hospitality financial leadership
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 ...
Hospitality Financial Leadership – How to Do a Breakeven Analysis Using REVPAR
David Lund | July 18, 2022
By David Lund I have recently read more than one article on breakeven analysis and they all miss the mark in my books because they focus on what occupancy is needed. Occupancy is only half of the final recipe. You also need rate and really in the end you come up with your real break-even point using REVPAR. The key ingredients that need to be assembled and analyzed are fixed expenses, variable expenses based on occupancy and finally the expenses that are directly related to revenue. I will lay out examples of these in the paragraphs below. For the sake of time and simplicity were going to assume this is a limited-service hotel without...
Hospitality Financial Leadership: Why Auditors Miss the Mark
David Lund | June 27, 2022
By David Lund I recently watched a documentary on fraud and why the auditors were unable to detect anything even when they were right on top of what was so obvious to the person featured in the interview. The narrator also explained very clearly that the audit function is set up to fail. This piece is about what hotel auditors do and what they really should be looking at to find inconsistencies that lead to detecting financial problems in the hotel. Auditors are set up to fail because they are so green. I remember we had a revolving door of both internal and external auditors at the hotel for what seemed like years. Funny thing is ot...
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