Stupid sounds like a harsh word. Webster’s dictionary defines stupid as, “Given to unintelligent decisions or acts,” along with a few other more colorful options. Outsourcing your hotel accounting is an unintelligent move.
One incredibly challenging aspect if hospitality is the ever-changing technology. Most people don’t see the massive amount of technology being used in hospitality and this article is about leadership in the face of that ever-changing landscape.
In hospitality, the measurement and management of productivity is hit and miss and miss again. What is an effective measure?
I see many hotel financial statements and most are missing the boat because they do not separate group and local banquet revenues.
When people understand and use the business system well we get a superior result. What’s the business system in your hotel?
Your DOF is a great accountant. They do a solid job running the accounting department and they are very efficient. What’s the problem then?
When heads of state come to visit your hotel they usually make a bit of a show. The Russians are no exception, they even bring their own warship, the KGB and a wad of cash!
Creating a great commentary for your owners and corporate is a monthly mainstay in almost every hotel. It can also be a large dose of drudgery. This article is about how you can create an effective system in your hotel to generate a strong and meaningful commentary based on information from all areas of your business.
In your hotel, you either share the financials with your leaders, the department managers, or you don’t. If you already share the financial statements, you know the power it unleashes with your team and the result it helps to create. In this article, I will explore the relationship we have with the money and how we can get the financials out of the closet and reap the benefits.
Why is financial leadership in hotels so un-evolved? We need to realize that the third pillar, the money, the owner, the profit-and-loss, the paperwork, whatever you want to call it - it needs a proper voice. The right voice - a voice that speaks to the leadership and the highest purpose that a cornerstone of our business warrants.