budget

Until the Dust Settles, Zero-Based Budgeting is Indispensable

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

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What is the Only Thing We Know for Sure About the Hotel Budget?

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

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How to Invest Your Hotel Digital Marketing Budget Wisely

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

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Why Managing the Budget in Your Hotel is Like Playing Baseball

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

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Supply Chain, Inflation Frustrate Hotel Recovery

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

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2022 Budget Season Presents Host of Challenges

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

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Accommodating Revenue Risk in Your 2022 Hotel Budgeting

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

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Historical Data Carries Less Weight in Setting Future Budgets

Even in the best of conditions, setting up next year budgets include some amount of guesswork, relying on historical data and trying to predict the future

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glass jar with money inside and the word budget written on a label on the front

How To Budget Plan Amidst Uncertainty

With historical forecasts irrelevant, it can be useful to do “budget sprints” or shorter budgeting windows better suited to respond to dynamic situations

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Hotel Budgeting 2022: Which Drivers Should You Consider Changing

To have better, more accurate budgeting numbers for the year ahead, hoteliers need to re-evaluate their drivers and establish a new baseline data set

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