With a sound reporting system, the commercial team will be in the driver’s seat to execute the strategy faster and more accurately to reach the hotel’s long-term vision and short-term goals.
Reporting is probably one of the best business tools of all time. An excellent reporting system will provide insights into what works and what does not work, show deviation from the plan, validate and communicate progress, and reduce waste of money. With a sound reporting system, the commercial team will be in the driver’s seat and can execute the strategy faster and more accurately to reach the hotel’s goals. Reports will keep the team on track towards milestones and objectives and show when things are improving.
Easy access to centrally stored data
Easy and fast access to reliable reports is essential to the success of a hotel. Speed is a competitive advantage, so making decisions faster than the competition means capturing more of the available market. Without reliable reporting, decisions will take too long, and the hotel will miss the most lucrative opportunities.
When the hotel collects and stores all vital data centrally, it becomes much easier to get the visibility and insight needed to make critical decisions. Automatically generated real-time dashboards display all carefully selected critical KPIs to reach the objectives in a single, easy-to-understand format. A solid and well-structured reporting system is one of the most efficient ways to increase productivity in any hotel or hotel group. Ultimately, a sound reporting system provides owners, managers, and team members in a hotel with timely, accurate, and relevant information and insights to help stimulate good decisions to improve the business.
The five essentials of a reporting system
- Provide insights
- Accurate and up to date
- Promptly and automatically delivered
- Cost-effective
- High level of consistency
There is at least one best practice.
Best practice reporting provides owners, managers, and team members with timely, accurate, and relevant information to help stimulate good decisions for the business’s future. Sometimes the decision may be to do nothing, but the purpose of the insights is to guide decision-making and people’s actions. Decisions based on good information with gut feeling are the perfect combination in the hospitality industry.
Three levels of reporting
The primary purpose of reporting on all levels is to support the decision-making process. Good insights will help make the right decisions and make them fast, or at least before it is too late. The three levels of reporting within the commercial area are:
- Top Management
- The Commercial Team
- Individual commercial roles
There are more details on reporting in the white paper. Click on the button to the right and download the white paper.
Five building blocks
Apart from using reporting as a way to gain insights and communicate when executing the recovery strategy, this white paper outlines four other building blocks needed to create a high-performance commercial team to recover faster during the next couple of years.
The five building blocks are
- Build the proper organizational structure
- Hire A-level talents
- Automate to minimize waste of time
- Execute the recovery strategy
- Communicate progress
