My aim is simple – to enable business owners to increase profits and improve standards of operation. I offer all clients a free no-obligation consultation on-site and carry out an initial financial and operational overview.
I will meet with the business owner to identify the challenges and goals for the business and review financial performance. Following this meeting I will individually interview the management team and produce an audit report with a set of recommendations and a timescale to achieve the required outcomes.
Once the recommendations have been agreed I will provide regular updates for the business owner and progress will be demonstrated through activity to improve the operational and financial performance of the business.
Covid-19
As we move into recovery mode it has never been more important to get your business in shape. Businesses have exhausted cash reserves and taken on more debt, so although demand will return it is critical to put effective operating systems in place to maximise profitability.
This is also the time to reset the dial with your hotel team and focus them on your new goals for the business. New and more efficient ways of operating along with a common purpose will help you recover what has been lost in 2020. I can help you create a more successful business for the future.
Contact
➤ LOCATION
Kendal, Cumbria
☎ CONTACT
info@timrumney.co.uk
07876 576 834
BUDGETING AND FINANCIAL REPORTING
Financial targets and reporting are vital in any business, but teams often have limited involvement in the budgeting process and consequently have little understanding of, and feel no ownership for, financial targets. I will work with the whole management team to agree a budget that is ambitious but realistic. Industry cost norms will be inputted having been reviewed for any necessary hotel adjustment to ensure that the potential profit for the business is achieved.
In addition to the priority of budget setting with the team I will introduce other key financial information and reports that will be reviewed with the team monthly to help achieve the budgeted Gross Operating Profit.
OBJECTIVES
What does success look like? Too often organisations drift from one year to the next without a clear idea about what they are trying to achieve. I will work with the team to set relevant Business, Departmental and Personal Objectives. These Objectives will be SMART and will allow management to focus on priorities and accountability. Once in place I will work with the whole team to establish the values of the organisation and gain full engagement through employee surveys.
PAYROLL
Payroll is the major cost within any hotel business and a critical area that requires control. Statutory wage increases and pension contributions and recruitment challenges have put significant pressure on this cost over recent years. Payroll norms and control systems will be introduced that will improve productivity and ensure that profit is protected for reinvestment into people and product. I will work closely with the team to ensure that customer service and staff morale are improved whilst reducing payroll costs.
sales & marketing
The increasing reliance on third party operators means that sales activity is not planned, opportunities are lost, and measurement and accountability are not in place. I will work with the team to complete a comprehensive sales and marketing plan which will reflect activity, ownership and measurement. Involvement in this process will energise the sales team and immediately improve performance. If appropriate I will provide recommendations on brand relationships to help support sales and marketing activity within the business in areas where independent operators can be underrepresented and to help gain necessary exposure and profile.
revenue management
Revenue management is a function which aims to predict consumer demand to optimise bedroom inventory and price availability in order to maximise accommodation revenue growth. It is now a critical hotel function due to the proliferation of distribution channels and the dominance of online travel agents. I will provide recommendations on how to maximise accommodation revenue through this critical function.
selling or setting up your business
If you are getting ready to sell your business, I can work with your team to improve performance and provide advice on the sale process. I am known and respected by many of the key agents and I can assist with the due diligence process and maximising asset value. I will bring the experience which helped achieve ‘the largest and most valuable individual hotel sale that has ever taken place in Cumbria’.
Alternatively, if you are setting up a new business as an accommodation provider, hotel operator, caterer or any related hospitality business I can provide valuable business advice and contacts in the industry to ensure that you are successful from the outset.