Historically Controllers and Financial offices have spent majority of time in analysis, which means spending most of time looking at what has happened.
Business markets are rapidly changing permanently. To succeed long term businesses need to be able to adapt very quickly. In past, during downturns most business tightened down. To succeed today business need to quickly expand into new areas, penetrate new markets, and add innovative values to existing markets.
Historical markets for most hotel brands are changing rapidly. Everyone is trying to skim off the bottom end of the business at the next higher quality level above them.
The demand today and for the next several years will be for Controllers and Directors of Finance who have:
-Exceptional communication skills instead of transaction skills.
-Can switch gears to concentrate on how to bring more value to their organization. (Become a profit center instead of a cost center.)
-Have ability to look at new ways to do their jobs.
Instead of concentrating on how things affect cost, concentrate on how things can add value to the business. Spend more time on Sources and Uses of Funds Statements. When looking at Revenue and Yield Management concentrate on how it can be grown instead of controlled.
In your hotel has the budget become a crutch to avoid making a decision. “We can’t do that, it’s not in the budget” How many times do hotels do monthly variance analysis on a budget that was blown out of the water the first quarter. Why?
Are you willing to share? We’d like to hear from Controllers/Directors of Finance on what they are doing to help their hotels/companies grow revenue and improve value.
