david lund
Hospitality Financial Leadership: EFTEs, Productivity Measurements – Why Use Both
David Lund | October 19, 2020
By David Lund Most hotels measure payroll as a percentage of revenue or, as it is commonly referred to, labor cost percentage. This is not helpful. Why, you ask? Well, first of all, if sales magically increase because of an increase in the average room rate or average cover, your labor cost will automatically improve. Did anyone actually do anything better with the payroll? No. Or, if there is an increase in wages due to an outside force like the minimum wage increased, then your labor cost will suffer and did anyone actually do anything negative? No. So you see the limitations of labor cost percentage. Let me introduce the two differen...
Hospitality Financial Leadership: Chapter 11 – Being
David Lund | October 12, 2020
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. The first two days at the Norton...
Hospitality Financial Leadership: Internal Control Reviews
David Lund | October 5, 2020
By David Lund Hot on the heels of creating a hotel policy manual is the newfound ability to create an internal control review process. Policies are all about the rules of the road and the ICR is all about the roadside check stop. “Excuse me, Sir, have you been drinking tonight?” “Why no, Officer, we’re just coming back from church.” In this piece I am going to examine how to create and use the ICR so your hotel and hotel company will have an effective, efficient and low-cost method of catching the rule breakers and most importantly, making sure everyone stays on the right side of the rules and we all make it home safely....
Hospitality Financial Leadership: Venue Performance Peter Heath Interviews The Hotel Financial Coach
David Lund | September 21, 2020
David Lund, the Hotel Financial Hotel coach explains his views on why financial management is so important to Hotels and venues....
Hospitality Financial Leadership: Chapter 10 – Mr. D
David Lund | September 14, 2020
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. The looks on the faces of my tea...
Hospitality Financial Leadership: Why Does It Take So Bloody Long to Do the Annual Hotel Budget?
David Lund | September 8, 2020
By David Lund 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 season in the hotel business. It’s the epic contest between line managers and executives, hotel leadership teams and the brand and hotels and their owners. In some hotels it can take six months to get the budget done, revised umpteen times and eventually – hopefully – approved. It’s nothing for the battle to last for three months in a typica...
Hospitality Financial Leadership: What Everyone Needs to Know About Hotel Financial Skills 11-20
David Lund | August 31, 2020
By David Lund 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. However, many great drivers possess great knowledge about how the car works but they’re not mechanics – it’s not a requirement to be a great driver. You would never take your Ferrari to the driver for a repair, but man can they drive it. The exact same goes for financial skills and understanding....
Hospitality Financial Leadership: What Everyone Needs to Know About Hotel Financial Skills 1-10
David Lund | August 24, 2020
By David Lund 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 is the only person who can drive a car. On that note many great drivers possess great knowledge about how the car works but they’re not mechanics; it’s not a requirement to be a great driver. You would never take your Ferrari to the driver for a repair, but man can they drive it. The exact same goes for financial skills and understanding. You ...
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Today's News
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