While I have no doubt that you must be making a month end Pnl to analyse the monthly profit and loss, that is a post mortem exercise as you have already spent the money. A review in the middle of the month sets the tone to understand if you can do something to control your …
How to conduct a fortnightly review to keep your hotel on track Read More »
Perhaps the biggest question you may be asking yourself as you prepare a budget for the financial year ahead. Some of you would have already finished the process because you follow the calendar year. But if you follow the financial year, you may be just starting. After all the news about the vaccines and its …
How to make a hotel budget for an uncertain 2021? Read More »
If you have not heard of EBITDA before, google it. Because if you are a hotel General Manager or aspire to become one, your life will revolve around this term. In managed hotels, General Managers are responsible for GOP ( Gross Operating profit). However as more professional managed hotels come into the country, the asset …
3 reasons you absolutely need to understand EBITDA Read More »
In order to successfully manage your business, you need to keep your spending in check. However with the current pandemic crisis, it becomes more than important to follow this process. One typical way is called the passbook accounting. What is a passbook? A statement of account you get from the bank showing your account balance. …
In times of uncertainty you have to manage account receivable and bad debt very closely. You can do that by having systems in place that will alert you. The best way to ensure you will collect your money is to do a background check and screen the companies before you offer credit. But sometimes, that …
Few days ago, on this site there was an article on the important of cash in your hotel during this crisis If you have not read it so far, I would recommend reading it so that you understand how you can collect cash. Today I wanted to build up on that and say that cash …