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The Practical Guide to Understanding and Raising Hotel Profitability.

Author: Adrian Martin
Publisher: London : Routledge, 2019.
Series: The Practical Guide to Events and Hotel Management Series
Edition/Format:   eBook : Document : English : First editionView all editions and formats
Summary:
The Practical Guide to Understanding and Raising Hotel Profitability offers a comprehensive, easy-to-follow breakdown of how to understand profit and loss accounts for hotels. It offers practical advice on how to maximise the profits of this customer-facing business and improve performance results. Chapters cover every aspect of the profit and loss account including marketing, accommodation, food and beverage sales,  Read more...
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Genre/Form: Electronic books
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Adrian Martin
ISBN: 9780429266416 0429266413 9781000690491 1000690490 9781000690422 1000690423 9781000690569 1000690563
OCLC Number: 1119391457
Description: 1 online resource (xxii, 168 pages)
Contents: Chapter 1- Understanding and Raising Profits in Hotels 1.0 Introduction 1.1 What is a profit and loss account? 1.2 The different sections of the profit and loss account 1.2.1 Revenue 1.2.2 Costs of Goods Sold 1.2.3 Expenses 1.3 How to improve the Net Profit of a hotel Chapter 2 --
Maintaining and Improving Quality 2.0 Introduction 2.1 Knowing your product 2.2 Picking apart the detail 2.3 Find ways to improve 2.4 Improve and Measure Chapter 3 --
Marketing and Sales 3.0 Introduction 3.1 Knowing your customer 3.2 The Dangers of Overselling Chapter 4- Budgeting 4.0 Introduction 4.1 Where budgets come from 4.2 How to create a budget 4.3 How budgets are developed Chapter 5 --
Accommodation Sales 5.0 Introduction 5.1 How to measure performance in room sales 5.11 Occupancy percentage 5.1.2 Average Daily Rate (ADR) 5.1.3 Revenue Per Available Room (RevPAR) 5.2 Where the measure comes from 5.3 Revenue Management 5.4 Overbooking Chapter 6 --
Food Sales, contributed by Dimitri Lera 6.0 Introduction 6.1 Measures 6.1.1 Increasing loyalty 6.1.2 Alternative Payment methods 6.1.3 Maximising table turnover rate 6.1.4 Enhancing online presence 6.2 Upselling and cross-selling 6.2.1 What upselling and cross-selling mean 6.3 Sales Techniques 6.3.1 Know the customers 6.3.2 Know the dishes 6.3.3 Know the drinks 6.3.4 Know the extras 6.3.5 Know thyself 6.4 Oversell 6.5 Menu positioning 6.6 Conclusion Chapter 7 --
Beverage Sales, contributed by Jennifer Kaye 7.0 Introduction 7.1 Merchandising, upselling and revenue generation 7.2 Factors that can improve beverage revenue 7.3 Weights and Measures Act 7.4 The Licensing Act 2003 Chapter 8 --
Event Sales, contributed by Philip Berners 8.0 Introduction 8.1 The problem with hotels 8.2 Why use hotels for events? 8.3 Winning Event Business into hotels 8.4 Pricing 8.5 Managing event costs 8.6 The one-person management structure Chapter 9 --
Accommodation Costs 9.0 Introduction 9.1 Calculating the cost to clean each room 9.2 How to reduce the cost of cleaning bedrooms 9.3 Impact of savings Chapter 10 --
Food Costs 10.0 Introduction 10.1 Calculating the food cost % 10.2 Calculating the food cost in recipes 10.3 How to increase profitability in kitchens 10.3.1 Wastage 10.3.2 Supplier prices 10.3.3 Order and delivery check 10.3.4 Menu flexibility and seasonality 10.3.5 Forecasting and over-ordering 10.3.6 Storage 10.3.7 Staff meals 10.3.8 Theft 10.3.9 Accounting errors 10.3.10 Pricing Chapter 11 --
Liquor Costs 11.0 Introduction 11.1 Calculating the liquor cost % 11.2 Calculating the liquor cost in recipes 11.3 How to increase profitability in bars 11.3.1 Ullage 11.3.2 Supplier prices 11.3.3 Order and delivery check 11.3.4 Theft 11.3.5 Accounting errors 11.3.6 Pricing Chapter 12 --
Payroll Costs 12.0 Introduction 12.1 Calculating the payroll cost percentage 12.2 Reducing payroll costs from the turnover of staff 12.3 Calculating levels of staff 12.4 Calculating what to pay 12.5 Training costs 12.6 Motivating employees Chapter 13 --
Marketing Costs 13.0 Introduction 13.1 Getting the message out in a cost effective way 13.2 To spend on marketing or not to spend 13.3 Social media Chapter 14 --
Fixed Costs 14.0 Introduction 14.1 Accounting costs 14.2 Depreciation costs 14.3 Refurbishment/ Equipment Maintenance 14.4 Utilities 14.5 Insurance 14.6 Online travel agent commission 14.7 Tax 14.8 Bank charges and interest 14.9 Bad debts Chapter 15 --
Net Profit and EBITDA (Earnings before interest, tax depreciation and amortization) 15.0 Introduction 15.1 What is Net Profit? 15.2 How incremental changes to the hotel affect Net Profit 15.3 EBITDA and valuing a business
Series Title: The Practical Guide to Events and Hotel Management Series

Abstract:

The Practical Guide to Understanding and Raising Hotel Profitability offers a comprehensive, easy-to-follow breakdown of how to understand profit and loss accounts for hotels. It offers practical advice on how to maximise the profits of this customer-facing business and improve performance results. Chapters cover every aspect of the profit and loss account including marketing, accommodation, food and beverage sales, quality, budgeting, event sales, and all the corresponding costs involved. It explains all the relevant KPIs and industry quirks within the profit and loss document as well as industry benchmarks to equip the reader with the skills to attend high level meetings, complete finance-based assignments and ultimately run their own business. Valuable tips from leading professionals within the industry are included throughout, giving advice on how to improve hotels' financial results and positively influence net profit through everyday actions. Packed full of practical case studies and written in an easy-to-read-style, this book is essential reading for hospitality students and current hospitality and hotelmanagers.

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`A welcome and easy-to-read book to help Hospitality students and hotel management teams become financially literate and understand all aspects of the business. Financial management has never been Read more...

 
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