As owners and operators approach hotel budgeting season, following these 10 steps will lead to a comprehensive and accurate 2025 financial plan that is aligned with overall company goals.
Hoteliers across departments – operations, finance, commercial – are adopting modern strategies to streamline the annual financial budgeting process, improving collaboration, efficiency, and accuracy.
“Hotels that budget tend to do about 20% better in topline revenue than hotels that don’t budget because they’ve got a goal, they’ve laid it out, and they they’re shooting toward it on every micro-decision made throughout the year,” says Russell Meek, Senior Product Manager for TruePlan, Otelier’s Budgeting & Forecasting tool.
Download the checklist to learn how to:
- Build a Framework with the Right Budget Drivers
- Ensure Collaboration Among Key Budget Stakeholders
- Use Real-time Data to Reflect the Most Current Information
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