Clear and Concise Reports and StatisticsYou shouldn’t have to import data, collate information or add up columns to see the basic facts of your business. This information should be available in just a couple of clicks. It is the backbone of your business and as a property manager you should be aware of these numbers and have them at the forefront of your mind. It should form the basis of your decision making when it comes to your business.
REVPAR This stands for Revenue Per Available Night – the amount of money your booked nights have brought in divided by the total number of available nights you have. This shows you the cost of your unbooked nights, and the real world revenue you can expect to bring in. What this also gives you is a system for offering a discounted price for unbooked nights. If your standard nightly price is $100, but your revenue per available night currently stands at $70, then $70 is a great place to start when it comes to offering last minute deals. In real terms, you are passing on a discount to your customers that does not cost you anything. Percentage Booked This shows you exactly what more you have left to do. The nights you have left to book are a strong indicator of whether you should introduce promotions or specials to increase this rate. The lower the rate and the length of time left to book are, the more urgent it is to attempt to book these remaining nights, even at a lower price. Measure and Develop Knowing these numbers and percentages is the first step to building on them. With Kigo’s dashboard, you can see your most important figures as soon as you access the system. Growing from these numbers is how your business is going to develop. The Kigo dashboard is built to show you the most important numbers and statistics every time you log in. These numbers are the foundation of your business and here at Kigo we recognise the need to keep them at the forefront of your operation, with a focus on increasing the numbers that your business runs on.Photo Credit