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.
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.
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.
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.
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.
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.
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.
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?