Opening a restaurant is an extremely challenging endeavor. But if you plan accordingly, you can increase your chances of success by conducting proper market research, budgeting, getting involved with your community, investing in marketing, prioritizing operational efficiency, and listening to your customer base.
Six 2021 budget planning tips for hoteliers
In these uncertain times, analyzing every single cost matters. People need to know what to track and what they are spending ‘per occupied room’ and how those costs are impacting the ‘percentage of revenue.’
10 items to include in your hotel marketing budget
If you do the hotel marketing budget when you work on the marketing plan, you can determine segments with opportunity and create a marketing plan broken down by month that includes events, trends and seasonality.
Top 10 hotel budget review tips
When you are reviewing a hotel budget you want to ask the right questions—the ones that will yield the biggest treasure.
Annual budget: The General Manager’s yardstick
GMs too often leave it up to the controller to try and sort out the wants and BS from department managers in the budgeting process, but this causes a lot of wasted time and effort.
