Everyone knows “cash is king” when it comes to operating a business, but in a disrupted market, this statement has taken on extra significance.
The best way to prepare for future uncertainty is by being certain about your own business strategies under any condition and hoteliers must continue to execute a revenue management strategy focused on not just the next few months, but the next several years.
Rachel Grier offers some insight into the best practices for a independent hotel
While many Asian hoteliers embrace revenue management and utilise technological benefits to maximise revenue potential; there are still some property owners across the region who consider revenue management as an additional cost and something that is a Ònice to have.Ó
The rules of attraction: how to secure the best revenue management candidate during the talent drought
With high turn-over rateS and a market demand for increasing numbers of talented staff, it is critical that hoteliers focus not only on attracting, but also retaining experienced revenue managers through an appealing workplace with a positive culture.
The need for understanding: here are ways managers can demonstrate the value of revenue management to property owners who may still consider it another additional cost.