budget

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

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

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

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

Before you decide on marketing expenses for 2022, take a step back and see where you sit today in the online marketplace

With an “expect the unexpected” mindset and right set of budget & forecasting tools, your ship, er, hotel will confidently chart a course for calmer waters

Key is to know where the industry is heading and keep forecasted trends top of mind when considering how to allocate digital marketing dollars

Budgeting for 2021 is a new horizon for us all. Financial planning is not business as usual and crafting the perfect budget is challenging