revenue management

Donald Davidoff, the CEO and Co-founder of REBA, discusses the limitations of using spreadsheets in the multifamily industry and the need for new tools. He highlights the challenges of trusting data and the frustration around collating and analyzing data in Excel. Donald introduces REBA Rent, a new product that aims to simplify the rental process and improve transparency. He also addresses the hesitancy of multifamily owners and managers to adopt new solutions and the importance of empathy and observation in understanding user pain points. Donald shares his predictions for the future of REBA and the industry, emphasizing the changing staffing models and the potential impact of AI.

More about David and REBA
Real Estate Business Analytics is a data analytics company on a mission to change how the multifamily industry uses data. 

REBA helps leaders ask insightful questions about their business by giving them access to all their data in one central location. We do this by offering a suite of business intelligence, budgeting and pricing & revenue management solutions that gather data & deliver insights so you can make better decisions, faster. 

With REBA, you can eliminate Excel hell, bad data, excess cost, and analysis paralysis with tools built by multifamily for multifamily.

Donald Davidoff is the CEO and Co-founder of Real Estate Business Analytics, Inc. He is recognized throughout the rental housing industry as a thought leader in pricing, business intelligence, marketing, and leasing. Donald is best known for leading the development and implementation of the Lease Rent OptionsTM (LRO), the industry’s first automated demand forecasting and price optimization system. A former Senior Vice President at Archstone and Executive Vice President at Holiday Retirement, Donald works with C-Suite clients to assess their operational and technology platforms and implement impactful projects.

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• Check out REBA

In this episode, I'm going to introduce you to the Profit First model, a tool that can illuminate the true profitability of your business. Having personally experienced the transformative power of this model in my own ventures, I now share it with my clients to steer them away from the pitfalls I once encountered.

Let me take you through why I consider this the crucial first step for any business owner, and why I'm so passionate about sharing it with you.

I'll explain the Profit First methodology, one that allows you to gauge whether your health & fitness business is set up in the right way.  By right way, I mean... a business that can give you what you want financially. 

Drawing from my own experience, I recount the challenges I faced in my initial fitness training business, which despite a decent revenue, failed to yield enough profit. I discovered that increasing courses and expanding geographically only led to higher costs and more stress. Eventually, I had to make the difficult decision to close the business. It was only later, after stumbling upon Mike Michalowicz's book "Profit First," that I understood where I went wrong. This revelation ignited my commitment to ensuring my clients don't repeat my mistakes.

Key Takeaways:

1. Assess Your Business Model: If your costs outweigh your revenue, it's crucial to evaluate your business model. Determine if it has the potential to be profitable or if changes are needed.
2. Understand Your Cost Percentage: For businesses with an annual revenue under £250,000, operating costs should ideally be around 30% of the income. Assess your own cost percentage to see if it aligns with this benchmark.
3. Filling Capacity: Consider whether increasing clients or members will lead to higher costs or if your existing setup can accommodate growth without significantly impacting expenses.
4. Tax and VAT Considerations: Remember to factor in tax and VAT payments when assessing your profit margin. These additional expenses can significantly impact your bottom line.
5. Build a Reserve: Aim to accumulate a reserve equivalent to three months' worth of operating costs. This buffer provides financial security and better decision-making in times of uncertainty.
6. Customise Your Approach: Every business is unique, and what works for one may not work for another. Tailor your financial strategy to suit the specific needs and goals of your business.

Thank you for joining me on this episode of From Passion to Profit. I encourage you to take a closer look at your business finances and consider how the Profit First model could potentially transform your venture. If you found value in this episode, please leave a review and share your insights. Your experiences may inspire others on their entrepreneurial journey. Don't forget to subscribe to receive future episodes directly. Until next time, take care.

Resource Links:

• Join The Health & Fitness Business Members Club : https://join.thehfbc.com/club-membership
• Book your Business Strategy Call (availability is limited each week): https://join.thehfbc.com/schedule
• Website: http://www.thehfbc.com
• Facebook: https://www.facebook.com/healthandfitnessbusinessclub/
• Instagram: https://www.instagram.com/nicholapageofficial/
• LinkedIn: https://www.linkedin.com/in/nicholapageofficial/

Joining Kelsey in this episode of Business Ninjas is Kirk McLaren, CEO of Foresight CFO. Kirk is here to talk about how they’ve reinvented traditional CFO work to what they call growth CFO work.

Foresight CFOs work in 3-person teams to obliterate the FIVE obstacles to growth, establish infrastructure, and develop managers to use the numbers. In doing so, global CEOs and their teams can reach their destination with clarity and confidence.

Foresight CFO’s purpose is to ensure that you generate higher revenue, more profit, and better cash flow. Whilst increasing the value of your business and your succession options.

Ready to overcome the Five Obstacles to Growth? Visit the website to learn more: https://www.foresightcfo.com/


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In this episode, I discuss the concept of clean distribution and provide five clever tips to help you achieve as close to clean distribution as possible. Clean distribution refers to the mapping of A to B and ensuring that the right recipients receive the intended content. I explain the different setup options, such as one-to-one, one-to-many, and many-to-many relationships, and their advantages and disadvantages. I also emphasize the importance of identifying and removing unnecessary rate codes. Lastly, I outline a five-step process to transition from dirty to clean distribution.

In this episode, I discuss the topic of automation and its impact. I address the question of whether or not to automate, highlighting the benefits of automation in terms of productivity and efficiency. However, I also emphasize the need for critical thinking and the potential drawbacks of relying solely on automation. I explain how automation can limit our ability to think critically and make informed decisions. Additionally, I discuss the importance of oversight in automation processes and the inherent flaws in algorithms. 

00:00 Introduction
00:52 The Influence of Automation
02:45 Automating Pricing
04:28 Automation without Oversight
06:20 Data Sanity Issues and Disparity

Hey there! In this episode, I'll be sharing the three key things that every Revenue Manager needs to know in order to excel in their role. First and foremost, it's crucial to know your numbers inside out - from averages to trends and performance metrics. Secondly, effective communication is key, as you'll need to turn complex data into a compelling story that resonates with your audience. Lastly, assertiveness is essential. It's about confidently presenting your case, taking accountability, and making decisions that drive results. So, let's dive in and explore these three game-changing strategies together. And don't forget, I challenge you to test your knowledge of your numbers and start building those connections with others. Let's kick ass together! 🚀

In this episode, I dive into the concept of pricing power and how it can help you make more money in revenue management. I explain the difference between positioning and pricing, and how subjectivity and algorithms play a role. I also discuss the key components of pricing and the resulting pricing power: sales, marketing, operations, product, and price. By optimizing each of these areas, you can attract new consumers, drive more penetration, and deliver a valuable experience. Enjoy the show to gain a deeper understanding of pricing power and how it can impact your revenue management strategy.

Hey there! It's Friday and I hope you're having a great day. Today, I want to talk to you about your brain and how it's hugely important in the entire realm of revenue management. There are a lot of studies out there about IQ, EQ, and AQ, and AQ is going to be more and more important. 
 
 This becomes important when you go for your jobs in the future, all of a sudden they kind of go like, oh yeah, you were the revenue manager, but, uh, can you do marketing? Can you do sales? Can you do e-comm? Right. And all of a sudden you gotta be more than just a jack of all trades. You gotta be a mini expert in all of those fields. 
 
 In this episode you will learn how you can increase your AQ with simple steps to supercharge your career.

Hey there! In this episode, I'm going to share some tips and tricks on how you can use lead time to increase revenue for your property. I'll share an example of how we did this in our hotel and drove 100% more revenue than before. Let's simplify things and make smarter decisions that have higher revenue return! If you're not sure where to start, feel free to reach out to me for guidance. Love, Fabs

Hey there! In this week's episode of the Voice of Revenue, I want to talk to you about the paradox of choice in data. You see, the industry is going crazy about data again, but more data doesn't always mean better decisions. The paradox of choice tells us that when we overload users with too much data, they tend to make suboptimal decisions. This is especially true if they're not experts in the field they're making decisions in. So, while data has its place, complexity doesn't have to be there every single time. Sometimes, it's just something that happened. In this video, I'll explain why more data doesn't always equal better decisions and how to avoid getting caught in the analysis paralysis or the paradox of choice. So, let's dive in!

In this compelling episode, we delve into the hidden fear haunting revenue managers - not a fear of automation or competition, but of the unknown and appearing unprepared. We explore how proper, unbiased data analysis can illuminate answers to the tough "why" questions and inform decision-making. Tune in to learn about embracing the unknown, enhancing your understanding of data, and having the courage to innovate in the complex world of revenue management.

This podcast episode navigates the intriguing dilemma between all-in-one platforms and best of breed systems in the tech space. Drawing parallels from the supermarket model, it offers a detailed analysis of the advantages and potential challenges of both approaches. From customizability, specialization, and innovation in best of breed to seamless data integration, ease of use, and cost-efficiency in all-in-one platforms, it is a thought-provoking discussion for anyone seeking insights into tech system choices. The episode promotes an understanding that the right choice often boils down to individual needs and emphasizes the increasing trend towards a hybrid model.

In this episode of the Voice of Revenue, we emphasize the indispensable role of revenue management in maximizing profitability in the hospitality industry. We offer a step-by-step guide for beginners, starting from data collection and analysis to forecasting and implementing dynamic pricing strategies. By the end of the episode, listeners will gain valuable insights into various distribution channels and the importance of regular reporting, demonstrating that mastering revenue management can be accessible and manageable.

In this week's episode, we explore two recent developments in the industry: Airbnb's launch of rooms and Marriott's inclusion of resort fees. We delve into the difference between innovation and invention and how they apply to revenue management. Learn how to optimize and innovate your product for different customers and companies in the digital space. Join us for a thought-provoking discussion that will inspire you to take your revenue management to the next level.

Inspired by:

Bob Graham - Event Temple
https://www.linkedin.com/feed/update/urn:li:activity:7059565079838539776/

Sean O'Neill- Skift
https://skift.com/2023/05/01/marriott-to-include-resort-fees-in-total-prices-breaking-new-ground-in-lawsuit-settlement/

Welcome to another show of the Voice of Revenue. And today, in the left corner, Data Science and in the right corner, Decision Science. Hold onto your seats as we explore the intricate world of decision-making and the role of data science and decision science in revenue management. Join us as we uncover the strengths and weaknesses of each discipline and how combining them can provide that strategic commercial edge to boost profits and make a lasting impact.

In this episode, we dive into understanding the importance of data for your business, breaking down the 5 V's and focusing on the value it provides. We'll guide you through a practical exercise to identify your top 3 data sets and reveal how their importance may shift in different demand situations. Tune in to decode the secrets of data and take your decision-making to the next level.

Today, we'll dive into the world of strategic decision-making in the hospitality industry, exploring the critical factors that impact your revenue performance. Get ready for a rollercoaster of insights as we uncover the secrets to navigating restrictions, pacing, and pricing. Don't miss out on this game-changing episode that promises to challenge your perspective and elevate your revenue game!

In this week's podcast episode, we delve into the drawbacks of routine revenue meetings and their impact on performance. We discuss innovative approaches to revenue management, including agile decision-making and leveraging anomaly/outlier reporting. Finally, we explore the power of collaboration and agility to transform your revenue management strategies, leading to increased productivity and better results.

In this episode, we're talking about the importance of cash flow in your business and how to avoid common mistakes that can lead you to feeding somone else's cashflow. From pre-buy deals to rate structures, we're cutting through the BS and giving you the real scoop.