Many hotels operate on what I call autopilot when it comes to this bedrock function. Many leave it in the hands of their latest manager of the day to ensure this function is properly done. Many hotel owners don't even know that these controls can or should exist, let alone follow up to ensure they're not bleeding money.
Here are 7 things you must do each day to ensure you are keeping all the cash that has legitimately come your way from your customers. It is imperative to not let someone else lose it because of careless practices or, worse still, take it from you.
This piece was inspired by a second-generation hotel owner that was curious enough about what wasn't happening at her parent's hotels to call me and get the skinny on what should be done each day to balance those revenues and settlements. What she found was appalling. You don't want this to happen to you, and neither do I.
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David Lund is The Hotel Financial Coach, an international hospitality financial leadership expert. He has held positions as a Regional Financial Controller, Corporate Director and Hotel Manager with an international brand for over 30 years. He authored an award-winning workshop on hospitality financial leadership and has delivered it to hundreds of hotel managers. David coachs hospitality executives and delivers his Financial Leadership Training throughout the world, helping hotels increase profits and build financially engaged management teams. He speaks at hospitality company meetings, associations and he has had several articles published in hotel trade magazines and he is the author of three books on Financial Leadership. David is a Certified Hotel Accounting Executive through HFTP and a Certified Professional Coach.
The Hotel Financial Coach