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Tag : hotel budget

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Hospitality Financial Leadership: Engage Their Hearts and Minds First

May 13, 2019

By David Lund Getting your hotel leadership team excited about accounting is like someone thinking it’s fun to go to the dentist. Your average person...

Hospitality Financial Leadership: Investing in Financial Leadership in Your Hotel

April 29, 2019

By David Lund CFO to CEO: “What happens if we invest in developing people and they leave?” CEO: “What happens if we don’t and they...

Hospitality Financial Leadership: She Said She Was Born Without the Financial Gene

February 25, 2019

The following is a recap of a single coaching session which turned into a coaching relationship with a client. For this article I am going to call my client...

Hospitality Financial Leadership: Roger Penske & The Hotel PMS

February 18, 2019

By David Lund I had a chance meeting with Roger Penske in the parking lot behind the paddock in October 1994 at the Indy Car Grand Prix of Monterey in Laguna...

Hospitality Financial Leadership: City/Region Wide Supply and Demand Analysis

February 11, 2019

By David Lund When you are preparing your budgets, an incredibly valuable tool is what I refer to as the “citywide supply and demand analysis.” I...

Hospitality Financial Leadership: The 5 Hidden Costs of Being Branded

February 4, 2019

By David Lund Marriott. Hilton. IHG. Wyndham. Choice. For years these chains have publicized the advantages of working with them: advanced loyalty programs...

Hospitality Financial Leadership: Bring Multi-Tasking to an End for Hotel Leaders

January 21, 2019

By David Lund I am going to begin this piece with a quote because I know there is BIG TIME pushback on the idea of multi-tasking. Being so popular in our...

Hospitality Financial Leadership: Understanding the Importance and Use of The Reserve for Capital Replacement

January 14, 2019

By David Lund The concept for the use of the reserve account is important to understand. It is also essential that hotel operators ensure the reserve is...

Hospitality Financial Leadership: The Matching Principle

January 7, 2019

By David Lund I tell my Introductory Hospitality Financial Leadership Workshop participants that the concept behind the matching principle is “the most...

Hospitality Financial Leadership: The Top 10 Interview Questions About The Hotel’s Finances for a General Manager and the Best Answers

January 2, 2019

By David Lund Interviews are tricky, for both the candidate and the interviewer. A GM’s job interview is a challenge for the incumbent because they need...

Hospitality Financial Leadership: OTA’s and How Hotels Can Best Use Them

December 17, 2018

By David Lund A lot gets said about OTA’s and most of it is negative coming from the hotel world. I get it on one hand as I was the one having to...

Hospitality Financial Leadership: Going Down the Road – Part 1

November 26, 2018

By David Lund This title belongs to a classic 1970 Canadian movie about two guys from Nova Scotia, Joey and Peter. They moved to Toronto to seek their fame...

Hospitality Financial Leadership: What’s Missing With Labor Planning Tools?

November 12, 2018

By David Lund I’m looking for an end to end solution to labor planning and I have yet to see one that brings it all home. Let me explain what I mean....

Hospitality Financial Leadership: Trading Places

October 29, 2018

Circa 2009. Late September. I’m the regional controller for five hotels. Sitting at my desk minding my own business, doing my own work when the phone...

Hotel Budget Season: Design Your Most Profitable Channel Mix Strategy in 2019

October 16, 2018

By Kristi White, VP, Sales Engineering at The Rainmaker Group Travel customers have an unprecedented number of options to shop and book hotels, with new...

Hospitality Financial Leadership: Your Department Managers Really Want to Do Their Monthly Financial Forecasts

October 8, 2018

By David Lund You probably read the title and said to yourself, “No way, that’s a load of BS. There is no way my managers want to do their...

Hospitality Financial Leadership: Understanding Liabilities

October 1, 2018

By David Lund When I do financial leadership workshops with hotel teams we often talk about liabilities. I tell my audience that I know for a fact that each...

Tambourine: Use Data to Get More This Budget Season

August 20, 2018

This budget season, you’ll need to prove how much hotel revenue you brought in or risk losing your funds. A successful hotel marketing budget not only...

Hospitality Financial Leadership – Flower Power

July 30, 2018

By David Lund It was the spring of 1995 and I had recently transferred from one hotel back to the regional base and into a newly created position as the...

Hospitality Financial Leadership: Educating Our Leaders Is the Highest Form of Service

July 23, 2018

By David Lund If Serving is Beneath You, then Leadership is Beyond You While creating hospitality financial leadership workshops, I learned three very...

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