Hotel Finance Strategy
Hospitality Financial Leadership – How to Prepare a 5-Year Proforma
Preparing a five-year financial plan for your hotel might sound daunting, but it is all in your head.
Hospitality Financial Leadership – Designing Your Financial Reporting System – A Wake-Up Call
Having a financial system that produces regularly scheduled information about your hotel and the direction it is going is paramount to your survival. Without this regular reporting, you are really flying by the seat of your pants. But what exactly do you need to be looking at and who produces it and…
Hospitality Financial Leadership – How to Do a Breakeven Analysis Using REVPAR
I have recently read more than one article on breakeven analysis and they all miss the mark in my books because they focus on what occupancy is needed. Occupancy is only half of the final recipe.
Hospitality Financial Leadership – What is the Only Thing We Know for Sure About the Hotel Budget?
The budget is a BIG deal. Heck, it consumes so much time and energy in the hotel. Getting it right is a critical element to any branded, managed hotel. If you are reading this and you do not prepare an annual budget, you are probably scratching your head and wondering what I…
Hospitality Financial Leadership – The Key Attributes of a Proper Hotel Financial Statement
Having a monthly financial statement for your hotel is the key to creating an effective management process inside your business. But, like many things in life, hotel financial statements are not all equal.
Hospitality Financial Leadership – Top 10 ‘MUST DO’ Separation of Duties and Controls
In your hotel internal controls are a mission critical element you must have up and working well to adequately safeguard your assets. If you forgo these controls, you leave yourself wide open for – and I hate to use this word – fraud.
That is right. People who work for you are much more likely to steal from you…