The Creative Strategies and Additional Sources of Revenue
By Ahmed Mahmoud Founder, revenueyourhotel.com | September 09, 2012
It's usually a safe bet to assume that any hotel would like to increase its revenue and acquire more profits. High-performing hotels foster a culture of constant improvement and regularly ask, "How can we grow and sustain increasing levels of income?"
Believing that there are a number of different income growth strategies that hotels can use to generate much-needed revenue, each strategy comes at a different "price." While some revenue sources are easy to implement and require little technical expertise, others might be perfectly suited for the missions and strengths of your hotel, yet require a more significant investment.
It is well known information for everyone working in the hotel industry that revenue stream comes through rooms, Food & Beverage, banquets and ancillary revenues, etc. This is why there is a new emphasis today on total guest revenue. However, we still believe that there are so many missed opportunities for possible sales in any hotel, although sales can depend on a complex combination of factors that can be affected by anything starting from customer service and behaviors to bad weather.
Revenue growth and exploring new revenue resources is the aim for everyone and it is everyone's business, so why can't we make it part of everyone's daily work routine. Every employee wants to be part of a company's growth agenda, but most don't know how. Hotel management needs to provide them with both information and tools, starting with making revenue growth an inherent part of daily conversations, meetings, and presentations.
We have all heard the old motto/pivot of Revenue Management: