2. Gathering Data for a hotel commercial audit

The next step in the commercial audit process is to gather the necessary data and information for the audit. This includes financial data, market trends, competitor analysis, guest feedback, and operational metrics. Sources such as internal financial reports, industry publications, market research, and guest surveys provide valuable insights. By collecting comprehensive and reliable data, hoteliers can make informed decisions based on accurate information.

Here’s a bullet point checklist to help work through gathering data and information as part of a commercial audit for a large hotel:

2.1. Financial Data:

  • Gather financial statements, including income statements, balance sheets, and cash flow statements.
  • Review revenue breakdown by segments, such as room revenue, food and beverage revenue, and other ancillary revenues.
  • Analyse cost structures, including labour costs, utility expenses, and operating expenses.
  • Assess profitability metrics, such as gross operating profit per available room (GOPPAR) and net operating income (NOI).

2.2. Key Performance Indicators (KPI’s):

  • Collect data on key performance indicators, including average daily rate (ADR), revenue per available room (RevPAR), occupancy rate, and average length of stay (LOS).
  • Compare these KPIs to historical performance, budgeted targets, and industry benchmarks.
  • Analyse trends and identify areas of improvement or concern within the hotel’s performance.

Day to Day Performance Metrics:

  • Gather operational data from internal hotel systems, such as the property management system (PMS), point-of-sale (POS) system, and revenue management system (RMS).
  • Collect metrics related to room occupancy, room types, distribution channels, and reservations.
  • Analyse data on food and beverage sales, spa revenue, and other ancillary services.
  • Review metrics related to operational efficiency, such as labour productivity and departmental expenses.

2.3. Market Trends:

  • Conduct market research to gather data on local, regional, and global market trends.
  • Analyse factors such as supply and demand dynamics, economic indicators, and industry forecasts.
  • Stay updated on emerging trends, including changes in guest preferences, new market segments, and disruptive technologies.

2.4. Competitor Analysis:

  • Identify key competitors within the hotel’s market and gather data on their performance.
  • Analyse their pricing strategies, occupancy rates, market share, and guest satisfaction scores.
  • Review their marketing efforts, brand positioning, and unique selling points.
  • Identify areas of differentiation and opportunities to capitalise on competitive advantages.

2.5. Reputation Management:

  • Collect guest feedback through various channels, including guest surveys, online reviews, and social media platforms.
  • Analyse guest satisfaction scores, ratings, and specific comments or complaints.
  • Identify trends or recurring issues that impact guest satisfaction and loyalty.
  • Use guest feedback to identify areas for improvement and develop strategies to enhance the guest experience.

Guest Surveys and Feedback Analytics:

  • Conduct guest surveys to gather feedback on various aspects of the guest experience.
  • Utilise survey data analysis tools to generate insights from guest responses.
  • Identify strengths, weaknesses, and opportunities for improvement based on survey results.
  • Track guest sentiment and satisfaction scores over time to monitor trends and improvements.

Online Reputation Management Tools:

  • Utilise online reputation management tools to monitor and analyse online reviews and ratings.
  • Track the hotel’s online reputation across different platforms and compare it to competitors.
  • Analyse sentiment analysis reports and identify areas for improvement based on guest sentiments.
  • Use the data to inform marketing and operational strategies to enhance the hotel’s reputation.

2.6. Internal Reports and Systems:

  • Utilise internal reports generated by the hotel’s systems, such as the PMS, RMS, and financial management software.
  • Review reports on revenue, occupancy, rate variance, market segment analysis, and booking patterns.
  • Analyse reports on sales and marketing efforts, including lead generation, conversion rates, and return on investment (ROI).
  • Use data from internal systems to identify trends, patterns, and areas of improvement.

2.7. Industry Publications and Market Research:

  • Access industry publications, reports, and research studies related to the hospitality sector.
  • Stay informed about industry trends, best practices, and benchmarks.
  • Gather data on market performance, economic indicators, and consumer behaviour.
  • Analyse relevant research to gain insights into market dynamics and opportunities.

Follow this checklist to gather comprehensive data and information from various sources and systems. This will enable hotels to analyse financial performance, assess key performance indicators, stay updated on market trends and competitor activities, and gather valuable insights from guest feedback and operational metrics.

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