2

-Use historical data to track seasonality and trends -Compare year-to-date hotel revenue -Assess year-over-year profit -Track changes in labor productivity and performance -Create a staff guide -Use technology to reduce labor expenses -Account for repairs, renovations and maintenance -Create a demand calendar -Use budgeting tools

it’s important to understand seasonal and market-specific trends. These include holidays, vacation periods and any local events that may be scheduled.

When individuals decide to operate a business, it is usually because they have a special interest or specific expertise in the product or service the business is selling

Managers have a tendency to build their expense budgets by simply taking last year’s numbers and adjusting them upward by an assumed percentage

1. Optimizing revenue management and price your rooms to your advantage. 2. Endeavoring to boost your occupancy rates. 3. Focusing on enticing guests to make additional purchases on their booking. 4. Creating a number of ancillary revenue streams. 5. Enhancing your reputation and recognition.

preparing for anything that might happen outside of normal everyday operations

planting on-site gardens with fresh produce and constructing water recycling facilities

Set aside funds for staff training programs that focus on customer service, technology adoption

which is a system for managing all of your company's interactions with current and potential customers.