Revenue management is more of a philosophy that a set in stone strategy. When it comes to the hotel and hospitality industry, revenue management is all about selling the right room to the right guest and the best possible time, and always at the best possible price. What’s more, a good revenue manager will be able to identify which distribution channels are best suited for these efforts. Ultimately, revenue management is about maximising profits and revenue, while remaining cost efficient at all times.
Whether it’s a special project for an existing hotel, or a business philosophy you’re adopting from the off, an interim revenue manager can yield huge savings and massive potential profits for your organisation.
Industry Expertise and Competitive Insights
Revenue management is a crucial role of any business, particularly within the hotel and hospitality industry. Experts need to be able to confidently and competently assess customer behaviour and make insightful decisions to help maximise revenues. An interim revenue manager is a sure-fire way to bring in a fresh perspective on any project. Unlike potential specialists who’ve spent a long time within a single organisation, a freelance revenue expert will likely have worked with several major hotels and accommodation services. One of the biggest perks of this more varied work history is that your temporary revenue manager can bring you a wealth of expertise, particularly when it comes to insights on what your competitors are doing.
Flexible Schedules and Availability
Many medium to large sized businesses might already have a revenue management lead or team on staff. However, these roles need to be permanently staffed to ensure you get the returns you’re looking for. If you find yourself without your dedicated revenue manager for any stretch of time, it’s definitely worth looking into an interim replacement. An Interim revenue manager can be pulled in at the last minute and can be booked for as long as you need them. Ideal if you only need someone for a fixed period of time, and perfect if you’re unsure of the total stretch you’ll need someone on staff. What’s more, hiring an interim revenue manager with specialist expertise is a worthwhile consideration if you’re pursuing a new project or looking to change tact with existing business.
Interim Rates Save Employer’s Money
Unlike bringing in someone on a full time contract, freelance or interim revenue managers don’t need to cost employer’s a small fortune. Many businesses make the mistake of opting for the cheapest option when looking to fulfill a revenue management role, especially when bringing someone into the fold on a permanent basis, but an interim option gives an employer much more flexibility. Unlike when you add someone to your regular payroll, you won’t need to pay employer contributions in the form of tax to a freelancer, nor do you have to consider annual leave allowances and bank holiday pay. Simply put, you get more for your money when hiring an interim revenue manager on a freelance basis, and you’ll only ever pay for the work they perform for you.
Ensure an Easy Fit with Freelance Talent
There’s always a risk when bringing in new members to join your existing team. When you recruit someone into a hotel revenue management role on a permanent basis, you’re bound by tight employment law and restrictions, including a probationary period. Even when it’s obvious that someone isn’t providing the service you require, it’s difficult to remove them from said role and replace with a more suitable candidate quickly. When you opt for an interim solution, you free yourself up from the shackles that a full timer imposes. If the relationship isn’t working out, it’s a much quicker process to find a better alternative and get bring them into the fold more or less immediately. It’s also am much cheaper to replace an interim member of staff, without the need to part with costly settlements and severance payments.
An Ideal Choice for Younger Businesses
If you’re relatively new to the hotel and hospitality industry, bringing in the expertise of an experienced revenue manager can yield quick results. No matter how well you’ve prepared for your first foray into the sector, a lack of hands-on industry expertise and insights gained from years’ of working in hotel management can lead to you hemorrhaging money quickly, pursuing the wrong business prospects and inevitably, leading your business into a dead end. Any freelance revenue specialist worth one’s salt will be able to bolster your business prospects with best practice methods. Bring in an outside voice and fresh perspective and you’ll soon learn about which business to chase and which prospects to turn away. What’s more, a revenue manager can advise on networking opportunities and what connections need to be made with nearby local businesses to boost bookings and retain long-term loyalty with customers.
Fast, flexible and incredibly cost-effective, it’s difficult to find a reason against capitalising on Interim revenue management talent if you’re looking to boost the profits of your hotel. What’s more, you can quickly bolster your business prowess with the industry expertise and competitive insights an interim revenue management specialist can bring.