Hotel Budget Plan: Practical Budgeting Tips for Hoteliers
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. In this article, you will be able to learn more about what a hotel budget plan is and why it is so important to have one. Along the way, you will also be able to access some
Hotel Door Locks: The Main Lock System Types and Their Benefits
Hotel door locks are one of the most important considerations when providing security for a hotel and keeping guests safe. There are many different locking systems to choose from and your decision needs to factor in the benefits and drawbacks. On top of this, you also need to have an awareness of relevant building and safety regulations. In this article, you can learn about the main hotel door locks, how they work, and what they
Hotel Asset Management: Definition, Importance, and Practices
Hotel asset management can help to maximize revenue, minimize costs, and improve your hotel's brand. By taking a big-picture view of your hotel business and conducting detailed analyses of your hotel's aspects, hotel asset management can take your hotel from strength to strength. Read on to discover what hotel asset management is and what it means for your business. Table of Contents: What is Hotel Asset Management? Why is Hotel Asset Management Important? Providing a
Airline Revenue Management: What is It, How Does it Work & Examples
Given the volatility of demand and the high fixed costs involved in operating commercial flights, it's no surprise that the airline industry has always been at the forefront of revenue management. Commercial airlines were some of the first companies to analyze consumer behavior and tailor their prices to the information. In this article, you'll learn everything you need to know about revenue management. Table of Contents: What Is the Airline Industry? What Is Revenue Management?
How To Maintain Your Hotel Grounds For Curb Appeal
For any hotel, regardless of size or reputation, the appearance of your grounds will certainly make for a first impression - good or bad. Your curb appeal as a business should be taken seriously, and like any property, it’s the first thing that your customers will see, and that may leave a positive or negative first impression. If it’s a negative, it could end up hindering the experience of the customer as a whole, despite whether or not the rest of their stay is enjoyable. 8 Tips to Maintain Your Hotel Grounds Here are some helpful tips to maintain your
How Integrated Payments Elevate Hotel Revenue and Efficiency
For hoteliers, making payments effortless and secure is essential to maintaining a positive guest experience and operational efficiency. Integrated payment solutions connect your payment gateway to your other hospitality software, providing a frictionless transaction experience that helps hotels boost revenue and streamline operations. Integrated Vs. Non-Integrated Payment Solutions The differences between using an integrated payment solution and a non-integrated one may not seem obvious at first. However, opting to use a non-integrated system can result
3 Key Metrics for Evaluating Your Personalization Strategy
Personalized digital marketing is a proven approach for increasing direct bookings and growing revenue, but personalization isn't a "set it and forget it" strategy. Here's how to evaluate your marketing personalization program, and how to pivot when the metrics don't meet your expectations. Personalization is Important for Elevating Guest Experiences. Travel is personal. It doesn't matter whether the purpose for a trip is business, or leisure, or other, every traveler has their own, individual set
Restaurant Marketing Agency: Why Choose External Marketing
A restaurant marketing agency is a company that specializes in marketing activities that are relevant for restaurants and similar businesses. Generally, businesses will outsource many of their marketing responsibilities to these agencies to reduce their own workload and benefit from specialist knowledge. In this article, you will learn about what
How to Build an Effective Commercial Hotel Organization in 2024
A hotel’s commercial team—revenue management, sales, and marketing—is critically important to the financial health of a property. When working harmoniously, these functions combine to ensure a property is filled with high-value guests while minimizing acquisition costs as much as possible. However, “harmonious” is an unlikely descriptor for many hotel commercial
Uncovering the Importance of Pickup and Pace in Revenue Management
As a revenue manager, one of your essential daily inquiries is, "What was yesterday's pickup?" It's a question that sets the tone for your day and helps you make informed decisions about selling the right room, to the right guest, at the right time, at the right price. Setting the