business planning
Hospitality Financial Leadership – How to Prepare a 5-Year Proforma
David Lund | December 5, 2022
By David Lund Preparing a five-year financial plan for your hotel might sound daunting, but it is all in your head. Let’s lay it out. You are either dreaming about a business that does not exist yet and you need a plan, or you are up and running and you want to look into the future and pave a path forward. Either way you need to same tools. The first tool you need is market information: CBRE or STR are both helpful. CBRE can provide you in-depth marketplace analysis that will draw you a very clear picture of the rates and occupancy of several different hotel asset classes in your area. If you are already up and running, it is yo...
Enjoy the Journey as Well as the Destination
Robert Rauch | September 2, 2020
By Robert Rauch Our 10-step Method to 2021 Business Planning Every year during late August and early September, we embark on business planning for the following year. This year has been highly unusual to say the least. So, despite the low revenues, difficult operating environment, stress and anxiety and disastrous cash flow, try to breathe and enjoy the journey. It will make the transition to the other side more enjoyable and likely more successful. Here are 10 items to put on your “to-do” list that will get you there and keep you focused! 1) Complete your research. Business plans for 2021 must be clear, concise and simple a...
Road to Recovery: Planning for a Marathon, Not a Sprint
Nancy Huang | July 15, 2020
By Nancy Huang The following article is part of a series on reopening tips and strategies for hotels, part of our Road to Recovery guide for hoteliers. Click here to access the complete guide. As countries loosen lockdown restrictions, hotels around the world are cautiously reopening and hoping to salvage what’s left of their high season, while simultaneously adjusting to a “new normal” of enhanced hygiene and social distancing in their daily operations. Unfortunately, while some countries of the world are confidently past the first wave of the pandemic, others are seeing their cases rise, even after having successfully broug...
2016 Business Planning Guide by Robert Rauch
Robert Rauch, CHA | August 4, 2015
The hospitality industry is changing by the minute and this often creates challenges for hoteliers to keep up with the latest trends, drive profits and increase guest satisfaction. As 2016 quickly approaches, it is important to put together an actionable business plan, in particular a "digital business plan!" This plan includes your budgeted revenues and expenses for each department! Before jumping head first into your plan, it is important to remember that one person cannot do this alone. Today's hospitality industry is way too complex for a General Manager and Director of Sales to attempt to map out a success plan without a full team....
