Unfortunately, the saying “all dressed up and no place to go” seems applicable to the hotel business currently.

Across the industry, owners and operators are filled with energy and optimism and ideas — ready to make moves and make an impact. But nothing is happening. With a new year and vaccine rollouts underway, the general sense that we are seeing the light at the end of the tunnel is being undercut by uncertain timelines, lagging travel numbers and the feeling we are stuck in neutral.

While there is welcome demand in many select-service and resort locations, the situation remains challenging enough that many have made the determination that right now there simply isn’t much revenue to manage.

There may be many who agree with this assessment, but it is a perilous perspective in several important ways. Revenue management cannot be ignored; you need to be building a sound foundation now for the coming turnaround. The consequences of failing to recognize that simple fact — and to prepare accordingly — could be significant.

How much of a difference can proactive revenue-management expertise and refinement make in a situation like this? Consider the fact that after the last recession in the late 2000s, Chesapeake properties got back to pre-financial crisis revenues 11 months faster on average than our peer set. At a time when bottom lines are already strained, you literally and figuratively cannot afford to be lagging almost a year behind.

Addressing your revenue-management performance is an imperative investment. And it is understandable that when every dollar spent is scrutinized, an uncertain return on that investment can make some owners hesitate. But here are the reasons why that indecision can damage your chances for a swift, successful and sustainable recovery.

Across the industry, revenue managers, reservation managers and front-desk managers have been furloughed or laid off. In the early days of the coming recovery, small mistakes and oversights will cost you — and hastily ramping staffing back up will make those mistakes unavoidable. Even minor mistakes loading rates can lead to missed booking opportunities and lost business. If you don’t have someone tending to those details now, when the market turns, you’re going to miss it.

With so many brands and properties abandoning e-commerce programs and digital marketing campaigns, the potential for a sluggish restart is very real. These are programs that need nurturing to expect meaningful performance. Understanding how to engage the revenue engine by keeping strategic investments in important areas such as keyword searching is essential to ensure your digital program is ready when market conditions improve.

Limited resources make sound revenue-management practices more important — not less. Understanding what segments will be back first is critical to deploying your limited marketing dollars. Now, more than ever, you need to be surgical with resource allocation and investment, ready to utilize your resources for maximum return on investment.

After the initial COVID-19 slowdown, we soon realized the need to strategically bring back sales managers based on market prospects in select hotels. For our hotels, we recognized an opportunity to book youth sports and social, military, educational, religious and fraternal groups business in certain markets, even with a potential lag in the booking window. Sales performance and metrics were closely monitored but the subsequent success confirmed an immediate return on investment for each and every hotel.

As we continue to face this crisis head-on, even the most prepared hotels have struggled. That is why it is just not enough to simply glance over a revenue-management plan. Owners and operators need access to expert-level insight that is tactically focused to execute revenue strategies every day with a relentless drive to capture every dollar.

While the impending recovery timeline has continued to be protracted, as hoteliers we must be vigilant in being prepared for the market rebound. It is coming, and it will be swift. The sales and revenue-management decisions you make today will determine whether your hotel is a star performer when conditions improve or whether you get left behind by the competition.

Chris Green is president and CEO of Chesapeake Hospitality.

The opinions expressed in this column do not necessarily reflect the opinions of Hotel News Now or CoStar Group and its affiliated companies. Bloggers published on this site are given the freedom to express views that may be controversial, but our goal is to provoke thought and constructive discussion within our reader community. Please feel free to contact an editor with any questions or concern.