Leave it to the experts: why you should be outsourcing for revenue management solutions
When it comes to running a hotel, most managers wouldn’t take on the job of plumbing in a new bathroom themselves or expect their receptionist to fix the roof. Yet many will still try to come up with their own revenue management solutions or, worse still, expect unqualified staff to do the job for them.
Why would I outsource revenue management?
If we’re happy to outsource most of the jobs we aren’t qualified for - like fixing the electrics, or tarmacking the car park – why is it that we think we can take on other aspects of business we’re equally not qualified for?
Often hotels think that outsourcing for revenue management solutions is a waste of money as things have “ticked over for the last 10 years”, but this is usually not the case and could be limiting a hotel with great potential to just “ticking over”. Having staff with little to no revenue management training running your pricing strategy could be costing you big time.
Naturally there is an initial outlay cost involved in outsourcing, but the benefits far outweigh the negatives. Here are just a few of them:
- Access to the most up to date skills and knowledge: Being immersed in the world of revenue management solutions means specialist companies like Octopus Revenue will have access to the latest industry insights, training and improvements to services you might not be aware of yet.
- Work with a company that knows your industry and can advise you appropriately: Partnering with a company that specialises in the hospitality industry means they understand what is important to your business. That also means they know the most effective revenue management solutions that will have the biggest impact on your hotel’s profitability.
- Free up your time to run your business: Wouldn’t it be lovely if someone else took control of analysing the figures and making recommendations for positive change so you could get on with the day-to-day running of your hotel? Outsourcing your revenue management solutions does just that. A company like Octopus Revenue can be involved as little or as much as you want them to, taking on a whole range of revenue management services.
- Access quality training for your staff: Partner with a revenue management consultant like Octopus Revenue and you’ll also be able to upskill your team with our range of revenue management training courses. Having staff trained in revenue management solutions can benefit your whole hotel, from the way the phone is answered, to the stock management of supplies. Investing in training and development also lets your employees know they are valued by your business.
A positive impact throughout your hotel
As our clients have found, partnering with a specialist revenue management consultant can have a positive impact on many aspects of a hospitality business. Of course, the main benefit is the one that’s seen in your hotel’s bottom line.
"When it comes to Revenue Management there are lots of commentators that talk a good game, but Sarah and Octopus Revenue helped make it happen. Opening new avenues for business and systems to ensure all potential revenue streams were explored. Hotel La Tour has grown from strength to strength and now consistently achieves and exceeds its targets.”
Jane Riley, Operations Director, Hotel La Tour LTD
Ready to outsource your revenue management so you can get on with running your business? Leave it to the experts at Octopus Revenue. Get in touch for a no-obligation chat today.
