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When people hear the term food cost, they generally think of the simple calculation of cost / selling price = food cost %. This calculation does little more than give you a percentage. Understanding and controlling food cost is much more complex.

Get His Take on How Our Industry Manages and Measures Business

David Lund, the Hotel Financial Hotel Coach, explains his views on why financial management is so important to hotels and venues.

The chapter below is an excerpt from my new book. It’s fiction but some of the characters and story lines are based on people I have worked with and events that have taken place in the hotels I have worked in. The book is a fable about a hotel manager who has some very bad habits. He must change…

Bloody is a great word. It’s English and I’m Canadian so that’s close enough and I’m adopting it for this piece. The word is so descriptive, and it immediately conjures up images of battle and of great suffering. Much the same as the annual carnage we refer to as budget…

On the eve of starting my financial leadership course for the third year with Royal Roads University, I realized that most people have it somewhat wrong when it comes to how they think about the financials inside the hotel business. It occurred to me that most people think that a mechanic is the only person who can drive a car.…

Applies to financial leaders’ and operational managers’ roles:

On the eve of starting my financial leadership course for the third year with Royal Roads University it occurs to me that most people have it somewhat wrong when it comes to how they think about the financials inside the hotel business. It’s almost like they think that a mechanic…