hotel financial coach

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hotel financial coach

Hospitality Financial Leadership: How to Prepare a Financial Budget

David Lund | July 22, 2019

By David Lund Tis the season and most hotels are already well under way with their annual grunt work to prepare a 2020 plan for the regional and corporate teams to review and then it is onward to ownership seeking their approval. In most hotels, this process is a protracted drawn-out marathon of such epic duration that it leaves a streak of several weeks, if not months, for some to endure. Revision after revision is the norm and everyone along the path squeezes a little more until there is nothing left to give anymore. When we consider the goal of the budget it is pretty simple. Create a plan for the coming year that will provide eve...

Hospitality Financial Leadership: The Basic Principles

David Lund | July 15, 2019

By David Lund Accounting was a trade that had a global language much like carpentry or plumbing. There were universal rules that applied and these principles were exactly the same in the hotel business. That was good news. Accounting principles are universal. The way in which accounting is done throughout the world is a direct by-product of these principles: “Accounting principles are the rules and guidelines that companies must follow when reporting financial data. The common set of U.S. accounting principles is the Generally Accepted Accounting Principles (GAAP).” These principles are the very foundation that the business worl...

Hospitality Financial Leadership: Why Financial Acumen Is So Important to Your Hospitality Career

David Lund | July 8, 2019

By David Lund It is common sense to know: With more knowledge and skills your career prospects and advancement possibilities are enhanced. In hospitality it is not quite as well understood. There exists a counter culture to growing up, to raising one’s self out of the guest- and colleague-only world into the financial arena. I know and have met many people who camp out in hospitality for this very reason. The idea that they will not have to deal with numbers and the black and white is part of our culture. In this piece I am going to examine why this exists and what you can do to rise up! The hotel world has changed tremendously in ...

What Is “Hospitality Financial Leadership Anyway?”

David Lund | July 1, 2019

By David Lund This is a question I have been asked many times. Exactly what is financial leadership and why hospitality? Finding the three words together “HFL” in a sentence three years ago was not possible. I know because I tried to google them and came up with a bunch of leadership consultants and courses. Even the words “financial leadership” revealed surprisingly little. Some tidbits about CEO’s and their role but nothing any broader. Financial leadership is in my opinion the cornerstone of any manager, executive or leader’s business acumen. It enables the individual to see the importance of being plugged into the strate...

Hospitality Financial Leadership: Zero Based Expenses – How to Plan and Manage

David Lund | June 24, 2019

By David Lund I help hotels manage their profits more efficiently and in the hospitality world, there are only two main cost types that need a system and a strategy to properly control them. The two culprits are payroll and expenses. In this piece, I am going to talk about expenses, namely a process for establishing and managing your expenses on an ongoing basis in real time using a zero base. Zero based expenses are nothing new. Here is the definition from Wikipedia. Zero-based budgeting originated in the 1970s. Many businesses will budget and plan out things to maintain financials. In the past, businesses would only look at specif...

Hospitality Financial Leadership: Lies Financial Leaders Tell Themselves

David Lund | June 18, 2019

The Lie: My Balance Sheet Accounts Can Go a Month Without Being Completely Reconciled By David Lund It is the worst lie financial leaders can tell themselves. Nothing is more important than the health of your books. If your books are not caught up and if your account reconciliations are not clean and up to date, nothing else you do in your financial world matters. Period. Full stop. It’s paramount as a financial professional that you never ever let a month go by where you have not completely reconciled the books. You can’t do a clean close without having your accounts reconciled. Preparing the month end statements and not having ...

Hospitality Financial Leadership: Conducting Financial Operations Reviews

David Lund | June 10, 2019

By David Lund Hands down one of the best experiences I ever had in my career was being part of the team that reviewed the financial performance of the hotels in my region. The reason I enjoyed it so much, and have such great memories, is because I learned so much at each one and not only did I learn about the business of hotels, I had a lesson in people. The review team consisted of my boss, the hotel GM, the hotel Controller and me. In addition to the four of us, one by one the other executives or department heads would be in attendance or be called when it was their turn to review their area. The examination was a low-tech event. No P...

Hospitality Financial Leadership: What Do Indy Car Racing and the Hotel Business Have in Common?

David Lund | May 20, 2019

By David Lund I am a big fan of professional car racing. I follow the major series; Formula One, NASCAR and my favorite times 10 is Indy Car. When I think about what I like so much around the Indy Car Series there is a parallel to the hotel business that I think needs to be exposed so people will have a better understanding of why Indy Car is so special and how being successful in the hotel business is kind of the same. You might think I'm stretching things here just a little, but I promise you I'm not. Indy Car, in my opinion, is the purest form of auto racing on the planet because you need to be multi-disciplined as a driver. It is un...

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