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Business strategy
Is hotel business still lucrative?
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[QUOTE="Kingsley, post: 123432, member: 30278"] Any employer knows that maintaining a healthy profit margin is essential to the company's survival. Profits allow the company to grow, hire new workers and make improvements to its existing structure. A hotel is no different in this regard. The major difference is that a hotel doesn't maintain much inventory and generally faces intense competition in the local area that dictates prices and amenities. One must learn to : Look at expenditures. Understand how much is being spent on laundry, labor, electricity and every expense associated with the business. Determine your costs for a typical month. Calculate the average number of rooms booked per month. The number of visitors usually increases during the weekend as people travel. The total number of rooms rented per week shows highs and lows throughout the month. Calculate the monthly price per room. Take the average number of rooms booked each month and determine the total gross profit from the rooms. Rooms feature different prices, and some may be included in discount programs, so the average is the important number to work from. Determine the average price for the entire month. I think by so doing that will help to maximize profit and minimize losses, what's your take? [/QUOTE]
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