Revenue Management is crucial for hotels, yet in South Africa, amongst some of the smaller independent properties, it is still a hugely misunderstood concept. The most common beliefs are that the Hotel Revenue Manager is responsible for pulling the reports, or more recently, their job is setting Best Available Rates.
Revenue Management is so much more and time should be spent on critical thinking, driving strategies, optimising opportunities and analysing results.
But how do up and coming Revenue Managers do this, with so little training opportunities at their disposal? We have a multitude of talented and passionate people in the industry – that all require training and development to enhance their skills. With just a handful of training options available to them, it is very difficult to grow and compete on the level of top international trained managers.
If you consult the curriculum of Hospitality Programs, you will be surprised to see how little time is invested in Revenue Management. The odd course that can be found delivers very limited insights on the subject and is not enough to let them play a critical role in the organisation.
Revenue Managers must learn how drive demand during low demand periods when partnering with Sales, Marketing and Digital. They need the skill required to forecast and budget accurately, in line with some well-planned strategic goals. They must deliver on tactical initiatives, be it through demand stimulus and/or revenue optimisation. Not forgetting the need to drive efficiency and productivity. Having a solid understanding of the front-end side of systems and the impact it has on your sales has become non-negotiable.
Revenue Resolutions can help you train and develop your Revenue Manager, with 15 years of revenue management experience, training by a top international revenue management consulting firm and annual travels to international revenue management summits where we learned the latest in revenue management. Revenue Management offers workshops, development seminars and one on one coaching and mentoring. Contact Theresa Prins on 071 364 6381 (firstname.lastname@example.org) for more insightful information or training and development opportunities.
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