Boutique Hotel well- being on the seaside, Croatia
Implementation of a financial system in order to be able to analyse the Key Performance Indicators impacting on the business and consequently in the decision making processes: USALI P&L “Profit and Loss” statement.
One of the high priority activities was to establish measurable goals related to the financial side of the business, with a strong focus on maximisation of revenues as well as optimization of operational cost.
We agreed that the use of relevant data would become crucial to plan sales and marketing activities and make assertive management decisions throughout the upcoming financial years, hence Hoteliers Inspiration advises the implementation of a Management Control System throughout an USALI P&L format on including a 12 month phased budget for the the year 2023. The analysis, projections and tracking performance of the business will also help owners to determine the value of the business for the selling of the asset/ business.
The aim of the 1st phase management intervention was to:
Development of P&L “Profit and Losses Income Statement” frameworks and all content to critically analyse the business.
Develop a hotel Budget 2023 into a P&L framework by Following USALI Uniform, Standards, Accounting, Lodging, Industry.
Developed in conjunction with the General Manager / Owners the initial 2023 budget for the entire hotel.
Implement, recommend a revenue management program, cost optimization best practices, including operational procedures against desired world-class standards (F&B inventories, Flash Food, Beverage cost and daily revenue report)
Assist, guide, train and coach members of the hotel involved during the first phase with all of these activities.
The property a 4 star Hotel on the seaside in croatia, is a well recognized family business with a long trajectory in the leisure business with the existing hard renovation it will be imperative to consolidate the 4 seasons all year around Villa.
With the implementation of a systematic management control such as the development of 2023 Budget and deployment of Profit & Loss format, management initiatives and judgements reached higher efficiency levels. These initiatives undoubtedly impacted positively on the profitability of the hotel.
We intended to implement the Generally Accepted Accounting Principles or GAAP, which means those conventions, rules, procedures and practices, consistently applied, affecting all aspects of recording and reporting operational, financial transactions in the hotel business which are generally accepted by major independent international accounting firms, with no exception in Slovenia.