Planning key for prospective hoteliers looking to check into profitability
Owners want to maximise profits on their hospitality sector properties and one of the best ways to do that is to insist on a proper year-end review from the operator. Tasos Kousloglou spells out what owners should look for
The final quarter of the year is the time when most hotel operators submit their 2013 business plans and budgets to owners for review. The business plan ensures the operator has explored potential avenues and enhancements to optimise returns and asset value for the hotel in the forthcoming year. A thorough review of the sales and marketing and capital plans also ensures that owner's funds are spent wisely to maximise performance.
Owners seeking to leverage their investment into greater profitability will need to rely on a thorough annual budget review. The question for owners, therefore, is how to evaluate the business plan and budget. Below is a checklist to aid owners in their review:
WHAT'S THE VIEW?
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