Operations Budgeting For The Hospitality Industry

Hotel management, budgetting and analyzing the financial results

What you'll 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

Description

This course 'Operations budgeting for the hospitality industry' is based towards students who are interested in taking control of their budgets, revenues and expenses.If you want to figure out how your hotel or restaurant property is doing compared to the budget and want to learn how to find out what elements are responsible for your business losing money or overachieving, then this course is for you.Together we will discuss all the elements needed to set up a budget and a standard costing system for your property and how to compare it to the actual results. And how to interpret the results, so you'll make better decisions.By the end of this course you will have a solid foundation and understanding of Variant analyses. This allows you to take control of your budget and fine tune it. You'll know how to pinpoint the problems in your budget and therefor find solutions to decrease expenses, increase profits and have more accurate budgets in the future.We will discuss why forecasting and standardization are important tools. Also we'll cover the more basic things like: what is a budget, who is responsible for setting up the budget and what different budgets do we work with. You will learn how to use important techniques that will help you better manage your hotel or restaurant. You'll learn what Sales variant analysis, Cost variant analysis and Labor cost analysis is and how to use these tools to potentially increase revenues.

Overview

Section 1: Introduction

Lecture 1 Introduction

Section 2: The budget

Lecture 2 What is a budget

Lecture 3 The advantages of a budget

Lecture 4 The disadvantages of a budget

Lecture 5 The timespan of a budget

Lecture 6 The wishlist

Lecture 7 Budget types

Lecture 8 The budget committee

Lecture 9 The budget cycle

Section 3: The budget forecast and statements

Lecture 10 The departmental income statement

Lecture 11 The daily report

Section 4: Budget examples

Lecture 12 Rooms division

Lecture 13 Food and beverage

Lecture 14 Things to consider

Lecture 15 A new hotel / restaurant

Lecture 16 A budget overview

Section 5: The variant analyses

Lecture 17 The variant analyses

Section 6: Before we start with the variance analyses

Lecture 18 What do we need

Lecture 19 Why forecasting

Lecture 20 Standardization of the budget

Lecture 21 Why standardization

Lecture 22 A simple example

Lecture 23 The comparison

Section 7: The restaurant as an example for budgetting

Lecture 24 The variant analyses

Lecture 25 The budget food cost

Lecture 26 Before we start the calculations

Lecture 27 Food budget and actual results

Section 8: The sales variant analysis

Lecture 28 The sales variant analysis

Lecture 29 The sales volume

Lecture 30 The spending power

Lecture 31 The conclusion of the sales variant analysis

Section 9: The cost variant analysis

Lecture 32 The cost variant analysis

Lecture 33 The sales overview

Lecture 34 The cost volume

Lecture 35 The cost of food price

Lecture 36 The cost of food usage

Lecture 37 The conclusion of the cost variant analysis

Section 10: The labor cost variant analysis (part 1)

Lecture 38 The labor cost variant analysis (part1)

Lecture 39 Important for labor costs

Lecture 40 The budget hourly rate

Lecture 41 The actual hourly rate

Lecture 42 The comparison of hourly rates / wages

Lecture 43 The budget labor cost

Lecture 44 The actual labor cost

Lecture 45 The comparison of labor costs

Section 11: The labor cost variant analysis (part2)

Lecture 46 The labor cost variant analysis (part2)

Lecture 47 The volume

Lecture 48 The cost price

Lecture 49 The efficiency cost

Lecture 50 The conclusion of the labor cost variant analysis

Section 12: The other departments in the hotel

Lecture 51 The other departments in the hotel

Lecture 52 The banqueting department

Lecture 53 The rooms division

Lecture 54 The lounge bar

Lecture 55 The budget in percentages

Section 13: The conclusion

Lecture 56 The conclusion

Section 14: Documents

Lecture 57 Examples

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