When talking about forecasting in hotel, we refer to an estimate of guests visiting per year according to months; and the daily requirement of hotel supplies and workers; to accommodate those guests without hassle. Forecasting is just like predicting but based on previous facts and figures that we have collected in the year prior to this. If you have a pool, you need to have the proper number of hotel pool towels from trusted suppliers such as D-ZEE Textile the food they will be consuming; and a lot more. This does make you wonder how can hotels perform demand forecasting the right way? Well, there are hotel forecasting methods that each hotel uses according to their hotel specific requirements.
In order to create your own hotel forecasting formula, you have to understand what are your hotel specific analysis; and then make your predictions.
1. Operational Forecasting in Hotels
Operational forecasting focuses on the working of your hotel from the front desk to your housekeeping and even your point of sales.
When taking operational factors into consideration, you have focus on the everyday activities and requirements accordingly. This includes the total housekeeping strength required to match up to the rooms needed to be cleaned; to the strength needed at the reception to meet the guests; the total guests visiting your restaurants, and more.
2. Finances Hotel Forecasting Formula
Financial forecasting means finding the balance between your expenses and revenue to manage operational costs.
Yes, hotels are all about charging guests and making a profit. But each room you rent out requires products and amenities that need to be first be paid out of your pocket. When trying to figure out how can hotels perform demand forecasting the right way do look into your finances. This will help you determine the expenses you have the bare; and then create a pricing strategy to not only recover those expenses but also a profit on it.
3. Managing Revenue Hotel Forecasting Methods
Supply and demand rise and fall throughout the year, you need proper revenue management to always come out on the top with profits.
The market is a surprise package for everyone with guest preferences changing all the time. But you have to find a pattern and create a plan around it. There are some understood peak seasons while some are off-seasons. But due to one reason or another the supply and demand doesn’t always remain the same. When you have a pre-plan based on booking patterns, you are able to cater to the ever-changing demands without falling back on your profits.
Forecasting in Hotels Your Way
You not only look at the guest behavior in general but base it on the information you have collected while serving them the previous year.
Over the years hotels create their own place and image in the guests’ minds. As a hotelier you understand your guests travel patterns and those who always choose you over them. By keeping track of recurring and new guests; you can create a forecast plan that helps you cater to the supply and demand accordingly.
According to you how can hotels perform demand forecasting the right way? Let us know you hotel forecasting formula in the comments below!