There’s an unexpected magical spell that lands on you when you fall in love with the hotel business, but learning about hotel finances can be the tricky rung when climbing the hospitality career ladder.
Hospitality financial leadership – The Consultants
Whilst numbers are important, they don’t always tell the full story. Any strategy that works needs to rely on the person that knows your business the best. You.
What will the post pandemic hotel world look like?
The other side of this pandemic is going to see some profound changes in the traveling world and the hotel business. Here are seven predictions on what changes we’re most likely to see.
The ultimate hotel P&L
What if there is a better way to look at the financial information that helps operators see their results (and better still their budgets and forecasts) in a different light?
Hotel franchise/management fees: 20 years is a very long time
We don’t know what’s next in the hotel world and how business will evolve, but one thing is for certain: You will be receiving new items on your monthly corporate invoice from time to time, and you will have to pay for them whether you like it or not. Full stop.
Top 10 ways to control food costs
Here are 10 cost control strategies that will help you stay on top of the never-ending job of keeping your food costs under control.
How to get hotel department heads to want to do their financial forecasts
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.
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.