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Our Story: Who We Are and Where We're Heading
First things first, before we dive into numbers, we need to understand who we are right now and where we want to be in the future. Our budget isn't just about money; it's a reflection of our identity and what we want to achieve. Having a clear vision for each of our hotels is key.
Plan B: Being Ready for Curveballs
We all know that the hospitality industry can be a rollercoaster ride. So, while we're busy making Plan A, we also make sure to consider what Plan B would look like if things don't go as expected. Being prepared for the unexpected is a smart move.
Taking It Day by Day: What We Focus On
Our approach involves breaking things down day by day. Here are some things we look at:
- Special Events, Holidays, and Seasons: We pinpoint important dates and seasonal trends because they can make a big difference in our business. Knowing what's coming up helps us plan.
- Direct Sales Segments: We love direct sales because we have more control over them. We figure out who's coming back and what we can expect in terms of revenue for 2024.
- Best Days and Why: We're all about learning from our successes. We dissect our best days to see what made them great. Then, we figure out how to recreate those successes in the future.
- Worst Days and How to Avoid Them: On the flip side, we look at the not-so-great days and figure out what went wrong. This way, we can avoid making the same mistakes.
Knowing the Competition: It's a Must
Our top salespeople stay in the loop about what's happening in the market and what our competitors are up to. It's crucial because we already have a lot of data about our hotels. Staying informed helps us make smart decisions and stay ahead.
If this doesn’t sound like groundbreaking advice, you’re right. Every management company will expect hotel teams to know their competition. We take it a step further because we understand that each property has a unique thumbprint.
Rather than relying on sweeping national forecasts, we focus on market performance data, drilling down to the street corner level. We use the information to forecast the market's future performance and our hotel’s appropriate place within it.
No Gut Feelings Here: Data-Driven Decisions
We're not into budgeting based on gut feelings. If we think something's a trend, we back it up with data. We want our budget to be rock-solid, built on facts and figures we can trust. Whether we use brand reports, market data, CVB information, data from Kalibri Labs, Agency360, or CoSTR, there are multiple data sources. Our responsibility is to use and understand the data and craft a compelling story to bring it to life.
Setting Goals: Keeping Our Eye on the Prize
As we work on our 2024 projections, we must continuously think about what we're aiming for. Having clear goals helps us stay on track, even when the numbers get overwhelming.
Creating an annual budget isn't just about crunching numbers; it's about shaping our future. By following these practices - from understanding our story to making data-driven decisions - we can ensure our budget is a roadmap to success for all our hotels in 2024 and beyond.
