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Creating Comprehensive Budgets:

How collaboration and thinking ahead helps
build understanding

• Historical Data Gathering: Begin by gathering historical data to assess seasonality and trends. Consider any new groups or citywide events that might cause fluctuations year over year. Also, note any groups that may not be returning.
• Collaborate To Set Clear Objectives: Work closely with key budget stakeholders to gather input on anticipated needs, challenges, and opportunities within each operational area. This collaboration is crucial for setting realistic and achievable objectives.
• Forecast and Modeling: Accurate forecasting is essential for predicting future revenue based on historical data, market trends, and upcoming promotional activities or local events. Use real-time data to ensure your forecast reflects the most current information.
• Finalize Budget and Implement Strategies: Once the budget is finalized, share it across all departments. This ensures that everyone is engaged and actively participating in meeting performance metrics. It is important to monitor the budget throughout the year, adjusting as necessary to stay on track.

Creating a comprehensive and effective budget for 2025 requires proactive planning, strategic foresight, and a collaborative approach across all hotel management levels. By following these tips hotels can navigate the budgeting process with confidence and position their properties for success in the
year ahead.

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