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Give your hotel a fresh start with a Revenue Management Audit

A revenue management audit is a comprehensive investigation that will bring all revenue analysis indicators into focus for easy examination, allowing you to better see where improvement and amendments are required in order to concentrate on increasing revenue for the next year.

Your hotel is possibly in the middle of its busiest season, but it would be wise to put some time aside to focus on the revenue management objectives for the New Year.  Arranging an audit, allowing time for the results to be acted upon and being proactive will greatly benefit the business in making sure you are prepared for the January lull and ready to take action in improving your business success in the coming months.

Should I conduct a revenue management audit in house?

A revenue management audit is often completed by an external firm who is able to provide a swift and thorough service. Companies such as Octopus Revenue provide revenue management audit services if you would prefer an impartial view on the revenue management activities of your hotel, but would like to use a company that has specialist experience and knowledge working in the hospitality industry. Often hotels find this outsourced service valuable due to the resource required in this busy period, but also to make sure that the findings are an honest viewpoint yet relevant to their specific field.

What does a revenue management audit involve?

A professional revenue management audit should provide you with:
·         In-depth review of revenue management within your hotel
·         Impartial and honest feedback to the performance within your industry
·         Recommendations of key revenue management areas to focus on
·         Advice on how to improve problem areas with revenue management solutions
·         Guidance on how to improve profitability and instigate regular analysis techniques

A full revenue management audit should take between 1-3 days depending on the size of the business and you should receive your detailed report highlighting the above points shortly after.

The hotel audit should cover a number of important areas that affect the business performance, including but not limited to:
·         Market share performance
·         Competitor Analysis
·         Business mix management
·         Price positioning and structure
·         Distribution strategy and assessment of the hotels web-site performance
·         Channel analysis and optimisation

The revenue management audit should also cover an investigation into in house procedures, policies and forecasting methodologies, the results of which can form the base of objectives for the following year.

It may become apparent that more focus and resource should be put into attracting website traffic and online bookings, or perhaps on stock control management for each department. Hotel revenue management training could be a solution for any issues raised. Octopus Revenue provide this service in addition to revenue management audits; you can view their range of courses and services on their website

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