Simple yet Important Hotel Report you Need for your Small Hotel
When it comes to hotel management, hotel report is something you really can’t undermine. Some hotels think that the report is just a small element in managing a hotel. Some hotelier are underestimating the power that these reports have in the hotel management itself. Sometimes they even miss the daily report which is the fundamental element in hotel report. And sure, when skipping the daily hotel report become a habit for you then it’s harder then to make the monthly report. And that will go on and on to the annual report that will become harder as well to be made.
However, we really can’t undermine the importance of hotel report when managing hotel. The report is essential not only to gather the data, but also to forecast the next steps that you need for your business. In running a business, you should have the sufficient data about your outcome that will be used to measure the next input that you need. And without the proper data, there’s no way to have the justification whether you have reached the success or not. This is why gathering an appropriate hotel report is very important to run your hotel business in the right way.
Why should you make report?
In managing business, it is important to see the returns from every investment that you make. Especially when managing a hotel, it is crucial to make it clear that every cent that you spend is adding value to your business. Calculating return of investment (ROI) is not about getting the profit from everything that you spend. It is more about giving the right justification to spend the same amount (or more) of money for the next time. When you don’t have the calculation of how much the returns that you get, it is impossible to re-invest on that element again. That will only hurt your business.
This is where hotel report takes the role. Hotel reports for management should be the most resourceful element that help them run the business.
Your hotel management should have the right calculation on when is the best time to drop a promo, how much is the best rate for your hotel, and etc.
And without the proper data to justify the action, it is impossible to make the best decision for your business. This is why gathering information through hotel report is critical to make sure that you can always make the best decision for your business.
It is true that managing a hotel is nothing easy. There are a lot of things to be done to run a hotel business. However, you can make everything easier by keeping the habit on gathering information of your hotel business through a proper hotel report. And in case you wonder what types of reports in hotel that you need, here Caption gives you the explanation about that.
The very first hotel report that you need in managing a hotel is surely the statistics. In any business, statistic is essential to gather the data. Whether you manage a small, medium or even a huge chain hotel; statistic is important. A proper report on hotel statistic will surely help the management almost every business aspect on the hotel itself. This will help the promo planning, the budgeting and even the social media marketing. But what kinds of statistic report that your hotel needs?
When talking about hotel statistic, there are at least two types of statistic that you need to gather; room-related statistic and the revenue-related statistic.
The room-related statistic can include total of occupied and unoccupied rooms, average occupancy and average length of stay. You can also make this type of statistic even richer by including data about the lead time and average room occupation per month. For revenue-related statistic, you can include the revenue per booking the daily rate and the revenue per available room. These data are essential to see whether your hotel has performed its best or not.
Booking Channels Reports
When you aim to reach the optimum revenue, it is important to see your revenue streams as well. You need to see which channels that performs the best and contribute the most to your total revenue. When you are connected to several OTAs at once, it is important to gather this report to see which OTA that performs the best. If you have the monthly data of how these OTAs perform, it is easier then to see which OTA that perform the least.
And sure, you can cut the loose on this OTA and cut off the connection that doesn’t add any value to your business.
To gather information for this report, you need to see to at least these three elements; booking channels, direct reservations and extranet reservations. You should take a look at the booking channels that you have and list them up to see which one that gives the biggest contribution. That also applied for the other two elements on this report. It is important to see which channel that streams you the biggest amount of the revenue and perform the best.
After gathering information on these reports above, you can move to the next step. It is also important to take a look on the daily transaction that take place on your hotel. The transaction report itself is actually a record of every transaction that you have on your hotel.
Transaction report is where you record the cash flow and how much of the money that you make everyday.
It is important to see the high and low of your hotel itself. By looking at this report, you can tell which time is the high season for your hotel and vice versa. That way, you can pick the best time to launch your promo that can boost your revenue.
In gathering this report, you should be able to see the number of check ins and check outs, number of cancellation and the average occupied rooms. It is also important to record the payment method that mostly used by your guest. This information is essential yet so easy to be gathered. You can actually find the data from the front office reports in hotel. So, there’s no excuse to miss this report when managing your hotel.