Operations budgeting for the hospitality industry

Hotel management, budgetting and analyzing the financial results

Created by: Jeroen Offergelt
Teacher business management, nutrition & personal trainer.

What Will I 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

Requirements

• Basic understanding of hotel and restaurant operations
• Basic understanding of percentages
• Basic understanding of math
• Patience to follow along with numbers, facts and figures

Target audience

• Hotel managers
• Tourism managers
• Restaurant managers
• Hospitality employees
• Department heads
• Finance managers