Operations budgeting for the hospitality industry
Hotel management, budgetting and analyzing the financial results
Ratings 5.00 / 5.00
What You Will Learn!
- What a budget is
- Who is responsible for setting up a budget
- The types of budgets
- Departmental budgets
- How to read a daily budget report
- The advantages and disadvantages of budgeting
- How to interpret increases and decreases according to the budget
- Use your budget as a guideline to optimize results
- How to analyze the actual results compared to the budget in detail
- Understand why having a budget is key in your establisment
- How sales volume plays a role
- How price management plays a role
- How all departments are responsible for each other
- How direct cost variance analysis works
- How labor cost variance analysis works
- How sales variance analysis works
- How to use variance analyses
Description
This course 'Operations budgeting for the hospitality industry' is based towards students who are interested in taking control of their budgets, revenues and expenses.
If you want to figure out how your hotel or restaurant property is doing compared to the budget and want to learn how to find out what elements are responsible for your business losing money or overachieving, then this course is for you.
Together we will discuss all the elements needed to set up a budget and a standard costing system for your property and how to compare it to the actual results. And how to interpret the results, so you'll make better decisions.
By the end of this course you will have a solid foundation and understanding of Variant analyses. This allows you to take control of your budget and fine tune it. You'll know how to pinpoint the problems in your budget and therefor find solutions to decrease expenses, increase profits and have more accurate budgets in the future.
We will discuss why forecasting and standardization are important tools. Also we'll cover the more basic things like: what is a budget, who is responsible for setting up the budget and what different budgets do we work with.
You will learn how to use important techniques that will help you better manage your hotel or restaurant. You'll learn what Sales variant analysis, Cost variant analysis and Labor cost analysis is and how to use these tools to potentially increase revenues.
Who Should Attend!
- Hotel managers
- Tourism managers
- Restaurant managers
- Hospitality employees
- Department heads
- Finance managers