurant Business Plan Sample Outline.

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Document Download Marketing Competitive Analysis 158

Les Roches

OCTOBER 27, 2023

If you want a career in hotel management , you’ll need to be familiar with many aspects of overseeing a hospitality venue, including hotel pricing strategy. However, there are various factors to be considered when pricing and, if you want to maximize revenue, it’s essential to know all about effective hotel pricing strategies.

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Pricing Communication Book Marketing 52

Revenue Hub

APRIL 14, 2023

NB: This is an article from Deloitte A variety of factors appear to impact the decision to travel for business including employee safety, client interest in meeting in person, the value of attending a conference, and whether virtual conferencing platforms can replace a trip. The study is based on a survey of 334 U.S.-based Only 10% of U.S.

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Accounting Events Budgeting Pricing 77