david lund
Hospitality Financial Leadership: What’s Possible in the Future With Hotel Financial Statements
David Lund | January 18, 2021
By David Lund I am a big fan of the Uniformed System of Accounts for the Lodging Industry (USALI), or as she is affectionately called “You Sally.” It has been the guide that our industry uses to properly present financial information for a long…long time, in fact almost 100 years. It lays out the format for our financial statement presentation and essentially acts as a referee if you like, to tell us what goes where. What revenues, costs of goods, expenses, and payroll belong to which department. Having a guidebook in its 11th edition that details where it goes and what it looks like are a gift. I know many industries struggle w...
Hospitality Financial Leadership – Me and Stephen King
David Lund | January 11, 2021
By David Lund I read his book, “The Shining,” while working that first winter in the bar at the Algonquin Hotel, in St. Andrews N.B., Canada which is my hometown. The book captivated my imagination about all things supernatural and the hotel. I can say that I had more than one conversation with my Lloyd on some of those lonely nights tending the bar in a hotel that was closed. The bar was the only thing open in the hotel – with me in charge Thursday to Saturday nights that winter. It was lots of fun! Mr. King lived just down the road so to speak from my hometown and it was and maybe still is popular folklore that he wrote “The S...
Hospitality Financial Leadership – The Top 7 Front Office Controls
David Lund | January 7, 2021
By David Lund As you know the front office is the command post for your operation, and it’s also the point where all the receipts come through. Making sure you have solid internal controls at the desk is not only good business, it’s mission-critical. Without these safeguards you are wide open and as someone once said, good internal controls help keep honest people honest. Now don’t get me wrong. I believe we need to trust the people we have on our teams, and I also have seen what can happen when there is an opportunity. So, this piece is about eliminating most of those weaknesses at the front desk. Room Rebate Review and Approval ...
Hospitality Financial Leadership: Chapter 14 – The How To vs. The Want To
David Lund | January 4, 2021
By David Lund 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 in order to survive and the book takes him and you through the lessons needed to be a great hospitality financial leader. I’m writing ahead each month so I’m not sure how the book will end. I hope you enjoy it and if you missed any earlier chapters you can find them on my website blog tab. Mr. D returned the next morning ...
Hospitality Financial Leadership: Diversity in Hospitality
David Lund | December 21, 2020
By David Lund I have been thinking about this topic for some time. Especially now in 2020 with the social unrest in this country and elsewhere in our world I think it’s time to speak up. For me, that means offering what I think is a path to an improvement in the way we look at and see each other. It comes from my experience in hotels, from the culture I grew up in, inside the hotel world, and at home. I consider myself to be extremely fortunate for many things, but the number one thing is my parents. We were decidedly middle class. My father was an automobile mechanic turned community college instructor and my mom was a homemaker to m...
What Exactly Are Owners Looking for From Their GM’s When It Comes to the Operational Finances?
David Lund | December 14, 2020
The Slick Talk Interview - David Lund & Interviewing for Financial Success for Your Hotel In this hard hitting interview you will learn what to tell your owner about how you're going to successfully manage their asset. What are the leadership strategies you will use to generate a superior return on their investment? How will you show up as the number one and instill confidence and lead your team around the money piece? If you're looking for the silver lining in all that is Covid in the hotel industry right now and getting your aspiring career back on track, then you are not going to want to miss this one....
Hospitality Financial Leadership: A Boring Routine Secretly Equals Power
David Lund | December 7, 2020
By David Lund If you wish you could do more each day and you’re open to looking at things differently, to consider there may be a stronger system to follow, perhaps this one is for you. Also, if you’re a big fan of multi-tasking then YOU HAVE TO read this. When we have a routine, we have a system that helps us generate tremendous results on the core work we do. We cannot be creative outside of a solid routine that gets the function of what we need to accomplish every day done. When the core work is done we then have a license to create outside of that routine. Scott Adams, author of “How to Fail at Almost Everything and Still W...
Hospitality Financial Leadership: A Bit About “You Sally”
David Lund | November 30, 2020
By David Lund By someone’s estimate there are roughly one million hotels in the world. I take it that number includes all the different kinds of hotels from small inns and hostels all the way up to your full-service multi-outlet mega hotel operations. For simple math I am going to estimate that half of this number of hotels fall into the small inns and hostels, and that leaves 500,000 of what I’m going to call real hotels. Of those 500,000 I am willing to bet that 50 percent do not know about or use “You Sally.” If we ramp that number up by multiplying the 250,000 real hotels by the average number of department managers, GMs and...
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