McLEAN,
VA—The Hospitality Sales and Marketing Association International (HSMAI)
released a study on “Nine Ways to Pull More Revenue Through to Your Bottom
Line,” a white paper commissioned in partnership with Infor, a hospitality
enterprise software company.
In the
study, Trevor Stuart-Hill, president of Revenue Matters, presents solutions
designed to help hotel managers increase profitability in a climate of rising
costs.
“Escalating
costs are the greatest factor limiting bottom-line performance for many
properties around the country,” stated Stuart-Hill “Hotels and resorts are
facing enough demand today that they should be able to turn some impressive
profits if they are able to take creative action to improve profitability.”
“While the
industry is now seeing revenue and occupancy growth outpace pre-recession
levels, net income has stayed flat, dragged down by increasing costs,” stated
Robert A. Gilbert, president/CEO of HSMAI. “This white paper suggests a number
of ways hotel managers can find new ways to generate increased revenue and
profit.”
Stuart-Hill’s
strategies outline steps hotel managers can employ to increase net revenue in
this current cost climate. These include: Focus on forecast
performance; Engage associates; Optimize market segmentation; Match
staffing levels to demand;Think of inventory as an asset versus a
commodity; Understand ROI of marketing spend; Enhance guest
experience while generating additional profit; Review charges to ensure
they do not make it to the guest folio and; Proactively manage assets to
minimize both downtime and guest satisfaction issues.
“If you
don’t already see this happening in your organization, now is the time to take
the action needed to capitalize on the full profit potential of the recovery,”
Stuart-Hill added. “Look beyond the things you have done in the past, and think
differently about what opportunities lay ahead.”
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