Year on Year Revenue

Use Year on Year Revenue when you want to know how much revenue was on the books Revenue for bookings currently held in the Sales and Catering system for future dates. for a month at the same time last year. For example, if today is August 1, you can do the following:

• Compare how much revenue is on the books for August this year, against how much was on the books for August, as of August 1 last year
• See if you are behind or ahead of the previous years' pace
• Compare revenue at the total level and for each status, like Definite The booking status of an event for which you have received the signed contract from the client. and Tentative The booking status of an event that the client has verbally confirmed. You have sent them a contract.
• Investigate further and view a list of bookings for each status

Unusually large differences in pace compared to previous years point to weaker or stronger demand The amount of business that wants to book your function rooms. It equals the number of enquiries for a time period and includes all statuses. You define four demand levels, from High to Distressed, in the Daily Demand pages..After your review, you might change your Demand Forecast, Pricing Strategy and promotional activity.

If you have used SmartSpace for less than 12 months, the year on year comparison is empty. After 12 months, you see data from the previous year.

View this video for an overview of all three Business Pace reports:

See Multi Property Mode to learn how this page functions when you have access to several venues Any business that sells function space. For example, hotel, conference centre or a sporting arena..

Using Year on Year Revenue

1. On the Trend Analysis menu, select Business Pace, and then click Year on Year Revenue.
2. To change the period of future revenues forecast, use the Show next n months tab and enter your desired amount of up to 24 months.

We recommend that you review a period of at least 12 months to identify future revenue opportunities.

3. Click one or more filter buttons to review or select the filter options based on how you want to view the data. See Filters for a list of filters and how to use them.
4. Select or clear the Show variance checkbox.
5. Click a blue, linked value in the Export Date column to view a detailed Bookings Report for the date.
6. Click Export to Excel in the Bookings Report window to export this data for further review.
7. Click Close to exit the Bookings Report window.
8. Click the PDF option to convert and save the current page as a PDF file or click Export to Excel below the table to export data for further review.

Data Details

All revenue figures in SmartSpace are displayed exclusive of value-added tax (VAT).

Item	Description
Show Variance	If selected, the VAR and VAR % columns display and compare the revenues between the Export Dates.
Event Month	The month in which an event occurs. The months are capped to a rolling 24-month period, starting with the current month. You can't change the selected months.
Status	The booking Also called an enquiry. A piece of business that consists of one or more events over one or more days. Can be of any status, for example Prospect, Definite, or Lost/Cxl. status: Prospect The booking status of an unconfirmed event. You have no verbal or written confirmation, but you might hold space provisionally., Tentative The booking status of an event that the client has verbally confirmed. You have sent them a contract., Definite The booking status of an event for which you have received the signed contract from the client., Cancelled Lost: the client decides not to hold a prospect or tentative event at your venue., and Turn Down Also known as denials. It’s the booking status of events for which you decide not to offer availability. This can be because you don't have the space available, or because you believe it is not the right piece of business..
Export Date	The most recent data from your Sales and Catering system The system that you use to manage the bookings for your function rooms. Also known as a diary management, or meetings and events reservation system. Examples include Delphi and Opera..The date is when it was extracted from the Sales and Catering system and might differ from when you imported it into SmartSpace.If you have been using SmartSpace for longer than 12 months, you can also view the export date from a year ago that is closest to the current date within seven days.
VAR	The difference in revenue between business on the books Revenue for bookings currently held in the Sales and Catering system for future dates. and previous years. Increases show in green and decreases in red.
VAR %	The difference in revenue between business on the books Revenue for bookings currently held in the Sales and Catering system for future dates. and previous years, expressed as a percentage. Increases show in green and decreases in red.

Best Practices

Detect Unusual Demand Early

Large pace variations compared to same time last year might indicate that demand varies as well. Therefore, you should regularly use this page to look for these early warning signs. We recommend reviewing it once or twice a month.

Start at the Total Revenue level, then check by booking status. Use your knowledge about conversion trends to judge if pace varies overall. For example, a month might be behind last year by a lot in Prospect business, while Tentative is only slightly ahead. Or if conversion of tentative is higher than for prospect, then, overall, you might end up with the same revenues.

Look for Causes of Large Variations

When you find large variations in pace compared to last year, don't automatically make matching changes to your demand forecast. Instead, drill down to find explanations. Click a value to view the list of bookings. Did last year have an unusual booking that is unlikely to repeat? Or are there other factors, like a competitor's renovation or a unique event, that sent business your way?