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A Simple Guide to Hotel Forecasting

Learn how to setup and implement forecasting so that you can pivot your hotel budget fast.

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Creating a hotel budget is always a challenge, but in 2020, you are probably feeling a little 😆😬😔🤯😭 ….let’s say…extra.


With occupancy at record lows, and the social and political climate changing daily, planning feels impossible. If you’re hoping to power through though, throwing in the towel is not an option. You have to cut your hotel costs wherever possible and operate at maximum efficiency. And to do that, you’ll need to make a plan.


So our best advice for 2021? Lean on Hotel Forecasting!


A forecast is simply making a copy of your yearly hotel budget and adjusting for the new information you get when you are closer to the actual dates.


If you are creating next year’s budget in October, for example, it will be challenging to estimate what your sales will be next June. However, next April, you will have a much better idea of what June will look like! And that is where your forecast comes in.


The budget, once finalized, should not be altered. You can, however, use it as a baseline to create a more realistic hotel forecast.


When the hotel budget becomes unreliable, it can get written off, leaving the team feeling aimless. Your forecast, on the other hand, is much more real-time, and if the team sees that revenue is going to be less than expected, they can act quickly to:


· Cut any fixed expenses that aren’t necessary.

· Make staffing adjustments.

· Make more informed purchasing decisions.

· Prepare hotel owners if a cash call might be necessary (set GOP, gross operating profit, levels as a guide for this).


It's exceptionally normal for hotel pros to make their operational budget for the following year, but never quite get around to doing monthly forecasts. So if that is you, don't worry, you are in good company!


That is why we created The Simple Guide To Hotel Forecasting. In this guide, we've given you everything you need to get started with forecasting, including:


· A clear outline of what a forecast actually is.

· How to know if you’re ready to forecast.

· Guidance on setting up monthly forecast meetings.

· The simplest inputs you need to make a forecast.

· And key decisions that can be made based on your forecast.

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Who We Are

Over the last 10+ years, we have helped hundreds of hotel pros by providing an outsourced accounting department. In that time we have developed a fantastic system for hiring, training, and developing teams. Now we’re taking all that we’ve learned and making it accessible to you! Hotel Numbers Coach has practical tools to help you grow yourself and your accounting department without the steep cost of trial and error. Use our tools to literally shave a decade off of your learning curve!

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