Flow thru, an abbreviation, is a catch all phrase that measures how much made it through your business comparing one period to another. What made it through, from revenues to profit. Another term to describe this measurement is retention. A good analogy to grasp the concept of flow thru is to compare it to your pay cheque. Imaging I give you a $1,000 a week raise. The question then is how much will end up on your pay versus how much got eaten up by higher taxes and other deductions.
Why chatbots are great for hotels
2016Êwas the year of the chatbot, and expertsÊand marketeers are confident that 2017 is going to be another interesting year. A chatbot is an automated messaging service, consisting in a computer program, aimed to generate a conversation with human users. They interact with the service through popular messaging applications like Facebook Messenger or WeChat. Which companies are already using the chatbot technology?
Why you canÕt compete on price alone
Hotels have never operated in a more fragmented or competitive booking environment than they have today. Not only are hoteliers challenged to attract the right guest, at the right price, in markets that have seen large-scale hotel development over recent years, but they are also facing stiff competition from new players in the sharing economy. Led by Silicon Valley technology giant Airbnb, sharing economy accommodation platforms linking private citizens with vacant rooms or properties have grown dramatically in popularity over recent years.
Teaching the art of the sale
When you are in a customer-facing industry like the hotel industry, the ability to sell is extremely important, andÊI think most general managers would agree with me! A hotel is a busy and complex environment, and there are numerous opportunities for additional sales throughout a guestÕs stay, a well-trained team will be able to take advantage of this and be able to upsell when and where appropriate.
Seven tips for contemporary property management
The hospitality industry has changed quite a bit over the last couple decades, and more changes are coming. But with our help, you’re going to see this isn’t a negative thing. Not at all. The more you know about modern property management around the world, the easier it will be to compete in the coming years.
How the hospitality industry could benefit from Brexit
There is a great deal of negativity in the UK hospitality industry surrounding Brexit, but in the recent months after Britain voted to leave the European Union, we have seen a significant drop in devaluation of the British pound which has made the UK an attractive place to travel for tourists and shoppers. This has been particularly good for North American tourists to visit the UK as the Euro has also devalued against the dollar. There is really no better time to visit Britain than now.
Why we love the hotel business in ten parts
Have you ever sat back for a moment to reflect on the profession of hospitality? With all its ups and downs, could you think of any other business you would rather be in? As someone who admittedly has never been at the helm of a property with the exception of short term MOD responsibilities, I feel as close as anyone can be to hotel management. Yet I recognize that it is not the same as the burden of being general manager.
Tips to improve your ROI at industry conferences and events
Industry conferences are an excellent way to meet potential clients face-to-face to create potential sales relationships, that could convert more quickly than establishing relationships through email and phone interactions alone. But with the endless list of hospitality industry conferences and events happening every year, how can you earn the most ROI from each event?
Tips on successful press FAM trips Ð secure legit journos
Group press FAM trips are an effective marketing tool for travel and lifestyle reporters to experience first-hand a hotel and surrounding destination. The proviso: get top producing writers with assignments to your property, and avoid non-producers, aka freeloaders, at all costs. Your travel PR agency should know whom to invite and which ones to stay away from.Ê
Do your hotel financial statements pass the test? Part two
Do your hotel financial statements give you the information you need to effectively manage your hotel? Are you able to see if your profits are where they should be in an enhanced top line statement? Do your statements measure flow thru? Do you record your rooms business by proper segments and track the rooms occupied, rate and revenue in each segment?
