Halloween is just around the corner and we hope you have shortlisted your costume already! Someone at work recently mentioned out a scary story where a doctor accidently left a small scissor in a patient’s abdomen after a surgery. More than ashamed, the doctor was horrified, scared to death.
We started narrating about the things that have terrified us in the past in our professional lives when an ex-revenue manager colleague of ours clearly stated. “For Hoteliers, every time we have to report on Low RevPAR and ADR; It’s So Much Spookier than Halloween!”
All ex-hotelier colleagues nodded in agreement, nothing can be more ghostly or horrifying for Hoteliers than reporting low – RevPAR, ADR, and Occupancy rates. Well, we all as hoteliers know this very well, but what we don’t have is a foolproof mechanism to ensure that we are not terrified at any other time except Halloween. There is always a time where every General Manager, Revenue manager, Owner is fighting the deadly ghost of low RevPAR and ADR.
Halloween is a very popular event these days and involves a lot of money rolling especially in the hospitality sector. The picture below depicts this elaborately.
In this blog, we will share tips on how hotels can increase their important stats like RevPAR, ADR, and occupancy and also how revenue managers can effectively multi-task and operate efficiently during the time of peak and calm seasons.
Managing multiple tasks can get challenging for RMs but with the right set of tools & resources, they will be able to develop a better understanding of how, when and what about implementing revenue management strategies and easily sail through this tough period.
So for the benefit of the hotel revenue managers turned into a zombie with so much to handle; here are some tips on how to use your revenue management tools to help you feel human again.
7 tips for Hotel Revenue & General Managers, worth exploring:
- For any humans, it is not possible to keep a track of everything at all times, especially during the festive and rush period. Thus, it is imperative that RMs take help from technology systems to get useful insights and reports for making intelligent decisions.
- Employ a good modern day revenue management system that offers a lot of cutting edge features, one of them is a dashboard to give a complete picture of your hotel management operations.
- Your revenue management system should be comprehensive enough to empower you to create and consume various data types and generate real-time And should be able to partner with you in improving RevPAR and ADR.
- Use your system’s intellect to utilize your system’s analytic capabilities through intuitive user interfaces, heat maps and calendars to identify and address latest trends in the hospitality industry.
- Advanced revenue management systems also offer extrapolative “what-if” studies powering you to eliminate the guesswork out of your daily operations.
- Using this technology backed capabilities will prepare you for any potential impacts on demand, supply, pricing optimization and online distribution challenges a Revenue Manger might face.
- Eliminate FOMO and FONK by determining the necessary revenue management tools and processes that you need for survival.
With so much on Revenue Managers table and to add to that the pain of working on different independent solutions working in silos; Modern and busy RMs need one single unified solution to handle all the aspects of hotel management. This will definitely free them from the trouble of managing different solutions and multiple vendors. A lot of benefits will come from time saved and convenient operations.
RMs, if equip themselves with the right tools, practices and people for premeditated revenue management success, can successfully ward off unnecessary exhaustion at the rush time and the festive season and come out of any current catastrophe fairly intact feeling happy and human again.
We now hope that applying these tips will make your work on the job much organized and also you will not face anything spookier than Halloween at the workplace at least.
Happy Halloween Day!!!