Posts filtered by tags: David Lund[x]


 

Hospitality Financial Leadership – Today’s Leader Wants To Work For An Owner Or Brand That Is Willing To Invest In Their Development | By David Lund

More than ever our industry is facing big challenges when it comes to attracting a workforce. With the current unemployment situation who knows what will emerge once people start to travel again.
Tags: Travel, David Lund


Hospitality Financial Leadership – The System To Follow To Create Financial Leadership In Your Hotel | By David Lund

Practice is what we are missing. Practice with the financial piece is somehow a foreign concept. But in the hotel world practice is everywhere, right?
Tags: Travel, David Lund


Hospitality Financial Leadership The Daily Revenue Audit – The Must Do’s | By David Lund

The hotel business is a retail business and in order to stay on top of your business, you must fully and completely balance your daily revenues and settlements. This means dotting the eyes and crossing the Ts, examine them. Every day we begin anew and every day is a story unto itself when it comes to the revenues and settlements. I may sound like I'm repeating "revenues and settlements," but it cannot be emphasized enough.
Tags: Travel, David Lund


Hospitality Financial Leadership – Morning Golf | By David Lund

In my career, I have worked in some incredible hotels and resorts. One of my resort experiences included a summer where a group of us would gather each morning and play nine holes of golf before work. This story is about a new set of clubs, the video lottery machines, the local bank and the cops.
Tags: Travel, David Lund


Hospitality Financial Leadership – Chapter 15 – Testing, Not Trusting | By David Lund

The chapter below is an excerpt from my new book. It's fiction but some of the characters and story lines are based on people I have worked with and events that have taken place in the hotels I have worked in. The book is a fable about a hotel manager who has some very bad habits. He must change in order to survive and the book takes him and you through the lessons needed to be a great hospitality financial leader. I'm writing ahead each month so I'm not sure how the book will end. I hope...
Tags: Travel, David Lund, Hospitality Financial Leadership


Hospitality Financial Leadership – Shift Your Thinking Part 2 | By David Lund

I like to talk to my workshop participants about this important view of their world before we begin. I know that most have come to my workshop thinking we are going to talk about accounting and for most people, that's comparable to a dentist appointment. I mean, who would knowingly and enthusiastically show up for a workshop on accounting if it's not your thing and be excited?
Tags: Travel, David Lund


Hospitality Financial Leadership – Disco Dick Hatfield | By David Lund

My hometown is St Andrews, New Brunswick in eastern Canada. The town overlooks Passamaquoddy Bay and to the south we are flanked by the great state of Maine. Every year in this part of the world the US governors and the Canadian provincial premiers get together for bilateral talks, some good food, and fun. This story is about one of those meetings, The Algonquin Hotel, and how I met our then Premier, Richard Hatfield who is partially responsible for my hotel career.
Tags: Travel, US, Canada, Maine, St Andrews New Brunswick, David Lund, Richard Hatfield, Passamaquoddy Bay, Dick Hatfield


Financial Leadership in the Hospitality Industry – By Guest Author – Amber Habing | By David Lund

This post will tell you about financial leadership in the hospitality industry. It is a summation of information from her research thesis at the Hotel Management School of Maastricht in The Netherlands. The aim of this research is to provide hoteliers with tools to improve their hotel's financial performance with effective financial leadership.
Tags: Travel, Netherlands, David Lund, Hotel Management School of Maastricht


Hospitality Financial Leadership – Serving Lunch | By David Lund

Almost 40 years ago now I was a busboy at a large and busy resort in the Canadian Rockies. I had transferred west a few months earlier from another hotel in the same chain where I had worked for two years. This is a story about me starting to find my way through this maze we call the hotel business. This piece was inspired by a reader who sent me a note.
Tags: Travel, Rockies, David Lund


Hospitality Financial Leadership – Container Inventories | By David Lund

If you read my stuff you are probably familiar with the phrase, "Hospitality is a game of inches." Yes, it's true. There is the driving engine of room revenue but almost everything else we need to deal with puts a drag on performance. These things can really slow us down, to use another motorsports analogy. One thing you want to make sure you're on top of is the proper use of the container inventory, and I am willing to bet most of you reading this that you don't do what I am about to out...
Tags: Travel, David Lund


Hospitality Financial Leadership - Brotherly Love | By David Lund

I didn't start out in the hotel business with a plan or even any desire to be a financial leader. I was going to be a GM one day. Well, all that changed in 1986.
Tags: Travel, Gm, David Lund


Hospitality Financial Leadership – What’s Possible in the Future with Hotel Financial Statements | By David Lund

I am a big fan of the Uniformed System of Accounts for the Lodging Industry (USALI), or as she is affectionately called "You Sally." It has been the guide that our industry uses to properly present financial information for a long…long time, in fact almost 100 years. It lays out the format for our financial statement presentation and essentially acts as a referee if you like, to tell us what goes where. What revenues, costs of goods, expenses, and payroll belong to which department.
Tags: Travel, Lodging Industry USALI, David Lund


Hospitality Financial Leadership – Me and Stephen King | By David Lund

I read his book, "The Shining," while working that first winter in the bar at the Algonquin Hotel, in St. Andrews N.B., Canada which is my hometown. The book captivated my imagination about all things supernatural and the hotel. I can say that I had more than one conversation with my Lloyd on some of those lonely nights tending the bar in a hotel that was closed. The bar was the only thing open in the hotel - with me in charge Thursday to Saturday nights that winter. It was lots of fun!
Tags: Travel, Canada, Lloyd, Algonquin Hotel, David Lund


Hospitality Financial Leadership - Chapter 14 - The How To vs. The Want To | By David Lund

The chapter below is an excerpt from my new book. It's fiction but some of the characters and storylines are based on people I have worked with and events that have taken place in the hotels I have worked in. The book is a fable about a hotel manager who has some very bad habits. He must change in order to survive and the book takes him and you through the lessons needed to be a great hospitality financial leader.
Tags: Travel, David Lund


Hospitality Financial Leadership – The Top 7 Front Office Controls | By David Lund

As you know the front office is the command post for your operation, and it's also the point where all the receipts come through. Making sure you have solid internal controls at the desk is not only good business, it's mission-critical. Without these safeguards you are wide open and as someone once said, good internal controls help keep honest people honest. Now don't get me wrong. I believe we need to trust the people we have on our teams, and I also have seen what can happen when there ...
Tags: Travel, David Lund


Hospitality Financial Leadership – Diversity in Hospitality | By David Lund

I have been thinking about this topic for some time. Especially now in 2020 with the social unrest in this country and elsewhere in our world I think it's time to speak up. For me, that means offering what I think is a path to an improvement in the way we look at and see each other. It comes from my experience in hotels, from the culture I grew up in, inside the hotel world, and at home.
Tags: Travel, David Lund, Hospitality Financial Leadership


What Exactly Are Owners Looking For From Their GM’s When It Comes To The Operational Finances? | By David Lund

In this hard-hitting interview, you will learn what to tell your owner about how you're going to successfully manage their asset. What are the leadership strategies you will use to generate a superior return on their investment? How will you show up as the number one and instill confidence and lead your team around the money piece? If you're looking for the silver lining in all that is COVID in the hotel industry right now and getting your aspiring career back on track, then you are not g...
Tags: Travel, Gm, David Lund


Hospitality Financial Leadership - A Boring Routine Secretly Equals Power | By David Lund

If you wish you could do more each day and you're open to looking at things differently, to consider there may be a stronger system to follow, perhaps this one is for you. Also, if you're a big fan of multi-tasking then YOU HAVE TO read this.
Tags: Travel, David Lund


Hospitality Financial Leadership – A Bit About “You Sally” | By David Lund

By someone's estimate there are roughly one million hotels in the world. I take it that number includes all the different kinds of hotels from small inns and hostels all the way up to your full-service multi-outlet mega hotel operations. For simple math I am going to estimate that half of this number of hotels fall into the small inns and hostels, and that leaves 500,000 of what I'm going to call real hotels.
Tags: Travel, David Lund


Hospitality Financial Leadership - Moving (Part 1) | By David Lund

In the hotel business if you want to get ahead you better be ready to move. It's the way in which you can multiply your opportunities and increase your chance for greater personal prosperity. That's the way it was explained to me many years ago and it has certainly been my experience. On the flip side, moving is not easy and it can take its toll on you and the people in your relationships.
Tags: Travel, David Lund


Hospitality Financial Leadership - Chapter 13 - Serving | By David Lund

The chapter below is an excerpt from my new book. It's fiction but some of the characters and story lines are based on people I have worked with and events that have taken place in the hotels I have worked in. The book is a fable about a hotel manager who has some very bad habits. He must change in order to survive and the book takes him and you through the lessons needed to be a great hospitality financial leader. I'm writing ahead each month so I'm not sure how the book will end. I hope...
Tags: Travel, David Lund


Hospitality Financial Leadership – What Do Peter Pan and Your Hotel Career Have in Common? | By David Lund

All children, except one, grow up." ~ Peter Pan. In the hotel business we don't want to grow up either. That's why so many people find our business so exciting and interesting and that's why they stick around and work crazy days and super long weeks. Why else would anyone want to do these things?
Tags: Travel, Peter Pan, David Lund, Hospitality Financial Leadership


Hospitality Financial Leadership Chapter 12 – Digging In | By David Lund

The chapter below is an excerpt from my new book. It's fiction but some of the characters and story lines are based on people I have worked with and events that have taken place in the hotels I have worked in. The book is a fable about a hotel manager who has some very bad habits. He must change in order to survive and the book takes him and you through the lessons needed to be a great hospitality financial leader. I'm writing ahead each month so I'm not sure how the book will end. I hope...
Tags: Travel, David Lund


Hospitality Financial Leadership – EFTEs, Productivity Measurements – Why Use Both | By David Lund

Most hotels measure payroll as a percentage of revenue or, as it is commonly referred to, labor cost percentage. This is not helpful. Why, you ask? Well, first of all, if sales magically increase because of an increase in the average room rate or average cover, your labor cost will automatically improve. Did anyone actually do anything better with the payroll? No. Or, if there is an increase in wages due to an outside force like the minimum wage increased, then your labor cost will suffer...
Tags: Travel, David Lund


What is.... Being | By David Lund

The chapter below is an excerpt from my new book. It's fiction but some of the characters and story lines are based on people I have worked with and events that have taken place in the hotels I have worked in. The book is a fable about a hotel manager who has some very bad habits. He must change in order to survive and the book takes him and you through the lessons needed to be a great hospitality financial leader. I'm writing ahead each month so I'm not sure how the book will end. I hope...
Tags: Travel, David Lund


Hospitality Financial Leadership – Internal Control Reviews | By David Lund

Hot on the heels of creating a hotel policy manual is the newfound ability to create an internal control review process. Policies are all about the rules of the road and the ICR is all about the roadside check stop.
Tags: Travel, ICR, David Lund


Hospitality Financial Leadership – Chapter 10 – Mr. D | By David Lund

The chapter below is an excerpt from my new book. It's fiction but some of the characters and storylines are based on people I have worked with and events that have taken place in the hotels I have worked in. The book is a fable about a hotel manager who has some very bad habits. He must change in order to survive and the book takes him and you through the lessons needed to be a great hospitality financial leader. I'm writing ahead each month so I'm not sure how the book will end. I hope ...
Tags: Travel, David Lund, Hospitality Financial Leadership


Hospitality Financial Leadership – Why Does it Take So Bloody Long to Do the Annual Hotel Budget? | By David Lund

Bloody is a great word. It's English and I'm Canadian so that's close enough and I'm adopting it for this piece. The word is so descriptive, and it immediately conjures up images of battle and of great suffering. Much the same as the annual carnage we refer to as budget season in the hotel business. It's the epic contest between line managers and executives, hotel leadership teams and the brand and hotels and their owners.
Tags: Travel, David Lund


Hospitality Financial Leadership – What Everyone Needs to Know About Hotel Financial Skills 11-20 | By David Lund

Regarding both the financial leader and the operationally managers roles: On the eve of starting my financial leadership course for the third year with Royal Roads University, I realized that most people have it somewhat wrong when it comes to how they think about the financials inside the hotel business. It occurred to me that most people think that a mechanic is the only person who can drive a car.
Tags: Travel, David Lund, Royal Roads University


Hospitality Financial Leadership – What Everyone Needs to Know About Hotel Financial Skills 1-10 | By David Lund

Applies to financial leaders' and operational managers' roles: On the eve of starting my financial leadership course for the third year with Royal Roads University it occurs to me that most people have it somewhat wrong when it comes to how they think about the financials inside the hotel business.
Tags: Travel, David Lund, Royal Roads University