THE IDEAL FORECASTING PROCESS
Daily checklist, weekly tasks, and monthly long-term outlook

Follow this daily checklist to minimize waste of time

SECURE DATA QUALITY  (10 minutes)
High data quality is the key to accurate decisions. Check incoming reservations for:
Market segment code
Channel code
Rate code
 
EVALUATE AND LEARN (10 minutes)
Evaluate yesterday's performance:
Total revenue
RevPAR, occupancy, and ADR
RGI, ARI, and MPI
 
ADJUST THE FORECAST (15-20 minutes)
Capture future demand by forward-looking actions:
Events
Check pick-up for the next 7 days
Adjust room forecast for the next 28 days
Check competitor's rates for the next 14 days
Adjust ADR forecast for next 14 days
Update rate and availability if needed 
 
SUPPORT OTHER TEAM MEMBERS
Win incoming inquiries:
Discuss group rates
Discuss rates for meetings & events
Discuss contracted rates with sales

WEEKLY PROCESS
Focus on one specific task each day of week

Monday

DAILY CHECKLIST

+ Evaluate the weekend

Take a closer look at the actual figures for the past weekend. Analyze and learn.
 
Total weekend revenue
Weekend pick-up (rooms and rates)
Market share (RGI, ARI, MPI)
Forecasting accuracy
Make adjustments for next weekend
Happy parents with their children in the countryside

Tuesday

DAILY CHECKLIST

+ Analytics

Take a closer look at other revenue sources. Analyze key figures to understand patterns and trends.
 
All revenue sources
Cross-check analysis
Market segmentation
Rate code production
Review and set dynamic alerts
Portrait of a serious businesswoman using laptop in office

Wednesday

DAILY CHECKLIST

+  Long-term outlook

Analyze demand 3 months out and make adjustments to forecasts and rates if necessary.
 
On-the-books
Pick-up
Rate shopping
Adjust total revenue forecast 

Long-term demand outlook

Thursday

DAILY CHECKLIST

+  The weekly commercial meeting

Prepare for the meeting: 
Quick summary of the current situation
Look at potential deals in the pipeline
Evaluate results of activities
Create new activities
Adjust action plan
 
Young partners discussing in meeting at creative office

Friday

DAILY CHECKLIST

+  Last-minute adjustments for the weekend
and preparation for next week.

Manage inventory. Open/close or update restrictions for:
 
Campaigns
Packages
Room types
Rates
Portrait of a happy female student using laptop computer in university

MONTHLY PROCESS
Minimize your work and maximize accuracy

Prepare reports for last month

Analyze and comment on last month's actual results

Immediately in the morning the first day of the month collect, analyze, put together and comment on last month's results. Distribute to management and the others in the commercial team.
 
Actual vs budget and forecast
RGI, ARI, and MPI
Segment mix and changes
Distribution mix and changes
Day of week performance
Feeder markets
Corporate production
Travel Agent production

 

Monthly campaign meeting

Prepare and meet with marketing

Evaluate current campaigns and packages
Actual sales vs targets
Booking window and day of week
Marketing activities
 
Create new campaigns and packages
Create content and set rates
Set campaign period
Plan marketing activities

Lock the forecast

Make final adjustments to next month's forecast

Check and update the day-by-day forecast
Rooms and ADR
Total Revenue Forecast
 
Final check if realistic
Forecast vs last year and budget
 
Lock the forecast to
Compare actual with forecast
Track forecasting accuracy
 

12-18 months outlook

Analyze demand and update the forecast day-by-day

Take the long-term perspective once a month to be able to respond to travel trade requests. While you have all the information about the current month it is easy to update the same month next year.
 
Rooms and ADR
Total Revenue Forecasting
Adjust the BAR for the next 18 months
Distribute the forecast to the management and the team

See Demand Calendar Total Revenue Forecasting in action!