Protect profits now. Plan for future success.
Review the tools readily available to you and your current processes. When executed and leveraged effectively, internal processes and technology enable time and financial savings. It starts with the desire to examine and optimise every aspect of operating your hotel and serving guests, including the technology you are using (or not using) to make it all happen.
You need to ask and answer questions like:
- How can you streamline processes?
- How can you reduce costs?
- How can you eliminate time-consuming and error-prone manual processes?
- How can you optimise purchasing and maximise buying power?
- What is the optimal labour required to sufficiently staff to meet our financial goals?
- How should you rethink your food & beverage offering to meet changing demands?
- What are your most popular and profitable menu items?
- How can you track waste and identify where savings can be made?
- How can you build more accurate forecasts?
- How can you leverage your data and apply analytics?
With the demands of running your hotel, you’ve got a lot to manage – but answering these questions will help you make the necessary moves to stabilise your business today and succeed in the future. Explore the questions and many more in our latest guide, Protecting Hotel Profitability in Disruptive Times – Five Ways to Position your Hotel for Success
Once you’re set up to leverage your data and apply analytics – there is even more opportunity for you to generate savings by increasing efficiencies and reducing costs. Focus on getting all of your data in one place. A complete view of your purchasing and inventory data, and financial performance allows you to understand your highest performing sites or revenue centres, your best days, and much more. Full visibility translates into informed decision making, so you can confidently adapt to the changing climate and guest behavior, identifying areas for improvement along the way.
Explore how you can simplify your back-office operations, boost your efficiency and profitability, and streamline your procurement and inventory processes in our Protecting Hotel Profitability Guide now.
Financial pressures are at an all-time high as we move into a second lockdown. We know supporting your employees’ financial and mental wellbeing is really important to you during these challenging times and hope that exploring Fourth X Wagestream will support you in these efforts, enabling you to give your team access to their furlough income on demand.
Suppliers serving the hospitality sector have unsurprisingly been adversely impacted by the pandemic, with reports of revenues of less than 10% of 2019 levels during the first lockdown.
Many of us will look back on 2020 as the year that fundamentally changed the hospitality industry. From monitoring the health of our employees, team members wearing PPE, to constantly changing rotas to accommodate consumer demand, the pandemic has certainly changed the way we operate and our traditional measures of success.