budget

The unprecedented volatility has made the task of producing a hotel budget for 2023 daunting. Here are some things to keep in mind that might help

Which areas should you focus on to keep your property, or destination, ahead of the pack? Here are 5 important considerations for your 2023 budget plan

The overall lack of visibility because conditions were changing daily meant hoteliers were less than sure about budgeting the way they had always done before

A method of budgeting where all expenses must be justified for each new period starting from a zero base, is required given the fluidity of global economies

The only thing we know for sure about the budget is … wait for it: It is wrong. That’s right, it is wrong every time. It will never be the correct answer

If you have a small budget, it’s a waste to split that between SEO, SEM, PPC, Metasearch. Instead of spreading horizontally, go vertical in one or two areas

The budget is a mean and unruly nasty guest that comes every year and does not leave completed for weeks, even months. It is certainly not fun like baseball

This is a perfect opportunity for the hotel industry to work on zero-based budgets, instead of prior year’s numbers, so they focus on services guests value

Mitigating risks has an entirely different meaning for the year ahead. Everyone’s budget meetings will likely include the following hot topics of discussion

There is a healthy range of revenue risk that lies somewhere between a careful analysis of historical trends and market projection topped with some optimism