As 2023 almost draws to a close, it’s time to start budgeting and planning for a successful new year in your hospitality business!

Here are 7 things you can do to start developing (and reaching) your revenue goals:

  1. Optimize distribution channels:
    To boost margins, optimizing your distribution channels is key. Evaluate costs per room sold, weigh pros/cons, consider bookings windows per platform, and average customer prices. Identify channels to eliminate, test, or invest more info for optimal results.
  2. Watch your competitors:
    Staying on par with competitors does not mean blindly mimicking their ricing and actions without a clear strategic view. It’s crucial to comprehend your competitors’ strategies and motives. This way you can discern which competitor practices to replicate in your business, which ones to modify, and which ones to disregard.
  3. Keep your costs under control:
    Ensuring cost efficiency amid surging energy expenses, has hoteliers seeking solutions! Some have restructured supplier contracts, cut services, or minimized consumption. However, a highly beneficial but underutilized approach, involves implementing a management control system. This system enables continual monitoring of expenses across departments, pinpointing areas for reduction, and will facilitate early detection of cost escalations.
  4. Calculate your Cost of Customer Acquisition (CAC):
    The CAC is one of the most useful (yet highly valuable) performance indicators for a hotelier! It aids in gauging the expenses associated with generating direct bookings, providing insight into the feasibility disintermediation strategies.
  5. Plan to make your facility more environmentally friendly:
    Enhancing the sustainability of your lodging has impacts beyond reducing energy usage and aiding the environment. Numerous consumers are now refraining from supporting businesses that cause harm to our planet. Considering that making a property sustainable is a complex, long-term process, it’s prudent to start planning now!
  6. Invest in your staff:
    Your employees are the backbone of your business. Talk to them, find out what they are interested in and what they would like to receive from the company they work for. Some might want to spend more time with families and could benefit from remote work systems where possible. Others may be interested in possibilities to earn more so you could establish a system for bonuses or overtime. For those seeking professional growth within the company you could offer employee training programs.
  7. Focus on revenue management:
    Undoubtedly, revenue management is the one thing that, if done right, can swiftly enhance your bottom line. This involves compiling data, vigilantly tracking it, forming forecasts, analyzing these predictions, and consistently overseeing sales with the aid of revenue management software.

(Source Smartpricing.it)
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