annual budget
Where Your Hotel’s Finance Team Should Be at This Point in Budget Season
Jill Wilder | September 17, 2024
By Jill Wilder, President of Aptech It’s that time of year – budget season. "Budget" – even the word sounds daunting to most people. The good news is the budgeting process for your hotel doesn't have to be overly difficult. The key assets when building a budget for your hotel company are: ✓ Organization ✓ Teamwork – with all departments supplying their input and information without delay. ✓ Hotel-specific software – to help your finance team gather accurate data across your portfolio and easily provide their recommended budget on time. Let's Start with the Basics A hotel budget is essentially a financial plan and strat...
2024 Budgeting: How To Improve Hotel Performance in Uncertain Times
HotStats | November 9, 2023
By Tanya Venegas In our previous article, we shared insights and advice from global hospitality experts on how to make the 2024 hotel budget process as smooth and painless as possible. Here, we share five ways to improve budget accuracy and performance in uncertain times. 1. Benchmark Against Competitors In the last article, we discussed the importance of strategic planning, aligning stakeholders, and harnessing relevant data. Another key element of the budgeting process is to benchmark performance against competitors. “Benchmarking is critical,” Pete Sams, chief operating officer of Davidson Hospitality Group, told us. “We l...
How to Make the 2024 Hotel Budgeting Process as Smooth and Painless as Possible
HotStats | November 6, 2023
By Jeannette King, Marketing Manager at HotStats For hotel owners and operators alike, the annual budget is often a grueling and time-consuming process. This year, with persistent inflation, added pressures on cost control, and uncertainty about the economy, the process is as fraught as ever. Are there ways to make the 2024 budgeting process more streamlined and efficient? For insights and advice, HotStats reached out to leading hospitality experts around the world. 1. Start Early but Submit Late Hoteliers often complain that the budgeting process seems to start earlier every year. This is especially true for large hotel groups with mult...
Is the Annual Budget Process Still a Necessary Evil for Hotels?
HotStats | October 26, 2023
By Kathrin Cockhill For hotels, the annual budget process is like a high-stakes poker game in which the owners keep their cards close to their chest and the operators try to guess what cards they’re holding and if they’re bluffing. By the time everyone shows their hands and the year kicks in, the game has often changed significantly, and all bets are off. Does it have to be this way? Today, more data than ever is available to enable operators to budget and forecast based on current conditions rather than rely on outdated projections. But will this serve the needs of owners? For insights, HotStats reached out to hospitality leader...
Hospitality Financial Leadership: How to Prepare the Annual Budget in 1 Hour
David Lund | July 12, 2021
By David Lund Over the many years I have worked in hotels, I have had the pleasure of working with some exceptionally fine and talented individuals. This story is about one GM and his penchant for simplicity. When he suggested that I prepare the annual budget on one sheet of paper and have it ready to review for the next day I thought he was off his rocker. What I learned was the power of removing the seemingly complex and replacing it with a clear vision. It was late in the day and we had just finished our weekly executive committee meeting which was always an opportunity for some calamity and drama. But alas today i...
