In any economic cycle, the most important piece of data in your organization is, without a doubt, the revenue or sales data. Moreover, as a business operator it is essential to know whether your revenue projections are on pace to meet or exceed the expectations of your budget, forecast, and financial obligations to ownership, investors and lending institutions. In the end, we are all in business to make money and to do so you must understand every nuance of your revenue streams.
I came up through the ranks of the hospitality industry, and early on, I learned a hard lesson. When I was a young assistant general manager at a full service 400-room hotel, one day I received a call from our company president wanting to go over the numbers for the month and the quarter. He wanted to know how our actual performance was pacing compared to budget, forecast and last year’s numbers. Thinking I was helping to expedite the call, I gave him approximate numbers, “We are about $X over forecast, approximately $X under budget and somewhere around $X over last year.”
For the next 10 minutes I was told that I would never be a general manager or above because I didn’t know exactly how the hotel was performing, and if I wanted to keep my job I’d better know the numbers on the next call. Needless to say, the following month when the call came in I knew the numbers to the penny, and from that moment until now, a span of more than 25 years, I have been a true numbers guy.
Back then nearly every calculation was done by hand so it took me days to ensure I had it right before the next call. The prep time for this 10-minute call took three people nearly three days. It was a limited blessing when the president allowed us to spend a few hundred dollars to buy Lotus 123, back then the only available spreadsheet program, to help with the reports. And there was no data integration – everything was manually entered.
For all the reasons stated above and more, ProfitSword developed ProfitPace to integrate with hotel sales systems and revenue tracking systems to provide your property with pacing data without the manual entry, and to allow you to know exactly where your property stands as far as budgeting, forecasting and last year’s numbers. The solution provides comparisons in these areas and does so for the current month or multiple periods up to a full year. With one click, you can get a firm grasp on the performance of your business. If your organization has multiple business units, ProfitPace can give you consolidated pace reports for the entire portfolio or different groupings of your business, such as regional managers or geographic regions.
What used to take days to gather data and consolidate reporting now takes seconds. ProfitPace goes a step further by tracking your sales team’s individual performance and activities, comparing performance to goals. Better yet, it is a web-based solution, so now your leadership team can look for themselves without calling the operations department to get the numbers. Just be prepared – depending on your numbers, leadership may still give you a call.