In our previous article, we shared insights and advice from global hospitality experts on how to make the 2024 hotel budget process as smooth and painless as possible. Here, we share five ways to improve budget accuracy and performance in uncertain times.
For hotel owners and operators alike, the annual budget is often a gruelling and time-consuming process. This year, with persistent inflation, added pressures on cost control, and uncertainty about the economy, the process is as fraught as ever.
We face a transformative period as we enter budget planning for 2024. While the process remains, the focus and strategies are evolving. The HSMAI Sales Advisory Board recently met to dig into the best practices.
For hotels, the annual budget process is like a high-stakes poker game in which the owners keep their cards close to their chest and the operators try to guess what cards they’re holding and if they’re bluffing. By the time everyone shows their hands and the year kicks in, the game has often changed significantly, and all bets are off.
Budget season is upon us, and around the world hotel owners and operators are buried deep in data trying to come up with 2024 performance numbers.What unique challenges are hotels facing in the 2024 budgeting and planning process? HotStats reached out to global hospitality leaders to find out.
There is a lot of uncertainty and mixed signals, and nobody has a crystal ball. I met with the HSMAI Sales Advisory Board to talk about how sales leadership, in particular, is preparing teams and resources during these uncertain times.
Last month the Revenue Optimization Advisory Board met for a discussion of the budget process. A timely topic, as many companies are in the midst of developing budgets and preparing for 2023. I posed the question, is budgeting a waste of time when it is rarely accurate anyways?
A quick look at macro and micro travel trends in preparation for the fall budget planning season