Your guest room is a perishable product.
For this reason, pricing and customer happiness remain extremely important variables.
For you to consistently succeed, you need to understand revenue management and why it is important.
In this edition, I will explain why daily audit reports are necessary for the success of any hospitality property and which reports are the most important?
Why did you want to become a hospitality property owner?
• The idea of becoming a hospitality property owner and greeting guests sounded appealing.
• You were tired of the rat race and wanted to take control of your own destiny.
• Or like most owners, you wanted to make money or even better, to make more money in less time
One of the main factors you need to be successful and make more money in less time it is for you to understand revenue management and why it is important.
It is what propels hotels, resorts, inns and bed and breakfasts success.
It does not matter the size of your property, a guest room is a perishable product since the number of guest rooms you have is defined. For this reason, pricing and customer happiness remain the very important variables, which are subject to Hospitality Property Revenue Management.
Efficiently managing rates and availability while watching on all the different key performance markers takes training and talent. Branded hospitality property chains have a department that only focuses on these reports which result in a well-organised revenue management strategy. This is not the same for smaller properties because time and resources are limited, might take a short-term approach to revenue management.
Knowing how to understand the reports is an invaluable resource because they can help hospitality property owners make choices that will result in positive outcomes.
Continue reading to find out more…
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