Merry budget season—it’s the most important time of the year.
Are you in the midst of the budget season frenzy? Feeling the pressure to get all your ducks in a row? The annual challenge of being asked to know now what you’ll need to spend later is never pleasant. Hindsight is 2020—so is the coming year—and with some uncertain economic conditions on the horizon and no shortage of functions in need of more funding, where will you focus spending in the year to come?
Quality Over Quantity
Don’t make the mistake of spreading your spend too thin in an attempt to fuel every facet of your business. Instead, home in on a few key areas where you can really enhance revenue and see some real ROI, fast.
Property renovations, for instance, are typically top of mind for hoteliers. While maintaining your physical assets is important, don’t let your digital infrastructure fall by the wayside. Before you put all your chips in on that big remodel, be sure to ask, Have we invested in the right technology?
“When thinking of your hotel’s technology stack, it’s important to view it as a whole,” says Valerie Castillo of TrustYou. “Everything should resemble a puzzle, in which every single piece fits perfectly with the other. This is the best way to ensure everyday operations are fast, efficient and that the data you store in the hotel systems is properly updated and accurate.”
When assessing your tech stack budget, Castillo recommends separating the must-haves from the nice-to-haves. Where your property management system is certainly an imperative, these days, an automated revenue management system (RMS) is becoming just as critical. And with major increases in productivity and profits, an advanced RMS will pay for itself in no time.
Plan for Profit
More hotels than ever before are allocating significant P&L budget on technology upgrades and RMS enhancements. IDeaS’ revenue science solutions pay for themselves in the first few months of implementation. Beyond that, well, prepare for a bit more wiggle room in your spending. What else on your 2020 budget plan will deliver ROI that fast?
There’s a better way to revenue. Don’t budget without talking to IDeaS first.