2nd New Year's Revenue Resolution - January 13th

Beautiful Thursday! As we look forward to the weekend I reflect on my 2nd New Year’s Revenue Resolution. Set a specific time devoted to revenue EVERY WEEK!

So today’s reflection is a bit short just because this resolution admittedly is a kinda easy one. Well mostly. They always say the squeaky wheel gets the grease and well unlike our guests, staff, and vendors revenue usually doesn’t speak to you until it’s a bit too late. Sometimes one of the easiest tasks can be the hardest….finding time to breakaway, from the action, but really it’s one of the most important things you can do to ensure you are generating the best possible revenue. How can you follow your path without any time spent to review the path and make deliberate and educated choices.

Consider this. If you were walking through a forest or crossing a lake to go from one place to another but there are multiple paths or routes. At some point it’s best to stop and review your map and compass to ensure you are headed the right direction still.

Throughout the year we want to practice our revenue management version by scheduling a specific time devoted to the review of your revenue management strategy.

In this time you can review necessary promotions, time periods to focus on group or wholesale business, peak periods to focus on rate, and the upcoming week. Keep in mind time devoted to revenue doesn’t mean devoted to running and analyzing reports, but time spent reviewing your various reports, market intel, and data to make active forward looking decisions.

If you find each week a little different, no worries. Our world is an ever evolving world and frequently you may need to pivot to address more pressing needs in the upcoming 90 days and other times you may be strategizing further out. This is normal and honestly desired as you should avoid over prioritizing any one period.

Join me tomorrow as I reflect on my 3rd New Year’s Revenue Resolution: Review and Compare Against the Compset.