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What hotel brands don’t know is that 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.
As I write this, the submarine with five souls on board is missing and time is running out. They have barely a few hours of oxygen left. There has been no communication with the ship since the first two hours after it was launched on Sunday June 18th, 2023. This piece is about that faithful ship and my obsession with it and a connection to the hotel world, both personal and historic.
The hotel business is perhaps the second oldest business in the world. I read that somewhere long ago, and it stuck. The kind of live-in arrangements described in this article are not about that but, rather, what our industry provided in the past to its senior leaders and managers. Some of what you’re about to read I experienced first hand and some of it was passed on down to me through stories and folklore.
Warning this blog post talks about cruelty to cats. I in no way support this practice and I am not promoting the activity in any way. The purpose of this article is to tell a story around the financial controls for hotel paid outs. Even with the disclaimer I am pretty sure Ill get some flack, but the story is worth it! I have had some interesting junkets in my career.
I discuss this question with hoteliers way too often. Its not their fault, but the reality is they dont understand what this statement means and, in this piece, Im going to lay it out for you. I will say that the lack of understanding and basic ignorance of this is a costly and completely avoidable expense if you just do a little digging and ask the right questions.
Hospitality Financial Leadership Creating a Hotel Accounting Policy Manual and Internal Control Reviews Purchase on Amazon in paperback, hardcover or Kindle format PURCHASE HERE Complimentary Discovery Call – [link] Video Course: [link] Be sure to check out my other services on the links below. Strategic Hospitality Financial Leadership Workshops The 3 Month 1-1 Financial Leadership Mentoring Program Hotel Accounting Policy Manuals Hotel Asset Management Program Keynote and Breakout Speake
Hospitality Financial Leadership Calculating F&B Labor Productivity Purchase on Amazon in paperback, hardcover or Kindle format PURCHASE HERE Complimentary Discovery Call – [link] Video Course: [link] Be sure to check out my other services on the links below. Strategic Hospitality Financial Leadership Workshops The 3 Month 1-1 Financial Leadership Mentoring Program Hotel Accounting Policy Manuals Hotel Asset Management Program Keynote and Breakout Speake r 415 696 9593 – Cell or Text R
Now I bet you’re wondering, excuses for what? Excuses for not jumping in the deep end with the financials in your hotel career. What’s your imagination telling you that’s wrong in your hotel that holds you back from owning your departmental expenses and payroll? What is the magic fairy dust that someone dumped on you that keeps you on the sidelines?
A capitalization rate, or cap rate, is a measure of the income return on an asset, such as hotel or rental property, relative to its purchase price. It is calculated by dividing the net operating income (NOI) of the asset by its purchase price. That’s what this piece is all about. It also must be said from the get-go that understanding cap rates is not so difficult.
Selkirk College Adopts David Lund’s “The Prosperous Hotelier” as Course Textbook Nelson, British Columbia – October 14,2024 – Selkirk College is excited to announce that David Lund’s widely acclaimed book, The Prosperous Hotelier , has been officially adopted as a textbook for the Resort & Hotel Management program. Under the guidance of esteemed instructor David MacGillivary, students at Selkirk College in Nelson, British Columbia, are now utilizing Lund’s book to further their knowled
Welcome to the “exciting” world of hotel accounting policy manuals and internal control reviews. Having a set of “rules for the road” is an essential tool that any hotel needs to be successful. Join us and explore what you need to know to get cracking! Listen Here Purchase on Amazon in paperback, hardcover or Kindle format PURCHASE HERE Complimentary Discovery Call – [link] Video Course: [link] Be sure to check out my other services on the links below.
As I have said in many of my earlier posts, Food and Beverage is special. And I mean that with all sincerity because it’s an integral part of our business especially with a full service offering. However, there are challenges that we need to overcome and one big one is how to report the profit and loss activity so that it is as meaningful as possible.
Rolling forecasts are nothing new but I must point out that most hotels don’t use them, and they really should. It’s an incredibly useful tool that is literally worth its weight in gold. That being said, it doesn’t weigh much but once you start to use one it’s an indispensable tool that you must have each month, and its impact and importance usually gains weight and momentum into the final few months of the year.
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.
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.
Click on image to learn more 🔊 Listen to Post “AR” as we commonly refer to the sub department of the accounting function is a mainstay in any larger group-based hotel. In these juggernauts the importance of efficiently collecting your money is mission critical. Not only do we take the chance that the group will come and stay after we hold all those rooms, but we also roll the dice and give them credit.
Click on image to learn more 🔊 Listen to Post [link] For most people we all have our song of life, that special time and genre, and maybe even a band or artist that really captures the essence of who we were then, and it marked a turning point in our younger lives. For me it was definitely Rush! I can vividly remember when I first heard the song from the same album titled 2112, and I have never really been the same since.
Click on image to learn more 🔊 Listen to Post Determining the current selling or asking price for a hotel is a bit tricky. Compared to estimating the present value of a house it’s more like a detailed math exercise rather than a google search on Redfin. That’s what this piece is all about, how you can estimate the value, AKA sales price. Commercial real estate firms specializing in hotel valuations are what your bank is going to require that you use if you’re asking them for financing to
Hospitality Financial Leadership $600,000 Trash Can A 30-year hotel vet, David has seen everything, a lot of which he shares in his book, The Prosperous Hotelier. Susan and David talk about railroads, scams, and Russians. Susan’s Top Floor podcast is awesome. She asks the tough questions. What you’ll learn about in this episode: Why it is so important to ask questions How to get better at understanding the P&L What railroads have to do with luxury hotels How much time to spend on
Hospitality Financial Leadership The Six Components of GOPPAR Purchase on Amazon in paperback, hardcover or Kindle format PURCHASE HERE Complimentary Discovery Call – [link] Video Course: [link] Be sure to check out my other services on the links below. Strategic Hospitality Financial Leadership Workshops The 3 Month 1-1 Financial Leadership Mentoring Program Hotel Accounting Policy Manuals Hotel Asset Management Program Keynote and Breakout Speake r 415 696 9593 – Cell or Text Read a Stor
Click on image to learn more 🔊 Listen to Post Cash is King. That’s an old expression but it’s also one that still rings true today. Everyone likes cash even if we don’t carry so much with us personally anymore. It’s important to recognize that some people will help themselves to your cash if you let them. That might sound extremely clinical and you’re right it is, but it’s also a fact.
Click on image to learn more 🔊 Listen to Post Scotland During my career inside hotels, I had the pleasure of opening and transitioning several hotels to our brand, processes and systems. This was always a lot of work but well worth it because you got to meet a lot of new cool people and on top of that traveling to some pretty nice locations.
Financial Leadership series, LIVE in person for the first time! Join us for a full day of insightful and impactful training for your teams to Fast Track their financial literacy. Hosted by acclaimed industry expert and hospitality coach, David Lund, author of the best selling industry book, The Prosperous Hotelier. This course is a unique […] The post BCHA & David Lund, The Hotel Financial Coach, are excited to bring you our Fast Track Your Future LIVE – Financial Leadership series!
The Prosperous Hotelier Coaching Purchase on Amazon in paperback, hardcover or Kindle format Complimentary Discovery Call – [link] Video Course Links: [link] [link] Be sure to check out my other services on the links below. On-line Strategic Hospitality Financial Leadership Workshops The 3 Month 1-1 Financial Leadership Mentoring Program Hotel Accounting Policy Manuals Hotel Asset […] The post The Prosperous Hotelier: Coaching first appeared on Hotel Financial Coach.
The Prosperous Hotelier Hotels in Tumultuous Times Purchase on Amazon in paperback, hardcover or Kindle format Complimentary Discovery Call – [link] Video Course Links: [link] [link] Be sure to check out my other services on the links below. On-line Strategic Hospitality Financial Leadership Workshops The 3 Month 1-1 Financial Leadership Mentoring Program Hotel Accounting Policy […] The post The Prosperous Hotelier: Hotels in Tumultuous Times first appeared on Hotel Financial Coach.
Attention, Wonderful Subscribers! Calling On All My Amazing Readers! I Have an Ask of You! I’m immensely grateful for the overwhelming support “The Prosperous Hotelier” has received! Your encouragement fuels my passion for sharing insights in the hospitality industry. If you’ve grabbed a copy of the book, would you kindly share a selfie of you […] The post Attention, Wonderful Subscribers!
The Prosperous Hotelier Who Is the Ideal Audience for the Book? Purchase on Amazon in paperback, hardcover or Kindle format Complimentary Discovery Call – [link] Video Course Links: [link] [link] Be sure to check out my other services on the links below. On-line Strategic Hospitality Financial Leadership Workshops The 3 Month 1-1 Financial Leadership Mentoring […] The post The Prosperous Hotelier: Who Is the Ideal Audience for the Book?
There is a critical understanding that all hospitality financial leaders need to clearly understand and communicate when it comes to expenses. It is a simple distinction that is many times missed or not clearly understood. That is what this piece is all about: Clearing up the mystery and setting the expense record straight. Here’s the […] The post Hospitality Financial Leadership – Material and Immaterial Expenses first appeared on Hotel Financial Coach.
Hotel Accounting Policy Manuals & Internal Control Review Program – Three Ways I Can Help You Purchase on Amazon in paperback, hardcover or Kindle format Complimentary Discovery Call – [link] Video Course Links: [link] [link] Be sure to check out my other services on the links below. On-line Strategic Hospitality Financial Leadership Workshops The 3 […] The post Hotel Accounting Policy Manuals & Internal Control Review Program – Three Ways I Can Help You first appeared on Hot
The Prosperous Hotelier QR Codes in the Book Purchase on Amazon in paperback, hardcover or Kindle format Complimentary Discovery Call – [link] Video Course Links: [link] [link] Be sure to check out my other services on the links below. On-line Strategic Hospitality Financial Leadership Workshops The 3 Month 1-1 Financial Leadership Mentoring Program Hotel Accounting […] The post The Prosperous Hotelier: QR Codes in the Book first appeared on Hotel Financial Coach.
Hospitality Financial Leadership – The Fundamental Accounting Equation Purchase on Amazon in paperback, hardcover or Kindle format Complimentary Discovery Call – [link] Video Course Links: [link] [link] Be sure to check out my other services on the links below. On-line Strategic Hospitality Financial Leadership Workshops The 3 Month 1-1 Financial Leadership Mentoring Program Hotel Accounting […] The post Hospitality Financial Leadership – The Fundamental Accounting Equation fir
The Prosperous Hotelier What Topics Does the Book Cover? Purchase on Amazon in paperback, hardcover or Kindle format Complimentary Discovery Call – [link] Video Course Links: [link] [link] Be sure to check out my other services on the links below. On-line Strategic Hospitality Financial Leadership Workshops The 3 Month 1-1 Financial Leadership Mentoring Program Hotel […] The post The Prosperous Hotelier: What Topics Does the Book Cover?
Packages are, on the one hand, straightforward. They are a well-established offering in most hotels, customers love them, and they are not going away. On the other hand, most hoteliers are at a loss to properly set up and manage the transactions so that they do not end up with a mess in their books […] The post Hospitality Financial Leadership – How to Properly Record Packages in Your Hotel first appeared on Hotel Financial Coach.
The Prosperous Hotelier Why the Numbers Are Important Purchase on Amazon in paperback, hardcover or Kindle format Complimentary Discovery Call – [link] Video Course Links: [link] [link] Be sure to check out my other services on the links below. On-line Strategic Hospitality Financial Leadership Workshops The 3 Month 1-1 Financial Leadership Mentoring Program Hotel Accounting […] The post The Prosperous Hotelier: Why the Numbers Are Important first appeared on Hotel Financial Coach.
Hospitality Financial Leadership – Workshops for Non-Financial Managers Purchase on Amazon in paperback, hardcover or Kindle format Complimentary Discovery Call – [link] Video Course Links: [link] [link] Be sure to check out my other services on the links below. On-line Strategic Hospitality Financial Leadership Workshops The 3 Month 1-1 Financial Leadership Mentoring Program Hotel Accounting […] The post Hospitality Financial Leadership – Workshops for Non-Financial Managers f
The Prosperous Hotelier The Two Main Themes of the Book Purchase on Amazon in paperback, hardcover or Kindle format Complimentary Discovery Call – [link] Video Course Links: [link] [link] Be sure to check out my other services on the links below. On-line Strategic Hospitality Financial Leadership Workshops The 3 Month 1-1 Financial Leadership Mentoring Program […] The post The Prosperous Hotelier: The Two Main Themes of the Book first appeared on Hotel Financial Coach.
Hospitality Financial Leadership – How to Prepare a Budget Purchase on Amazon in paperback, hardcover or Kindle format Complimentary Discovery Call – [link] Video Course Links: [link] [link] Be sure to check out my other services on the links below. On-line Strategic Hospitality Financial Leadership Workshops The 3 Month 1-1 Financial Leadership Mentoring Program Hotel […] The post Hospitality Financial Leadership – How to Prepare a Budget first appeared on Hotel Financial Coac
The Prosperous Hotelier The Numbers Are All Connected Purchase on Amazon in paperback, hardcover or Kindle format Complimentary Discovery Call – [link] Video Course Links: [link] [link] Be sure to check out my other services on the links below. On-line Strategic Hospitality Financial Leadership Workshops The 3 Month 1-1 Financial Leadership Mentoring Program Hotel Accounting […] The post The Prosperous Hotelier: The Numbers Are All Connected first appeared on Hotel Financial Coach.
A Holiday Message From The Hotel Financial Coach From Johanne and I – We Are Wishing You and Yours a Safe and Happy Holiday Season A Prosperous New Year. Take Care of One Another! Purchase on Amazon in paperback, hardcover or Kindle format Complimentary Discovery Call – [link] Video Course Links: [link] [link] Be […] The post A Holiday Message From The Hotel Financial Coach first appeared on Hotel Financial Coach.
The Prosperous Hotelier Three Pillars of Hospitality Purchase on Amazon in paperback, hardcover or Kindle format Complimentary Discovery Call – [link] Video Course Links: [link] [link] Be sure to check out my other services on the links below. On-line Strategic Hospitality Financial Leadership Workshops The 3 Month 1-1 Financial Leadership Mentoring Program Hotel Accounting Policy […] The post The Prosperous Hotelier: Three Pillars of Hospitality first appeared on Hotel Financial Coa
No one can explain accounting. I have some pretty crazy situations presented to me by potential clients. I say crazy and I what that means is that it is almost unbelievable that anyone would find themselves in such a mess with their business and their books. I also say potential client. Almost always it is […] The post Hospitality Financial Leadership – Explaining Accounting first appeared on Hotel Financial Coach.
Hospitality Financial Leadership – Workshops for Financial Leaders Purchase on Amazon in paperback, hardcover or Kindle format Complimentary Discovery Call – [link] Video Course Links: [link] [link] Be sure to check out my other services on the links below. On-line Strategic Hospitality Financial Leadership Workshops The 3 Month 1-1 Financial Leadership Mentoring Program Hotel Accounting […] The post Hospitality Financial Leadership – Workshops for Financial Leaders first appea
Holiday Bulk Book Sales – The Prosperous Hotelier 20, 15, 10, or 5 Signed Copies – Includes Shipping – USA and Canada – Limited Time Offer Only! Sale extended until Friday, December 8! Give Your Team the Holiday Gift of Hospitality Financial Leadership – With a Personalized and Signed Copy of The Prosperous Hotelier Book […] The post Holiday Bulk Book Sales – Extended until Friday December 8th first appeared on Hotel Financial Coach.
Hospitality Financial Leadership – Understanding Business Principles Purchase on Amazon in paperback, hardcover or Kindle format Complimentary Discovery Call – [link] Video Course Links: [link] [link] Be sure to check out my other services on the links below. On-line Strategic Hospitality Financial Leadership Workshops The 3 Month 1-1 Financial Leadership Mentoring Program Hotel Accounting Policy […] The post Hospitality Financial Leadership – Understanding Business Principles
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