Here are four tips to work on if you want to create the kind of environment that has your leaders and managers wanting to do their monthly financial forecasts, commentaries or budgets.
Posts by David Lund
Creating and using staffing guides
A staffing guide allows owners and managers who supervise the hotel to see at a glance what the staffing levels are and it serves to help department managers see and understand the staffing plan. With turnover, this is a critical tool for continuity.
How to prepare a financial budget
Here are a few shortcuts, tricks and above all else a process to follow when working on the budget for next year.
Top 10 hotel budget review tips
When you are reviewing a hotel budget you want to ask the right questions—the ones that will yield the biggest treasure.
How to plan and manage zero-based expenses
It’s not rocket science – it’s just being organized and having a list. With that list, you’re going to know what you need, what to order and if need be, what to trim.
Why financial acumen is so important to your hospitality career
It’s common sense – with more knowledge and skills, your career prospects and advancement possibilities are enhanced. But unfortunately, in hospitality this is not quite as well understood.
Hospitality Financial Leadership – Engage their hearts and minds first
Getting your hotel leadership team excited about accounting is like someone thinking it’s fun to go to the dentist. Your average person wants nothing to do with it because they have a predisposed notion that it’s yucky, boring and better left for someone who has a hard time walking and talking at the same time.
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.