The Practical Guide to Understanding and Raising Hotel Profitability

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. Les mer
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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 hotel managers.

Fakta

Innholdsfortegnelse

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

Om forfatteren

Adrian Martin is Vice Principal of the Edge Hotel School, University of Essex - the UK's only Hotel School.