1. How To Do A Budget Plan

OK, so you have decided to realize your dream and open your own hotel. You have thought out an amazing concept delivering unparalleled guest service. The next step would be to write a hotel business plan. It’s like a road map to the opening. However this is where most entrepreneurs get stuck.

Many do not have the time, don’t know what to write or how to do the financials. But until you finish your business plan, you will not be able to get the financing either. So you end up with ideas sitting in your head not realizing your dream. Really it is not that difficult to make a good hotel business plan.

It is merely a structured summary of your idea. Most people try to include everything about their hotel concept in the plan.

Hotel Pre Opening Budget sample format /template for small and large hotel.Including Budget format for all hotel departments.

This leads to an indigestible super novel like bookwork, aka a mess. They key is, knowing what to include, and what not to include in your hotel business plan. Create a clear road map for success. Excite investors rather than bore them to death like most business plans full of redundant information do.

And you need to lead readers down the exact path you want. One of the main challenges for example is that after reading the first page most business I often don’t fully understand what the hotel is all about.

For investors and lenders it is crucial they can quickly comprehend your plan, without reading the whole document. We have put together a guideline / template with 10 critical points you must include in your hotel business plan; 1.

Procedure in the hotel industry in Kaduna state is not well articulated and focused. Budgeting is not only about rolling out a financial plan containing cost and revenue targets to. A budget manual is written set of instructions and relevant. A Start to finish guide to opening a bed & breakfast: The business plan. Portion of hotel revenue as a whole, it is the only sector of the industry dominated by small.

Executive Summary This exists of two parts:. Mission Statement: Intro: a 1 line company description only the essence of your hotel (not 2 lines or a paragraph). It explains why you are in business or or which huge need you are solving, that currently is not being met. For example in the case of Qbic Hotels ‘Moving modular hotels into under-utilized real-estate to reduce build-out cost and time.’. Objectives: What do you hope to accomplish? Reach an annual occupancy of 90%.'

N-depth information on your target market, including geographic, demographic, socio-economic, psycho-graphic, behavioral segmentation details. Which are the types of guests who will mostly stay at your hotel?

Explain how your hotel will meet the needs of these main segments in terms of location, amenities and services. Basically, how will consumers answer this question ‘Why my hotel?’ 5.

Competitive Analysis A study of your local competition or global concept competitors, with each of their strengths, weaknesses, occupancy rates and market share. And don’t forget the most important part; what differentiates you from them. What makes you stand-out? Strategic Plan This exists of 3 parts:.

Marketing: How exactly will you attract customers / guests? How will you position yourself? What will your message be to the different segments of your business mix?

How will your direct marketing work? What will is the plan for your hotel website, SEO, SEM and SMM? Will you do offline promotion?. Distribution: Which 3rd party channels will you use and how will you manage availability? What technology will you need?. Revenue Management: What pricing and yield techniques will you use? What will your payment and cancellation policies be?

Operations Plan How will you run the hotel? How much staff and supervisors will you need? What are their job descriptions / responsibilities? What background and experience should they have? When should they start?

What are your service standards? Will you develop manuals? Which supplier will you use? How will you manage inventory? Smart Software HotelScienz by Xotels 8.

Management Team Include the bios of your team. Focus on what uniquely qualifies you to make your hotel such a success. Financial Plan Provide the start-up costs of the hotel (capital investment), the ingoing business costs, operational expenses and revenue projections for the next five years. Include KPI like expected occupancy, ADR (average daily rate) and REVPAR (revenue per available room). If you are raising money, outline how much funding will be needed and when. Explain how you will generate a return on investment for investors, or when lenders will be paid back. Key Milestones These are the most important achievement which once they have been completed, will make your hotel more likely to succeed.

Think off:. Location selection. Permits & Licenses. Build-out / Construction of the Hotel. Staffing and Training. Opening.

GOP Break-even. NOI Break-even. 10% Ebitda Each time one of the key milestones is achieved, the risk of lenders or investor decreases. And once your last key milestone is reached, chance of success is more or less guaranteed.

Appendix Provide any other relevant information here. Don’t clutter the main sections of your hotel business plan with too many details. Rather support them with attachments in this part.

Many people have great business ideas. But that really doesn't matter. The difference between dreamers and entrepreneurs is the action mindset. Are you ready to ship your idea to the market? The first step is to put your ideas on paper. I hope this free sample will help you write a persuasive hotel business plan.

Because no investor or lender will be interested if you cannot present a clear plan. Follow your dreams and go for it! If you have any questions or ideas, please post them below!

Cheers, Patrick Landman @ Xotels Related Articles:.

Qualified Modules We provide these Templates for Standard Operating Procedures & Job Descriptions, that might be implemented for 3 – 5 Star Hotels. Format: Word/Excel/PPT Standard Operating Procedures: 1.

Administrative & General Division, for: GM and Executive Office – (Bilingual Indonesia/English) 2. Room Division, for: Front Office (Front Desk, Operator, Guest Relation, Business Center, Concierge) & Housekeeping (General Housekeeping, Room Attendant, Public Area, Gardener, Laundry, Housekeeping Supervisor) – (Bilingual Indonesia/English) 3. Food & Beverage Division, for: Restaurant, Bar, Room Service, Banquet.

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(Bilingual Indonesia/English) Bonus: 1. Room Division Report & Hotel Budget 2.

Sales Marketing Report 3. Human Resources Report 4. Finance, Audit, Budgeting & Business Plan 5.

Budgeting for Department Operating Statement Profit & Lost (2 Models) 6. Business Plan for Budgeting and Pre-Opening 5 Years Projection 7. FS Projection 8. Revenue Segmenting Budgeting 9. Director of Operation Checklist for GM’s Assessment. Price: Negotiable Expert Modules We provide these Templates for Hotel Opening Manuals, that suitable in implementing for Pre-Opening Hotel. Format: Word, Excel, PowerPoint Language: English 1.

Hotel Opening Manuals 2. Sales Marketing Pre-Opening Manuals 3. Club Membership Processing Manuals 4. Emergency Procedures Manuals 5. Accounting Manuals 6.

Human Resources Manuals 7. Food & Beverages Cost Control Manuals 8.

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Room Division Report & Hotel Budget 2. Sales Marketing Report 3. Human Resources Report 4.

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Finance, Audit, Budgeting & Business Plan 5. Budgeting for Department Operating Statement Profit & Lost (2 Models) 6.

How To Do A Budget Plan

Business Plan for Budgeting and Pre-Opening 5 Years Projection 7. FS Projection 8. Revenue Segmenting Budgeting 9. Director of Operation Checklist for GM’s Assessment.

Price: Negotiable Leader Modules We provide these Templates for Quality Assurance Modules for Hotels, Resorts & Service Apartments. Format: Word, Excel, PowerPoint Language: English Handbook: Hotel Quality Assurance (English) Or Manajemen Mutu Perhotelan (Indonesia) Front Office Standard 1. Front Office Arrival & Rooming, 2. Check out, 3. Departure Luggage Assistant, 4. Foreign Exchange, 5.

Check in, Check out, 6. Check in Groups, 7. Doormen Arrival, 8. Telephone Procedures, 9. Issuing of Key cards, 10.

Safety Deposit Facilities, 11. Housekeeping Standard 1. Trolley Stocking and Preparation, 2. Servicing Guest Rooms, 3.

Providing a Turn Down Service, 4. Providing a Valet Laundry Service, 5. Guest Room Cleaning, 6. Service Toilet and Bathroom Areas.

Food & Beverage Standard 1. Restaurant Preparation, 2. Room Service, 3. Bar Service, 4. Conferencing & Banqueting, 5. Restaurant Breakfast Service, 6. Restaurant Service – Other Meals, 7.

In Room Dining Tracking List, 8. Preparing for Service, 9. Provide Table Drinks, 10. Provide Bar Service, 11. Meet Greet & Seat, 12. Presenting the Menu, 13. Food Service, 14.

Clearing Table, 15. Provide Breakfast Buffet Service. General Standard 1. Guest Service Standard, 2.

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Room Service, 6. Turn Down Service. Key Result Area 1. Front Office KRA, 2. Housekeeping KRA, 3. Cleaning Schedule, 4. Linen Inventory, 5.

Purchase Order, 6. Purchase Register, 7. Requisition Sheet, 8. Applying Food Handling Hygiene Practices, 9. F&B Management KRA, 10.

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Stock Holding, 15. Purchase Register Kitchen, 16. Purchase Register Bar, 17. Purchase Order, 18. Beverage Costing Sheet, 19. Recipe Coster Beverage, 20. Recipe Coster Food Item, 21.

Wine Costing Sheet. Training Plans 1. Front Office Training Plan, 2. Housekeeping Training Plan, 3. Food & Beverage Training Plan, 4.

Kitchen Training Plan. Apology Letter General, 2. Applying Basic Food Handling Hygiene Practice, 3.

Cleaning Schedule, 4. Did We Exceed Your Expectation, 5.

Guest Questionnaire, 6. Hotel Grading Requirement, 7. Implementing Quality Plan, 8. In Case of Emergency Posters, 9. Sample Health & Safety Policy, 10. Wash Your Hand Poster.

Checklist & Assessment in Excel Formula 1. Health & Safety, 2.

Exterior Checklist, 3. Housekeeping Audit, 4. Bed & Bath Room Checklist, 5. Concierge Service Audit, 6. Reception Service Audit, 7. FO Room Sales Control Audit, 8.

Reservation Assessment Audit, 9. Breakfast Checklist, 10. Restaurant & Bar Checklist, 11. Restaurant & Bar Service Audit, 12. Room Service Audit, 13.

Kitchen & Staff Facilities Checklist, 14. MICE Checklist, 15.Room Reconciliation, 16.Breakfast Reconciliation. Room Division Report & Hotel Budget 2. Sales Marketing Report 3.

Human Resources Report 4. Finance, Audit, Budgeting & Business Plan 5. Budgeting for Department Operating Statement Profit & Lost (2 Models) 6. Business Plan for Budgeting and Pre-Opening 5 Years Projection 7. FS Projection 8. Revenue Segmenting Budgeting 9. Director of Operation Checklist for GM’s Assessment.

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Handbook: Hotel Opening Manuals for General Manager (English) including Punchlist and Checklist. Templates: 1. Feasibility Study Hotel Budgeting (budget & star hotel (Indonesia)) 2.

Detailed Budget per Department – Operating Statement & Manning Expenses 3. Business Plan Budget and Pre-Opening Budgeting for 5 Years Projection & 10 Years Projection 4.

Revenue Segment Budgeting 5. GM’s Assessment Checklist 6. Hotel Pre-Opening Checklist (Quality Plan & GM to HODs) 7. Hotel Opening Critical Path from GM to All Departments.

How to make “Strategic Budget” 9. Standard Hotel Ratio (Indonesia) 10. Hotel Operation Self Assessment for Service Audit Bonus: 1.

Sales Distribution Budget 2. Room Costing 3. Food Coster 4. Break Even Analysis 5. Business Budget 6.

Business Debt Tracker 7. Business Plan 8. Company Five Year Projection 9.

Company Target Analysis 10. Direct Marketing Analysis 11. Estimating Star up Capital 12. Event Planning Budget 13. Expenses Estimation 14. Financial History & Ratio 15. Financial Statement 16.

Flexible Budget 17. Marketing Budget 18.

Weekly Planner & Tracker 19. Marketing Budget Plan 20. Marketing Calculator 21.

Profit & Lost Projection 22. Pro Forma Balance Sheet 23. Pro Forma Income Statement 24. Proforma Invoice 25. Sales Commission Calculator 26.

Sales Effectiveness Score Card 27. Sales Forecast 28. Sample Marketing Plan 29. Small Business Cash Projection 30.

Small Business Valuation 31. Start up Capital Estimate Plus Other Bonus: 1. Competitive Benchmark & Price Analysis 2. Estimate Electricity & Water Consumption 3. Food Coster Analysis Price: Negotiable.