Understanding the Benefits of Hotel Industry-specific Financial Software
Financial bookkeeping is a time-consuming yet essential aspect of your business. To give you an idea, it enables you to track your income and expenses, determine the profitability of your business, establish your financial strength, and make sound business decisions. Depending on the size of your business, you may require financial software to analyze and…
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Hotel Budget Planning During Weak Demand
Deciding on the 2021 hotel budget will be a major concern for hotel managers, due to a squeezed economy. Practical hotel budget planning will be the key to business survival for many properties in the next few years. Here are a few effective ways to manage your hotel budget during the pandemic crisis. Budget Negotiations…
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Hotel Revenue Shifts Indicate Changes in Guest Priorities
What hotel investments say about changing guest preferences. To attract guests, hotels must appeal to their interests. However, as new generations of travelers emerge, hotels must understand their priorities and make meaningful changes to address these shifts. As such, changes in hotel expenditures often reveal changing guest preferences. By looking at hotel revenue, here are…
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What New Research Reveals About Technology Investment for Hotels
Study shows that chain hotels are more likely to prioritize investments in new technology. In a study of 1,200 hoteliers, Expedia Group found that large, chain hotels are twice as likely than independent hotels to prioritize technology investment. Inversely, smaller, independent hotels are 1.5 times more likely than chain hotels to prioritize room renovations. So,…
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Hospitality Labor Shortage is Affecting Profits
How a lack of workers will affect hotel sector profits. Despite high occupancy rates and a steady increase in average room rates, the hotel sector is expected to see a lower profit margin this year. This is largely due to the fact that revenue growth is not fast enough to keep pace with increasing operating…
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