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 […]
Do you question whether your Property Management System is correct and if it serves the delivery of your long-term strategies? One of the top long-term strategies, of course, would be to be successful, sustainable and profitable. Your top 3 investments in your establishment, therefore, are your staff, guests and the data which ‘lives’ in your […]
Be honest, how accurate was your Income Budget this year? A 5-7% variable on your budget is a good outcome. Have you analysed the results? Even the most accurate results must be analysed and studied. As the saying goes, ‘The Devil is in the Details’. We tend to only do an analysis when we missed […]
There are so many influencing factors to consider when setting a budget. It is a lengthy, but worthwhile exercise. The aim is always to: grow the business, set a realistic budget and get it as accurate as possible. Apart from outside influences like the economy, consumer price index, foreign exchange, politics and natural disasters, we […]
Revenue Management, although a well-established discipline in the industry for more than a decade now, is a misunderstood, if not entirely absent, concept in many hotels. Decision-makers know that they need a revenue management strategy, but they are either: 1) confused as to exactly why and what revenue management can do for the business; or […]