The financial forecast disconnect and how to correct it
Without the line managers preparing and using their own forecasts we’re like a ship in a storm without a rudder.
What’s missing with hotel labor planning tools?
Budgets, Forecasts, Schedules and Variance Analysis all need to be geared to the same measure. It all boils down to the volume of business and the hours worked and how can we get just a little better tomorrow.
Set up your hotel’s Key Business Indicators (KBIs) to manage costs
Start by taking the P&L apart and assign an owner to every line of revenue, expense, payroll and cost of goods. Inside a full-service hotel, you may have an average of 50 key metrics that need to be tracked daily by 30-40 line managers.
Understanding the concept of owner spend
Owner spend is the key to understanding the relationship between the owner and the brands and it plays out inside each individual asset on a daily and annual basis in a managed hotel.
Understanding the importance and use of the reserve for capital replacement
The proper use of the capital reserve is inexplicably linked to the ongoing success of the hotel and that means the funding cannot be played with.
The 5 hidden costs of being branded
For years chains have publicized the advantages of working with them: advanced loyalty programs that promise to bring consistent customers, low fees, tough negotiations with OTAs, and preferred financing options - but are these claims true?
Bring multi-tasking to an end for hotel leaders
Multi-tasking does not save time, it wastes time; and the good news is, it’s only a habit. Like smoking, it’s high time you quit.
OTA’s and how hotels can best use them
Here is a list of very compelling value-adds from some OTA’s that hotels could and should be taking advantage of.
The top 10 interview questions for a GM about the hotel’s finances and the best answers
A GM’s job interview is a challenge for the incumbent because they need to be ready for just about anything.
Budget season and what to look out for
Here are some ideas of what you need for your budget review, what to look for and where to find it.