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How Hotels Can Plan, Optimize, and Protect Their Finances for the New Year

By John Young Food & Beverage + Consulting Solutions Expert, Strategic Solution Partners | November 2024

Each year, as we approach fall, we try to become “clairvoyant,” predicting what will happen both four months and over a year from now.

Some may argue this is a waste of time, but I disagree. We are pushed by economic change to endure rising costs—whether due to interest rates, fuel prices, or other external factors—and it is important to stay vigilant. Overlooking these forces will eventually impact our business in unforeseen ways. Analyzing past trends and using that information to project forward keeps us on track for running a successful business.

Here are several key areas we should focus on and monitor.

Plan: Key Areas for Expense Tracking

First, it is important to track demand trends. This includes observing local demand changes, shifts in corporate accounts, any seasonal variations that could impact business, and the reasons behind these shifts.

Next, we should compare year-to-date (YTD) revenue/costs to the previous year. This comparison should take into account changes in costs, such as the price of a dozen eggs last year versus now. Additionally, it is important to track fluctuations in average daily rate (ADR) and other revenue patterns.

Another area to review is the profit and loss (P&L) variances. By measuring growth and decline, we can explore the reasons behind these changes and look ahead to future months to anticipate challenges or opportunities.

Labor expenses should be analyzed by assessing productivity and staff performance, as well as exploring the possibility of cross-utilizing employees across different areas.

In terms of technology, we need to evaluate where and how it can assist us, focusing on R&R (repair and replace), R&M (repair and maintenance), and PM (preventative maintenance) programs that can enhance efficiency and reduce costs.

Lastly, we need to monitor group bookings, paying attention to changes in booking windows and exploring ways to maximize revenue. By focusing on these areas, we can better track performance and make informed decisions moving forward.

Optimize: Simplify Budgeting to Manage Costs

Looking at all these areas means that making time for budgeting can feel daunting, especially on top of day-to-day operations.

Do we turn to fortune tellers?

In reality, it is up to us to understand how the budget process helps us run our business successfully. Fortunately, this process can be broken down into manageable steps.

To stay on top of current expenditures, check numbers daily. While this may feel overwhelming amid the day-to-day running of the venue, allocating just five to ten minutes each day to check numbers will help you to spot trends in business. For instance, you can track the differences in payroll versus covers, consumable expenses, and the average spend per head on weekends when occupancy is 90% FIT customers versus weekdays when business travel dominates.

To combat rising costs, we need to look at how we can deliver the same first-class products and services in a clean and well-maintained property while managing spending wisely. It is worth investing in:

  1. Preventive Maintenance
  2. Cross-Training Your Team
  3. Building Strong Relationships With Clients
  4. Waste Reduction

These are just four ideas among many, but let’s look at how to save more and spend less by making an initial investment in these areas that will pay off in the long run.

Preventive Maintenance

So, how do we save and spend less by using preventive maintenance rather than reactive maintenance? Let’s use the example of HVAC.

Whether used for heating or cooling, when an HVAC goes down, you are losing a room (or several) from the inventory. If you have a qualified tech on site, great! The issue can be resolved more quickly. But calling in an external contractor could lead to delays and lost revenue.

Scheduled preventive maintenance, such as changing filters and checking the charge, can prevent these issues. Setting a 30- to 45-day schedule will save time and money over the year.

Another example is the physical appearance of your property, which might make a difference to whether or not a customer returns. Maintaining the exterior—such as a clean, well-lit parking area and pleasant landscaping—will cost less in the long term than letting things deteriorate and then trying to restore them.

Cross-Training Your Team

Investing in cross-training your team is not only a great motivator for them, but also a way of reducing turnover, saving on onboarding new staff, and avoiding contract labor.

What a lot of hotels may not consider is that the cost of contract labor is often higher than paying overtime to a cross-trained employee. You may worry that the numbers don’t add up, but consider these factors:

  • An employee who already works for you is more invested in the property and company than a contracted person.
  • They know the property and do not need guidance to find the basics.
  • Cross-training builds loyalty and reduces turnover.
  • If you routinely give staff overtime when you are busy, they are less likely to be looking for another job when work slows down, and this makes you their focus.
  • When you invest in your current employees, they are more likely to feel valued and less likely to seek employment elsewhere.
  • Training a housekeeper to change the batteries in a remote, or change the light bulb in a bedside lamp, saves time for an engineer who could be out making the property look better.

Building Strong Relationships With Clients

Sales teams are all about building relationships with clients that pay dividends, so why is it not what we all do?

The department best equipped to do this is operations. A FIT customer may be a future business client, but if we don’t take the time to get to know them and interact with them, we will never know. When the operations team takes the time to get to know these guests, they can make it easier for the sales team to close deals and demonstrate our high level of service.

Some tips for the operations team:

  • Know the client and use their name. For example, “Welcome to The Grange, Mr. Jones! We are so happy you chose us to celebrate your team’s success this year.”
  • Know the client’s business. This underlines the importance of resumes for groups, and sharing with the whole team, not just leaders.
  • Know the client’s preferences. Share photos of company leaders so that your bartender can use names when interacting with them. Know their order—for example, what whiskey do they drink? Details matter!

Waste Reduction

A lot of properties are now invested in waste reduction and how we can become more friendly to the earth.

An example of waste reduction in action would be a buffet for a small meeting group. Rather than selling from the main menu, would it be better to sell them a reduced restaurant menu that can be delivered directly to the meeting room? This reduces not only food waste, but also kitchen labor.

Include clients in sustainability initiatives, too. One way to do this is to create menus for each day of the week for groups that are meeting in-house. When you sell these menus as part of a food waste reduction initiative, companies see you as both aware of their needs and of the bigger picture.

David Kasten, Hotel Finance and Asset Management Expert at Strategic Solution Partners, believes financial planning in hospitality has changed from previous years:

“It is important that customer patterns and the economic environment are considered carefully. The post-pandemic period created pent-up travel demand that drove pricing to new levels; partially the result of high inflation. It is important that hotels implement dynamic pricing strategies to optimize revenue so that prices are adjusted based on demand, market conditions, and competitor pricing".

“AI, without a doubt, is changing the world of data analytics in the hospitality industry. We will be able to track changes in markets and make shifts in strategy with a resulting real-time impact.”

Business leisure—or “bleisure”—travel may also be waning in the next year, added Kasten, reinforcing the idea that financial forecasting has to take into account the changing needs of guests.

Protect: Collaborative Budgeting and Financial Awareness

As we look forward to the coming year, we need to remain aware of our financial goals and how we can do more with less. Ask three questions:

  1. Have we invested time in the right training?
  2. Have we done the correct preventive maintenance?
  3. Where can we be more aware of our spending, not only monthly but day by day?

While the budget is a plan, the forecast is what truly guides our business. Being aware of what’s happening in the market is more important today than it has ever been.

One factor I want the world of hospitality to be aware of is, just as we budget and track expenses, our team members also manage their personal finances. Sharing financial insights with your team is important, but reciprocity is equally vital. If you want to know how to do more with less, ask your team—they will likely have a wealth of money-saving ideas that can be scaled for business and implemented at work.

A seasonal checklist for budget management could include:

  • Communicating with other departments to see how they are doing more with less.
  • Asking for input from both leadership and floor staff.
  • Working with your revenue manager to better understand RevPAR, ADR, and occupancy variances.
  • Sharing numbers—if we are honest and open about our financial expectations, our teams will be more onboard and invested in protecting finances.

Future-Proofing Your Finances

Considering the strategies we’ve discussed, it is clear that there is no one-size-fits-all solution. Applying these methods will depend on your property’s specific circumstances, and your team’s ability to manage budgets effectively. However, the overall goal remains the same: we must do more with less to ensure financial health while continuing to meet guest expectations.

Key areas such as preventive maintenance, cross-training, and fostering client relationships are not just cost-saving measures—they are investments in the long-term success and sustainability of your business. By addressing potential issues before they arise and building a loyal, well-rounded team, we can mitigate the impact of rising costs and fluctuating demand. Moreover, reducing waste and embracing sustainability aligns with both fiscal responsibility and guest expectations, which increasingly favor eco-friendly practices.

If one key area stands out to you, explore how it can help you achieve more with less, and adapt it to suit your property’s needs. Yes, there are best practices that will work across any company or property, but one thing I have found over my years in the industry is that tailoring practices to fit your unique circumstances, venue, and team is crucial.

As we look ahead, it is vital to view budgeting not as a rigid task but as a dynamic tool requiring ongoing attention and collaboration. Engaging your team in financial awareness and leveraging their insights can uncover opportunities for cost efficiency that you may not have considered. When all departments align with the same financial goals, we can work together to safeguard the bottom line.

Ultimately, economies will shift and circumstances will change, but by staying adaptable and proactive in our financial planning and forecasting, we can continue to deliver exceptional guest experiences while ensuring stability and growth. As the needs of our guests evolve, so must we—embracing innovation, collaboration, and flexibility as essential parts of our business strategy moving forward.

Mr. Young

John Young is a seasoned chef and F&B expert with 35 years of hospitality, restaurant, bar, nightclub, cruise line, and hotel management experience. Highly skilled in multi-outlet, multi-site operations, and concept development, Mr. Young has a thorough knowledge of the international hospitality and F&B marketplace and has overseen multiple large-scale projects from concept and development to service implementation, P&P building, and menu build-out. Having worked on the launch of the new Cunard ship and collaborated with ownership of Hilton- and Marriot-managed properties, his skill set includes financial management skills such as P&L development and analysis, development of operating budgets, forecasting, and capital expenditure planning. His strong suit is also IT implementation and programming for effective property control as well as planning and training in all aspects of PH & safety in the workplace. Extended Biography & Contact Information

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If you choose to purchase a subscription, member subscription payments can be made in U.S. Dollars, as well as a variety of international currencies. Membership terms are Annual Recurring, and Monthly Recurring. The Annual Recurring subscription is an annual commitment and subscribers will be charged each consecutive billing cycle. Annual Recurring subscriptions can be cancelled after the first billing cycle and within 30-days of the billing date for a full refund. Monthly Recurring subscriptions are ongoing and subscribers will be charged each consecutive monthly billing cycle. Monthly Recurring subscriptions can be cancelled after the first month and within 7 days of the monthly billing cycle for a full refund.

12. PAYMENT AUTHORIZATION

Payment for the services provided to you in, at, through or in association with HotelExecutive may be made by automatic credit card, debit card, direct debit, bankwire or Paypal and other approved payment means offered in, at, through or in association with HotelExecutive, and you hereby authorize HotelExecutive and its agents to transact such payments on your behalf.

You hereby authorize HotelExecutive's Internet Payment Service Provider to charge your credit card to pay for your membership to HotelExecutive. You further authorize HotelExecutive's Internet Payment Service Provider to charge your credit card for any and all purchases of products, services in association with HotelExecutive. You agree to be personally liable for all charges incurred by you in association with your access or other use of any content provided by HotelExecutive or any third party in association with HotelExecutive. You acknowledge and agree that your liability for all such charges shall continue after termination of your access or any type of membership arrangement with HotelExecutive.

In the event that you have chosen to have your membership automatically rebilled, unless and until you notify HotelExecutive that you wish to cancel or terminate your membership to HotelExecutive, you hereby agree and authorize HotelExecutive's Internet Payment Service Provider to automatically renew your membership to HotelExecutive on a continuing basis and to charge your credit card (or other payment means you have selected) to pay for the ongoing cost of your membership. You hereby further authorize HotelExecutive's Internet Payment Service Provider to charge your credit card (or other approved payment means you have selected) for any and all purchases of products, services and entertainment provided to in, at, through or in association with HotelExecutive.

13. PRIVACY POLICY

The following is the Privacy Policy for HotelExecutive

We can be reached via telephone, email, or online at our contact page. When you visit our site we do not log any information regarding your domain or email address. Information Sharing: We do not share user information with any third parties other than via press release distribution as described below.

Hotel Newswire is a newswire service that distributes press releases on behalf of our users. If you decide to submit a press release for distribution through our system we will transmit your entire press release including any personal information therein contained to our media contacts and online distribution points including search engines. This is the only redistribution of your information that we engage in. Your submission of press releases through our system indicates consent with this policy. The information we collect during your registration process is used to notify users about updates to our service and inform users of any special events hosted by Hotel Newswire. This information is not shared with other organizations for commercial or non-commercial purposes.

Cookies: Our system requires the use of cookies to enable the user to log back into our website to access information from the newswire, without having to log in each time using the required username and password.

If you do not want to receive email from us in the future, please let us know by following instructions included in our communication with you. Users who supply us with telephone numbers online may receive telephone contact from us regarding their account, or informing them of new products and services available on the HotelExecutive website. If you do not wish to receive such telephone calls, please edit your account and remove your phone number from your account profile. This can be done from your user account menu.

Ad Servers: We do not partner with or have any relationship with any ad server companies. From time to time, we may use customer information for new uses not previously disclosed in our privacy notice. If our information practices change at any time, we will post the policy changes to our website to notify you of these changes and provide you with the ability to opt out of these new uses. If you are concerned about how your information is used, you should check back at our website periodically.

Upon request we provide site visitors with access to all information (including proprietary information) that we maintain about them. Users can access this information by logging in to their account.

Security: We always use industry-standard encryption technologies while transferring and receiving user data exchanged with our site. We have appropriate security measures in place in our physical facilities to protect against the loss, misuse, or alteration of information that we have collected from you on our site. We do not store credit card information in our systems.

If you feel that this site is not following its stated information policy, you may contact us.

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