Hotelogix

OCTOBER 11, 2024

Seasonal Influences: Holidays and special events can impact travel plans. This, in turn, affects pricing strategies and future bookings. This accountability encourages guests to commit to their reservations, as they understand the consequences of a no-show. How No-Shows Impact Hotels?

Reservations 130

Reservations Guest Satisfaction Communication Book 130

SiteMinder

JULY 13, 2024

Hotel revenue management is the strategic distribution and pricing tactics used to sell perishable room inventory to the right guests at the right time in order to boost revenue growth. Optimal strategies and techniques are dynamic, based on the understanding that hotel pricing is fluid and can change from one day to the next.

Pricing 98

Pricing Book Budgeting Marketing 98

SiteMinder

JUNE 12, 2024

Yield management is a pricing and revenue management strategy that is used to maximise business performance. It involves adjusting prices based on predicted demand and other external factors to maximise revenue or yield. The main goal is to sell the right product to the right customer at the right time for the right price.

Pricing 98

Pricing Book Reservations Events 98

Hotel Business

SEPTEMBER 15, 2023

For an effective pricing strategy, you should look to determine your offerings, including: Variety of rates Discounts Your loyalty program offerings Upsell opportunities Slow periods are an excellent time to understand price fences such as advanced purchase, deposit or cancellation policies, as these can be flexed over time.

Special Events 64

Special Events Pricing Accounting Events 64

Revenue Hub

JULY 11, 2023

Subscribe to our weekly newsletter and stay up to date Demystifying Revenue Management At its heart, revenue management is a strategic toolkit in the hotel industry that allows businesses to forecast consumer behavior, optimize product availability, and fine-tune pricing to maximize revenue growth.

Pricing 66

Pricing Book Article Events 66

Modern Restaurant Management

NOVEMBER 19, 2020

That said, there are a few other things that restaurants need to ensure are working soundly before the customer reaches checkout: User Accounts – Restaurants should offer customers the ability to open an account on the restaurant’s website.

Special Events 215

Special Events Accounting Marketing Pricing 215

Modern Restaurant Management

AUGUST 31, 2023

So, basically, you’re harping on your USP—which your customers love—to make your event a success. They may even promote these special events for free via word of mouth. If you’re a restaurant that serves only vegan food, an influencer who posts grilled meats on their accounts won’t do.

Events 154

Events Marketing Accounting Special Events 154

SiteMinder

OCTOBER 10, 2023

This forecast takes into account the total number of rooms in the hotel and subtracts the number of rooms that are expected to be occupied. The result gives hotel managers an idea of how many rooms they can still sell, allowing them to make informed decisions about pricing, promotions, and distribution. Market segments.

Book 52

Book Pricing Reservations Accounting 52

7 Shifts

NOVEMBER 15, 2024

How do you prepare your team for special events or holiday rushes? As a restaurant manager, how do you prepare your team for special events or holiday rushes? For example, they could increase staff for a special event so that there are enough employees to handle larger crowds without sacrificing service quality.

Communication 78

Communication Server Special Events Training 78

7 Shifts

JULY 20, 2024

By analyzing these reports, you can optimize pricing, control restaurant costs , reduce waste, and improve overall profitability. Because the sales report shows the revenue generated by each menu item, you can set your pricing appropriately to maintain healthy profit margins. This balance helps in maintaining optimal labor costs.

Scheduling 88

Scheduling Pricing Budgeting Information 88

MBB Hospitality

NOVEMBER 15, 2023

It involves tracking the cost of each ingredient, understanding seasonality, and recognizing price fluctuations. This granular approach helps in making informed decisions about menu design, portion sizes, and pricing, ensuring that each dish contributes positively to your bottom line.

Pricing 52

Pricing Training Portion Control POS Systems 52

Synergy Suite

OCTOBER 12, 2023

Gross profit margin is a fundamental financial metric that reveals the percentage of revenue left after accounting for the cost of goods sold (COGS). Analyze the gross profit margin to understand how efficiently you’re managing costs and pricing your menu items.

Portion Control 52

Portion Control Pricing Accounting Procurement 52

7 Shifts

AUGUST 18, 2024

This means your personal assets, such as your home or savings account, could be at risk if the business fails. Make sure to get quotes from multiple suppliers so you can compare prices and services. Pricing should match your target market and theme. This will give you a good idea of their product and service. Keep it simple.

Customer Service 148

Customer Service Marketing Special Events Scheduling 148

SiteMinder

OCTOBER 5, 2023

However, while the platform provides a suite of tools designed to streamline operations, like reservation management, dynamic pricing, and integrated review systems, it’s essential for hoteliers to invest time in understanding and optimising these features. A particularly useful feature is the rate management tool.

Competitive Analysis 59

Competitive Analysis Book Information Property Management 59

Revenue Hub

OCTOBER 28, 2022

Filling up as many rooms as possible with the most optimized pricing for each room has always been the main focus of the traditional hotelier. NB: This is an article from Agilysys. Today, increasing competition and intermediary commissions are forcing hoteliers to think ahead to capture more non-room-related revenue opportunities.

Special Events 78

Special Events Book Information Reservations 78

Lithos POS

SEPTEMBER 27, 2023

POS helps you to automate various business functions such as inventory, payments, accounting, customer, and employee operations. You can integrate the software with other software such as accounting, inventory, CRM, payment, and other food aggregators. It allows you to manage everything in a centralized dashboard.

POS Systems 69

POS Systems Accounting Front of House Server 69

Synergy Suite

JULY 20, 2024

Restaurants, in particular, may resort to double shifts during peak seasons or special events when an increased workforce is necessary to handle the customer surge. Also, by having proper bookkeeping practices in place, restaurant owners are less likely to have accounting errors or missed vendor invoices. Leverage software.

Bookkeeping 52

Bookkeeping Scheduling Accounting Information 52

Revenue Hub

AUGUST 22, 2023

Filling up as many rooms as possible with the most optimized pricing for each room has always been the main focus of the traditional hotelier. Retailers have been using a technique called market basket analysis for many years to increase sales and capture more revenue by better understanding customer purchasing patterns.

Special Events 73

Special Events Book Information Reservations 73

Modern Restaurant Management

DECEMBER 10, 2021

Instead of promoting items according to price or margin, promote what your customers love. Creating a Google My Business account for your restaurant is a great way to ensure that all vital information will be at the customer’s fingertips. Then prepare to wow them with a special offer.

Marketing 226

Marketing Information POS Systems Demo 226

Modern Restaurant Management

DECEMBER 21, 2022

Consumers are realizing it’s a delicious wine with a good price point. Collaborations : Collaborations, such as partnering with a well-known designer on staff uniforms or bringing in guest chefs for special events and pop-ups, will continue to capture consumer attention. " – Robin Gagnon, We Sell Restaurants. "When

Pricing 167

Pricing Portion Control Budgeting Marketing 167

SiteMinder

NOVEMBER 30, 2023

Stay on the cutting edge with SiteMinder Automated listing updates, tailored offers, in-depth competitor pricing insights and more, SiteMinder offers users the latest in hotel management technology. Revenue management systems Revenue Management Systems (RMS) employ data analytics to predict demand, optimise pricing, and maximise revenue.

Guest Satisfaction 52

Guest Satisfaction Book Property Management Pricing 52

Revenue Hub

OCTOBER 28, 2022

A Global Business Travel Association (GBTA) report estimated a full recovery of global business travel by 2026 – a result of many factors such as the Russian-Ukraine conflict causing inflation, high energy prices, labor shortages, supply chain, and frequent lockdowns in the world’s largest nation, China.

Reservations 76

Reservations Book Catering Special Events 76

Lithos POS

DECEMBER 19, 2023

He acts as an accountant, overseeing invoices, payroll, profit and loss statements, and tax records. The bookkeeper or accountant is responsible for managing the restaurant’s financial records, including accounts payable, accounts receivable, payroll, and financial reporting.

Front of House 52

Front of House Scheduling Communication Bookkeeping 52

Les Roches

JULY 11, 2023

Understanding customers and consumers in hospitality If you work in the hospitality sector, for example in hotel management , then your customers are the people who spend money with you, whether that’s buying a meal in the hotel restaurant, booking rooms or arranging a special event in the venue. Your consumers are the end users.

Special Events 40

Special Events Customer Service Marketing Catering 40

7 Shifts

DECEMBER 8, 2020

They may have overstock of an exciting item, or may be able to get you access to lower prices on specialty items. Bigger suppliers like beverage distributors often have access to special events like concerts or sporting events. Recommended Reading: How to Build a Successful Restaurant Employee Engagement Program 7.

Front of House 148

Front of House Server Events Special Events 148

7 Shifts

JANUARY 31, 2023

You might also consider adding lower-priced wine selections as well so that customers don't have to choose between splurging on a bottle of champagne. Keep the special events coming Whether we’re talking about in-person or online events, these will help your restaurant stand out among all the other offers out there.

Scheduling 78

Scheduling Events Book Special Events 78

Les Roches

DECEMBER 28, 2022

This will help you get some opinions and first-hand accounts of what it’s really like to work in a certain career path. Food and Beverage manager – Also known as F&B, this is managing inventory, orders, budgets, and planning of special events for restaurants, bars, and catering.

Hospitality Management 52

Hospitality Management Training Communication Special Events 52

7 Shifts

JUNE 16, 2024

You can give your customers 1 point for every $10 they spend at your restaurant (the price point depends on how much you're selling your food and beverages; just make sure to set an achievable price). This doesn't mean, however, that you have to increase the price of your menu in-store.

Marketing 78

Marketing Catering Events Reservations 78

7 Shifts

NOVEMBER 9, 2022

People who sign up to receive your newsletter might start ignoring their inboxes later and create new accounts. Special events such as birthdays and anniversaries also show how much you care about them. From policy changes to price—news is best served in newsletters. They might even delete the address they signed up with.

Reservations 78

Reservations Blog Marketing Events 78

SiteMinder

JULY 4, 2024

However, if guests don’t feel connected to your brand, they could still be ruled by price, location or facilities next time they choose to book a stay. The more business you can generate from existing guests, the more healthy your business will be in the long run, since you’ll be able to spend less on marketing and forecast more accurately.

Guest Satisfaction 52

Guest Satisfaction Book Communication Catering 52

Synergy Suite

NOVEMBER 2, 2023

The formula for calculating labor cost percentage is straightforward: Labor cost percentage = (Total Revenue / Total Labor Costs) × 100 This calculation takes into account all labor-related expenses, including wages, benefits, and taxes, and expresses them as a percentage of total revenue.

Scheduling 52

Scheduling Training Information Cost Reduction 52

The Restaurant Times

SEPTEMBER 16, 2021

There are ample business accounts on Instagram as of now looking for more opportunities and collaborations. . However, the price is worth investing in as you will be getting proactive marketing for your eatery. . The feeling of competitiveness triggered in your followers drives them to engage more and more in your account.

Marketing 52

Marketing Accounting Budgeting Special Events 52

Modern Restaurant Management

JUNE 19, 2020

” Features include: Ingredient Price Tracker — Monitor item price fluctuations to audit and avoid vendor discrepancies. Product Catalog — View and manage the details of all products the restaurant has purchased, including units of measurement, price, and quantity. immediately?begin begin to capture invoice?data.

Sanitation 145

Sanitation Information Marketing Document 145

7 Shifts

MARCH 30, 2022

Price changes, new items, new deals, new hours - all of it can be adjusted as your restaurant grows. These can be professionally designed or made in-house to promote specials, events, or even a classic riff like the “Free Wifi, Cold Beer” sign found outside many-a-bar. Digital Signage. Image Source. Embrace Email Marketing.

Marketing 148

Marketing Special Events Accounting Events 148