There were times when the hotel accountant would lock his/herself in a back room and not come out until the budget was done! Those days are long gone and today’s budgets reflect the input of the entire executive team. A relative new comer to the budget process in the last decade has been the Revenue Manager (hereafter the RM), who adds a whole new dimension of depth to the analysis, enabling the exploration of possibilities and potential strategies that are within reach and that could measurably change hotel profitability. First and foremost, many believe, as do I that “budget time” presents a golden opportunity for hoteliers to reflect and consider new hotel strategies. Never before in the history of hotels have so many sophisticated tools been at our disposal enabling us to project what the market is doing, what our competitors are doing, the effect different actions would have on our profitability as well on our reputations. Who better than the property strategist to provide the group with an in-depth look at analytics, channel attributes and productivity? Unless your General Manager is springing for a vacation retreat, budget time is one of the few periods during the year that can be solely devoted to spending “quality” time between the Sales Director, General Manager, Revenue Manager and CFO (Controller). Like that old accountant described in chapter one; it is a good time to lock the door to the back room and become completely absorbed in revenues with colleagues with no outside distractions. Get the full story at The Revenue Report Card blog