hospitality financial leadership
Hospitality Financial Leadership: How to Write a Great Monthly Executive Commentary
David Lund | December 19, 2022
By David Lund They go by many names: owner’s commentary, monthly commentary, executive commentary and more. The names can be different but in essence, they are all the same thing – a review of the prior month’s results plus a forward look into the coming months from a financial and market perspective. The monthly commentary is a great example of the “full disclosure principle” and if you are wanting a brush up on that you can watch this short video. So, in this piece, I am going to explain a strategy you can use to get your team to produce a great monthly commentary. Not only will you have the information you need to expla...
Hospitality Financial Leadership – How to Prepare a 5-Year Proforma
David Lund | December 5, 2022
By David Lund Preparing a five-year financial plan for your hotel might sound daunting, but it is all in your head. Let’s lay it out. You are either dreaming about a business that does not exist yet and you need a plan, or you are up and running and you want to look into the future and pave a path forward. Either way you need to same tools. The first tool you need is market information: CBRE or STR are both helpful. CBRE can provide you in-depth marketplace analysis that will draw you a very clear picture of the rates and occupancy of several different hotel asset classes in your area. If you are already up and running, it is yo...
Recipes: 4 Reasons Why Your Operation Needs Them
David Lund | November 14, 2022
Introducing: Patrick CORE McClary If Your Challenge Is Food & Beverage Then – Meet Your Maker Everywhere You Look it’s Bleeding 🩸. The Patient is So Messed Up it’s Not Even Funny. It Will Never Fix Itself. You Need CORE On Your Side. Cost Operations Revenue Execute Patrick is a self-made star of the food and beverage trade. He knows and has seen it all. No problem or challenge is too big or too small. He can help you turn the page and make day-old bread sing again. Have a read and do yourself a favor. Reach out and talk to Patrick about how he can help you today. Recipes: 4 Reasons Why Your Operation Need...
Hospitality Financial Leadership: The Early Arrival Program
November 7, 2022
By David Lund With my workshops and speaking I often do an exercise where I challenge each leader to find a minimum of $250 in next month’s forecast that can be savings in the form of reduced payroll or expenses. It can also be a source of new revenue. The participants come up with some amazing ideas that really work. The great thing about these ideas is that we almost always get to repeat and compound. An idea that works next month works EVERY month. Read more about creating asset value here. In this piece I am going to share one of the best revenue-generating and guest-pleasing ideas that my clients have come up with. It’s someth...
Hospitality Financial Leadership: What Really Counts and Why
David Lund | October 10, 2022
By David Lund If you do not have all three of these metrics on your radar screen at the same time, you are flying the profit picture in your food operation with at least one eye closed. All three metrics must work together at the same time to get the best view of the potential profitability of your food sales. Let’s explore these three different measurements and see what we find. Average Customer Cover The first part is “average customer cover spend” or ACCS. That is the average amount of food sales per person served. To calculate this, you take the total food sales (only items in the food family) from a given period and divide...
Hotel Budget Guide for 2022: Everything You Need to Know
September 12, 2022
By Josiah Mackenzie With David Lund I used to think of the budgeting process as a necessary evil, but speaking with David Lund, who has 30+ years of operational and financial leadership experience working with companies such as Hilton, Best Western, and Fairmont Hotels and Resorts, changed my view on this. In his view, hotel budgeting is a way to engage your teams, align on goals, and deliver financial results. The hospitality industry has experienced unprecedented volatility over the past few years, which may make creating a budget for 2023 seem intimidating. But as Lund advises, “the only thing we know about a budget is that it...
Hospitality Financial Leadership – Why You Need an Internal Control Review Program in Your Hotel – ICR
David Lund | September 6, 2022
By David Lund Here’s the scenario. You have finally got a full-blown accounting policy manual in place. It has taken several months and a lot of work, but it’s done. Something to be proud of indeed! But wait a minute, it seems like no one knows about these policies and whenever you speak about such and such internal control not being followed, you get the deer in the headlights look. This all too familiar stare means one thing, these people have no idea what you’re talking about. Your policy manual might be complete but you’re still a long way from compliance. What’s the solution? The answer is you need a regular program to ...
Hospitality Financial Leadership: What Hotel Brands Don’t Know – The Secret to Creating Great Financial Expertise
David Lund | August 15, 2022
By David Lund What brands don’t know is, they can create great financial bench strength in their hotels and their owners will pay 100% of the cost. Brands also don’t know that they can create this bench strength with resources that are readily available. Lastly, brands don’t know that their non-financial managers are literally dying to get these financial skills and abilities now and they want to apply them. Brands need to evolve. Brands need to stand still long enough to realize they sell one thing to owners, expertise in running and managing hotels. Brands sell expertise for all aspects of running and managing a hotel. Not just ...
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Today's News
Hotel Trouvail Miami Beach Inducted Into Historic Hotels of America
Amir Nematipour Appointed Director of Food and Beverage at Four Seasons Resort Lanai
Almost Half of Global Hotel Markets Recovered RevPAR With Challenging 2023 Ahead
STR: U.S. Hotel Results for Week Ending 21 January
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