Due to COVID-19 and the subsequent travel lockdown, the global hospitality industry is experiencing a challenge like never before. As we begin recovery, there is a huge amount of work to restore the industry to where it once was. While the industry is resilient and well positioned to recover, many hotels will require assistance and support to do so.
Times like these require clear strategies and expert planning in order to appropriately map the way forward. With this in mind, Russell Partnership Technology (RPT) has created an innovative toolkit to assist hospitality businesses in planning their recovery strategies.
The heart of the toolkit is a forecasting application that enables users to create multiple forecast scenarios quickly and easily. Forecasts can be built in as little as 30 minutes and will allow users to build full profit and loss statements, along with cash flow reports, for a full two year period into the future. These reports can then be exported and utilized for budgeting, planning and strategizing purposes.
Peter Russell servers as Operations Director for RPT, which is part of the Russell Partnership Collection, global industry leaders in the world of hospitality and food consultancy for more than 30 years. Russell says, “Now is the ideal time to bring together the industry knowledge and powerful technology that we possess to create this toolkit to aid hospitality recovery.”
RPT Associate Fran Brasseux adds: “Forecast accuracy is vital for profitability and growth. We developed the Hotel Forecast Toolkit to assist the industry with recovery and made it adaptable to hotels and businesses of all sizes.”
For guidance in building the optimal tool, RPT turned to leading hotel operators, including David Bowd, founder and CEO of SALT Hotels, as well as Bjorn Hanson, an award-winning industry consultant, as advisors. The toolkit – built with hotels in mind but applicable to a range of businesses – contains supporting information to guide users through the process of producing the reports they require to build success now and into the future.
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