In this online course, you will deep-dive into hotel competitive performance analysis, budgeting and business planning processes. You will learn to analyze performance using industry benchmarking tools, practice planning, budgeting and forecasting processes, and use these tools to estimate future performance and monitor variances between actual outcomes and projected ones
What you will learn
Recognize hospitality industry analytics using the STR methodology Perform competitive analysis, market analysis and segmentation analysis Use data analysis to forecast future performance for a geographic market, a hotel category, or an individual property Describe the main reasons for budgeting and long-term business planning Distinguish between the different elements of a budget and a long-term business plan at the departmental, property, and corporate level
Course details
Who is the course for?
Week 1 Planning & the planning process
Planning methodologies
Putting the plan together
Managing the planning process
Week 2 Benchmarking
Metrics and benchmarking for hotels
Competitor analysis and STR reports
Week 3 Operations budgeting and forecasting
Budget preparation
Budgetary control
Week 4 Cash management
Cash budgeting
Capital budgeting
Week 5 Final assessment