Monthly Archives: March 2009

Sales & Marketing Tips To Get Through 2009

from Nagib Lakhani

NOTE: Only for those who want to increase their market share – or at least retain their market share:  

1.    Act Now

a.    It’s a hassle …….. but the only way to make things happen at your hotels. You have to be prepared to become fully engaged.

i.    Presence, presence, presence in front of your guests in as many different ways as you can conceive – insist on it with your sales team.

ii.    Outside sales, outside sales, outside sales! Be visible – cutting sales is not the answer – more visible and smarter sales is the answer.

2.    Stay Close to Your Customers

i.    In house data mining with specific actions to build relations. Remember the last newsletter? It is so very powerful.

ii.    There are many creative and economic ways to make powerful impressions on your guests – especially if you know who is in your hotels, everyday.

3.    Analyze Distribution Cost

a.    Article below talks of direct costs, very relevant for independent hotels.

b.    Another significant distribution channel cost saving – are you using electronic channels wisely and fully? It remains your most effective and cost effective distribution channel. Where else can you get a diligent, 24/7 Sales Manager working at full steam for that price?

4.    Leverage marketing alliances and affiliations

a.    Leisure – guests want an experience, not simply a stay. Can you develop an experience by creating alliances and packages with your neighboring businesses? Remember ‘VALUE’

b.    Corporate – a low rate is not necessarily going to help your corporate client. They’re going to expense out the cost anyway. What can you do for them, PERSONALY? What can you offer, which they would not be able to expense, and which adds value? This could be an experience for them.

5.    Know your competition and your distinguishing feature amidst them

a.    Why should they stay with you and not your competition? You should be able to answer that in one short sentence. If not, your guests will certainly not be able to.

Now, read on!

If you want to learn more, get more ideas, feel free to call me. I’d be happy to share some thoughts. Above is excerpt from Article by Lana Dubovik 1/22/09 in Hospitality Atelier.

Nagib Lakhani
Pres
RevenueMaxConsulting.com

Nagib@RevenueMaxConsulting.com 

2009 Travel Trends: Demand Robust, Competition Heightens

from Nagib Lakhani

The Reality

You’ve heard enough about the challenging year that will come to be known as 2009.

 The Question

How do you hold to our market share or, in some cases, even increase this share?

Sadly …. Or …… Fortunately

Contrary to what you may believe, many hotels really are not as informed, tuned into their own customer base, or into trying more innovative approaches to be distinctive from the crowd as you may think. Same old, same old just doesn’t cut it anymore if you want different results.

Why? Because it takes more work, it requires a whole lot more effort and  …. significant positive results are not a sure thing – at least not right away. But you will never lose out.

 

This all works in your favor. How? Because if you want better results than those around you ……..

Talk to your guests – in house data-mining is one of your greatest and most effective lead sources.

·      Learn why they are at your hotel (what brings them here and why to you)

·      Tailor your offering to meet the needs of those who have capability to generate volume for you (amenities, special interests, F&B, gyms, etc) 

·      Recognize the changing environment – see below – and respond

·      Value, Value, Value – creative packaging with solid value creates a huge opportunity, not to mention loyalty. We can all do the math. Give your guests a reason to come to you because you will make each visit an experience, not just an overnight stay. While Disney is great, we’re not all Disney. So make up your own reason, or special getaway, that leverages your assets. We all have something that can make their stay special.

·      Know the market segment you want, the one that will be most strategically sound for your hotel

 

And then TARGET IT with all the creativity and tenacity you can instill in your team.

Nagib Lakhani
Pres
MaxConsulting.com

Nagib@RevenueMaxConsulting.com 

What’s Hot

by 

Kevin Wheeler

 Mar 26, 2009, 5:52 am ET

I am always looking for trends, new ways of doing things, or emerging practices that are changing, or at least influencing, the way we attract, source,assess, and recruit talent.

Some of them will most likely slip into history with little impact, but others will become the new way we do things.

Twitter is a recent example of an application that seemed of little practical use to recruiting until hundreds of people began to apply their creativity and developed interesting and useful ways to use Twitter for recruiting. It is being used by many organizations to announce new jobs to those potential candidates who follow them. It is used to help the recently unemployed stay connected and aware of open positions. It is used to communicate with a select group of prospective candidates or to students on a campus.

Here are three trends that I see as potentially significant. Please leave a comment letting us know what you are seeing, and what other tools, applications, or practices you think are emerging.

Simplicity in Sourcing

The first of the emerging trends is a turn to simpler and more basic ways to find talent. With a rise in applicants, many organizations are finding it less necessary to deploy search specialists or engage in complex sourcing strategies. They can focus, instead, on building their employment brand, often by using Facebook or some other social networking tool. They are also screening existing candidates better and are more focused on building a talent pool or community that can be tapped into as needed. In addition, many are tapping their own workforce for internal redeployment and for referrals.

All of this has reduced the need for in-depth Internet search and it has also lowered the need to post to job boards. In organizations with proactive recruiting teams, internal placements may reach as high as 15% while over 30% may come from referrals. With another 20% being sourced by third-party recruiters for reasons of confidentially or because the particular job is very specialized, only a small percentage needs to be sourced in other ways. A good social network page linked to an interactive career site can probably close much of that gap, leaving a tiny fraction to Internet search or job boards.

As I wrote in my article last week, a comprehensive talent strategy combined with internal development can reduce recruiting requirements significantly. I see this as a continued and growing trend, which ultimately means organizations will employ fewer recruiters but highly skilled in networking, relationship building, and who deeply understand the business.

Social Networks

We are seeing the power of social networking in recruiting growing faster than any other segment. Candidates are able to substitute their social networking profile for a resume at some organizations. Jobvite, an emerging applicant tracking tool listed by Gartner as one of its “Cool Vendors for Human Capital Software 2009,” allows candidates to link to their LinkedIn profiles. No need for a resume or to fill out anything. Jobvite also provides an organization a button to place on their career site that lets prospective candidates see the people in their network who already work at that organization. This provides candidates with ready-made connections into the organization as well as a source of information.

Social networks will become the ultimate sourcing and screening tools. Recruiters and particularly hiring managers will be able to see a more 3-D version of a person and get a much better sense of their past accomplishments and capabilities. But there are negatives, and many recruiters are concerned about candidate privacy and discrimination. The truth is, discrimination can and does occur in face-to-face conversations, in interviews, and even over the phone because of accents and the way people phrase things. Every new technology and application has to pass through a maturity curve, which is happening rapidly for social networks. Laws will change and policies will adapt to accommodate them.

I think that over time candidates will find that they are better treated and more completely able to present themselves than they can today. I think that as social networking matures, candidates will find themselves moving from a generic social network like Facebook to more specific ones aimed at an industry segment or a profession, and then perhaps to organizational-specific ones. We will have to wait a while to see what model eventually takes shape, but the roots are growing and resumes, traditional profiles, and static career sites will fade away.

Internal Redeployment

Smart organizations prevent the needless loss of talent by developing barrier-free internal transfer polices, by shifting talent and skills as jobs change, and by operating development and coaching programs to help employees successfully bridge skill and experience gaps.

They are also beginning to practice sustainable talent management — sizing the workforce for sustainability through good and bad times — and filling peak needs with temporary and contract staff. But sustainability is not just about numbers; it is also about having the right skills spread across all employees. This means development is continuous, internal movement common and often, and that a goal is for every employee to be able to function well in three or four different positions.

The natural result of this will be more focus on employee development, the rise of learning portals with relevant information and on-line training classes; the capturing of the knowledge of experienced employees on videos (using storytelling, talking about how projects were completed and barriers overcome, and by sharing technical knowledge that might be useful to those who follow); and connections to coaches and experts willing to answer questions or provide skill training.

We will see that more and more people will stay with a single employer for longer periods of time, as they find it easy to get refreshed and retrained.

About the author

Kevin Wheeler, the President and Founder of Global Learning Resources, Inc., is a globally-known speaker, author, columnist, and consultant in human capital acquisition and development. His extensive career, global client base, and research affiliations make GLR a leading provider of both strategy and process. GLR focuses on assisting firms architect human capital strategies. GLR guides firms thorough comprehensive talent acquisition processes and procedures as well as the development of talent within organizations of all sizes. GLR can be explored at http://www.glresources.com.

More articles from Kevin Wheeler »

Eight Key Traits Essential to Sales Success

by Dave Anderson

Opening Thoughts: Character is defined as “the collective qualities or characteristics, especially mental and moral, which distinguishes a person or thing; a moral strength; reputation.” Without question, being distinguished in sales by the right qualities and reputation will create more customers, retain those that you have and provide a more personally pleasurable livelihood. The following eight traits don’t comprise a complete list of character traits essential to sustainable sales success, but they are essential blocks in your professional foundation.

Eight Key Character Traits Essential to Sales Success

1. Keeping promises. What it means: Doing what you say you’ll do, when you say you’ll do it and why you say you’ll do it. And doing so regardless of the cost. This principle must apply equally to customers and co-workers.

A. How it benefits you: You earn trust referrals and more opportunities. So few people “swear to their own hurt” these days that when you do you’ll find it easy to stand out and advance quickly.

2. A strong work ethic. What it means: You work hard even when no one else is watching; even when no one else is at all. This principle must apply equally when you are having great, mediocre or poor months. You don’t let up when doing great, coast when doing well or let up when doing poorly.

A. How it benefits you: You gain self-respect because, as human beings, we intuitively know that each day we do less than we can we become less than we are. You also develop the discipline that comes from making yourself do what you know you should do and doing it long enough for the action to transform into a habit.

3. Remain teachable. What it means: You realize that you never “arrive.” You continue to learn more about your profession and shun the know-it-all, “been there and done that” attitude. This principle goes beyond reading books or listening to CDs in your field. It also means that you seek out feedback and eagerly try new things.

A. How it benefits you: You stay fresh and relevant by continuing to upgrade your skills set. This helps you stay out of ruts and makes your job more fun and interesting over time. As you work harder to improve yourself, you’ll find that it’s easier to elevate your results on the job. Remember: To get more than you’ve got, you must become more than you are! The BECOMING has to happen first.

4. Right motives. What it means: You do things for the right reasons. You don’t put your personal agenda ahead of the team’s or your customer’s. When you employ this principle you’ll become less self-centered and more outwardly focused. An outward focus always results in an upward income.

A. How it benefits you: Unselfish people are more likely to earn referrals, repeat customers and promotions. In a world where most people have the “Disease of Me,” this trait draws others to you.

5. Right language. What it means: You don’t diminish yourself or others with profanity, slang, gossip and the like. Words do matter. They can either elevate or distract, inspire or diminish, draw others to you or cause them to secretly despise and mock you.

A. How it benefits you: You are perceived as more professional, responsible and stable. In sales, these three traits translate into income. Right language also carries the right example into your personal life, with family and friends.

6. Persisting in the face of difficulties. What it mean : Going one more step after everyone else has given up. Making one last call, starting a little earlier or staying a little later even when it would be easier to do nothing and wait for a better opportunity. Persistence is stubbornness with a purpose. Your purpose is your goal. Make it worth fighting for—create a big enough “WHY,” and you’ll figure out a way to live with the “what” and “how” necessary to succeed.

A. How it benefits you: Persisting in the face of difficulties creates mental toughness. Over time it becomes a way of life and you become unstoppable. Mental toughness allows you to look at “no” as engagement rather than as rejection and regard obstacles as stepping stones rather than stumbling blocks.

7. Honesty in words and deeds. What it means: No white lies or false impressions. You say what is right rather than what is easy, popular or convenient. You don’t spin, twist, mislead or deceive.

A. How it benefits you: A clear conscience, good name and solid reputation. When you sleep better, you sell better!

8. Accepting responsibility. What it means: Shunning blame and admitting mistakes. This displays maturity and humility, two key traits essential to sustaining success.

A. How it benefits you: Others trust you and rally around you and you have the opportunity to learn from your mistakes. Since you can’t change what you don’t acknowledge, you will never grow when you engage in blame and live in denial. Take responsibility that it is your inside decisions more than outside conditions that determines your success in any endeavor.

About The Author:
Peak performance author, columnist, trainer, speaker and radio show host for sales, management and leadership, Dave Anderson walks the talk as a leader. He has led some of the most successful retail automotive dealership in the country—the most recent dealer group he led had over $300,000,000 in annual sales—and now gives 150 presentations, workshops and speeches annually on sales and leadership development around the globe.

Dave is author of over 50 training programs on sales, management and leadership including the books, Selling Above The Crowd: 365 Strategies For Sales Excellence and No Nonsense Leadership: Real World Strategies To Maximize Personal & Corporate Potential. Dave authors a monthly leadership column for Dealer magazine, publishes a monthly leadership newsletter and hosts the weekly radio talk show, Dave Anderson’s Learn To Lead Hour. His books, cassettes, videos, newsletter, column, web articles and live presentations pull no punches and provide real world strategies for peak performance in business and in life.

Dave is a member of the National Speaker’s Association and is a featured speaker at conventions worldwide.

Dave is president of the Dave Anderson’s Learn To Lead and LearnToLead.com, a cutting edge web site providing hundreds of free training resources to thousands of subscribers in over 30 countries.

Golf Pros & Sales Pros

by Dan Adams

Q.  Dan, I have been involved in competitive sports all of my life. As my career in sales progresses, I find myself remembering my coach from High School and applying principles from those activities in my sales job. What do you think of that?
Kathleen, St. Paul, MN

A. Kathleen, great observation! It may surprise some, but I propose that there are many similarities involved whether you strive to excel at sports or at sales.

Take, for instance, the game of golf (one of my favorite sports). Bob Rotella, a renowned golf/sports psychologist and author of the book Golf Is Not A Game Of Perfect, outlines suggestions to help golfers with their “mental game” on the PGA tour.  We’ll see in the analysis below that some basic tenets may be held in common. 

Bob Rotella’s Golf Rules: & Sales Lessons:
 
GOLF:  Free will is a golfer’s greatest source of strength and power.  Positive attitude makes a great player.  People by and large become what they think about themselves.  Choosing how to think is a crucial decision.  Negative thinking is almost 100% effective.
SALES:  You and only you determine your attitude.  Customers love positive people. Be positive and surround yourself with positive people!

GOLF:  Golfers must learn to quiet their minds, stay in the present and focus on the shot to be played.
SALES:  Don’t celebrate too early.  An order is not an order until: It’s booked, you and the company have been paid, it’s been delivered, installed/implemented, the customer is happy, the customer continues to buy from you and the customer refers others to you. 

GOLF:  A sound pre-shot routine is critical.
SALES:  Developing a sound pre-call plan for sales calls, presentations and negotiations is vital.

GOLF:  Golf is a game played by human beings, therefore, it is a game of mistakes.  Successful golfers know how to respond and learn from mistakes.
SALES:  Develop a routine for critically analyzing wins and losses.  Feeling badly about losing a deal is natural, but think about trying to recover something positive from the experience–learn from it!
 
GOLF:  Golfers must learn to love the challenge when they hit a ball into the rough, trees or sand.  The alternatives, anger, fear, whining and cheating, do no good.
SALES:  Excelling as a sales professional is not easy.  Learn to savor the challenge.

GOLF:  Quality of practice is more important than quantity, particularly for better golfers.
SALES:  To the sales superstar, the process of becoming better is a never ending quest.  There are tons of colleagues, sales books, sales trainers and selling methodologies.  Be very selective about your choices; sift through material critically and assess mentors carefully in your search for advice.
 
GOLF:  Great golfers must learn the importance of the training mentality and trusting mentality.  Training mentality makes things happen and is used on the practice range to engrain swing mechanics.  Trusting mentality lets things happen and is used on the course.  
SALES:  Sales pros must practice and prepare to insure that during “game time” (your time with customers) your responses and actions come naturally and easily.

GOLF:  If a golfer chooses to compete, she must believe she can win.
SALES:  Properly qualify opportunities utilizing the BMPCC account qualification strategy before you invest significant corporate and personal scarce resources into an opportunity.
“Whether you think you can, or think you can’t, you are always right.”  Henry Ford

GOLF:  On the first tee, a golfer must expect only two things of himself: to have fun, and to focus her mind properly on every shot.
SALES:  Do your best and have fun doing it!

GOLF:  You must play every significant round with a game plan!  Follow a conservative strategy but have a cocky swing!
SALES:  For major opportunities you must have a sound strategy (Building Trust, Growing Sales: chapter 4).  Even more important than the strategy are the action items/tactics that flow from it.

GOLF:  The best way to prepare a plan is to start from the hole and mentally review it backwards.
SALES:  Develop a “Critical Event Time Line” for each of your major opportunities.  Remember:  3-D:  Discover, Document and Drive the customer’s buying process starting backward from the customer’s critical event.

GOLF:  In golf, the bad news for the present champion is that tomorrow is a new day. That is when the competition starts again from scratch.  That’s the good news for everyone else.
SALES:  Unlike most other careers, the selling professional is paid and rewarded based upon the here and now.  The past is irrelevant.

Good Luck, and Close ‘Em!

About the Author:
Daniel Adams, author of Building Trust, Growing Sales, and creator of Trust Triangle Selling™ helps corporations improve their profits by optimizing the performance of their sales teams. He is a frequent and popular speaker at national sales meetings, workshops and association events. 

Sales Lessons From a Cruise

by Jim Meisenheimer

Sales lessons can be discovered anywhere including a 10-day cruise to the Caribbean.

Bernadette, my wife, and I drove from our home in Lakewood Ranch Florida to Fort Lauderdale the day before the ship was to leave port.

We stayed at the Marriott Renaissance Hotel just minutes from the Port Everglades. I’m always on the lookout for new sales tips and techniques that I can share with my subscribers to my “Start Selling More Newsletter.”

B. and I were having a cocktail at the bar before dinner. There was no one else sitting at the bar. Carol, our bartender, was happy to talk with us. One of the questions I asked her was “How big is the hotel?” Without any hesitation she said “We’re small, but mighty – 233 rooms.”

A powerful choice of words.

Imagine telling your sales prospects, “We’re big enough to perform and small enough to care.”

We sailed on the Emerald Princess. It was the largest ship we’ve ever been on with 3500 passengers. Our scheduled first stop was Antigua. Because of bad weather and severe winds the Captain decided to take a pass, for safety reasons, on this port.

So the island of Dominica was to be our first stop. The dock was loaded with brightly colored umbrellas where the locals were set up to sell almost anything you wanted to buy. B. was in the market for some perfume. I forget the name, but that’s not important. B. found what she was looking for and struck up a conversation with Noreen – the vendor.

Let the games begin. In almost all Caribbean Islands, shopping usually includes some haggling between buyers and sellers. My wife asked Noreen if she could do any better on her price. Noreen quickly responded, “If you talk to me, I’ll talk to you!” So B. started telling Noreen about Morgan, her niece – who the perfume was for. After B. talked to Noreen, Noreen started talking too and the result was a 20% discount. Noreen didn’t do much selling, but she did get the customer (B.) talking. That’s a sales lesson we can all benefit from.

Our next stop was St. Kitts, where B. did some serious shopping for jewelry. I won’t bore you with all the details but you should know there were two very happy women when we left the jewelry store – B. and the saleswoman!

B. was looking for several specific pieces. She spotted what she was looking for and asked the salesperson if she could set it aside for a while. Now how many times a day do you think these jewelry shop salespeople hear cruise ship passengers say, “We’ll come back later?”

So Maggie, the salesperson, does everything under the sun to get us to buy before leaving the store. This included four different levels of pricing. The store had “Looking pricing,” they had “Thinking pricing,” they also had “Buying pricing,” and even had “Even better than buying pricing.” What a way to qualify your sales prospects. I must say it worked. B. wanted to look around to see what the other shops were offering. She did however really like the three pieces that Maggie had set aside for her. What’s more, we left the store with their “Buying pricing” which meant when we went back to the store we could expect an even better price.

It had a built in attractor factor for us. Go back to the store to get an even better price for something B. really liked. We did go back to the store and not surprisingly we did get an even better price. Perhaps another sales lesson here.

What struck me about these different encounters was the one thing they had in common. They were unconventional, unusual, unorthodox, and of course original which is what made them memorable.

During your sales calls to existing customers and sales prospects don’t be boring.

All the product knowledge in the world doesn’t add up to a hill of beans if you can’t distinguish yourself from your competition.

It doesn’t take brains to be different – it takes courage!

The choices you make in life determine your destiny. Choose to be courageous.

Your customers will remember you and reward you with their business – another sales lesson!

About The Author:
Jim is a Sales Strategist and is the creator of No-Brainer Selling Skills. He shows salespeople and entrepreneurs how to increase sales, earn more money, have more fun, and how to do it all in less time. His focus is on practical ideas that get immediate results. He offers Advanced Sales Management Workshops, Sales Coaching, Consulting, In-house Sales Training Programs, and a wide variety of Learning Tools i.e. books, special reports, sales manuals, and CDs.Jim Meisenheimer is a member of The National Speakers Association, where he earned the C.S.P. designation, Certified Speaking Professional. He has authored five books including, “The 12 Best Questions To Ask Customers,” and the recently published “57 Ways To Take Control Of Your Time And Your Life”.

Are You Cultivating “Brand Sirens?”

“Brand Sirens” drive bottom line.

What are “Brand Sirens?” Satisfied customers who sing your hotels praises.

Hopefully they are singing your praises on your own hotels blog, but singing your praises on Facebook, Twitter, etc., is also valuable.

Do you have a comments section on your website? This is a great place for satisfied customers to sing your praises. Encouraging customers, employees, and vendors to sing your praises on other websites can help drive additional guests to your hotel, help attract employees, and encourage vendors to give you the best discounts available.

What is your hotel and company doing to build “Brand Sirens?”

Develop Talented Employees or Steal the Competition

Having the best employees boils down to developing them internally, or swiping them from someone else.

Most hotels don’t have training budgets or people who have the skills to develop people, therefore they have to steal them from another company.

What’s the least expensive way to swipe employees from other hotels/companies?

Actually there are 2 ways. First, provide a fun working environment so more of your employees want to stay with you. Second, write ads that attract good people.

Which job sounds the best to you?

Look to the future! FO Manager

Fast forward to March 2010. You are at the annual awards banquet for your company. The President of the company is at the podium, with you at his side as he says:

“Our Front Office Manager of the Year:
-Trained two Front Office Clerks who have been promoted to Front Office Managers for our Homewood Suites and a Holiday Inn Express.
-Took Guest Comment scores to #1 in our company. Last year this hotel was #19.
-Exceeded Front Office budgeted revenue by $228,483.
-Led our company in # of rooms up-sold and in revenues from up-selling.

It gives me great pleasure to present the $5,000 check for Front Office Manager of the Year and a promotion to Rooms Division Manager.”

Loud standing ovation and high fives from your Hotel GM.

If you have these capabilities please apply today!

OR

We are currently looking for a FO Manager with 3 years of experience, ideally at a Hilton Hotel between 200-300 rooms. Candidate should have BA and strong up-selling and guest relation skills. Must enjoy training. Please send resume, first preference will be given to local candidates.

The first ad attracts highly motivated candidates. The second attracts candidates who want a job, people typically rated by employers among the bottom 50% of their employees.

Attract the best, and then motivate and retain them.

Creative, Profitable Promotions for Your Hotel

Has your hotel tried:

  • Kid promotions on weekends to attract family business? Tied in with other local businesses to provide a unique experience for famililies? (Movies for kids in the video arcade or pool area. Tie-ins with various movie characters like Frosty the Snowman, or the Easter Bunny, etc. Special discount programs with stores that cater to children, etc. The Pointe Hilton Squaw Peak Resort offers “Mommy and Me” and “Daddy and Me” programs.
  • Special promotions directed toward your specific market segements? Such as automatic room or amenity upgrades for your best frequent travelers on your two slowest nights to encourage them to come in “early.” A special menu/meals for frequent guests on tight schedules, or who are forced to arrive after your restaurant’s normal hours. Helping meet special transportation needs for your most frequent guests.
  • How about a “tea party April 15th?” Many people are upset about “pork” projects in the budget. “Celebrate on April 15th with a Pork Party. Sizzle your local Elephants and Donkeys!”
  • Create fun holidays or promotions during the week to lighten guests stays.
  • Do you have “add-on fees” like parking, movies, Internet charges, etc.? Provide a free movie to guests instead of reducing rates, etc.

Share what is working for your hotel or restaurant.

Controllers need new skill sets to adapt to permanent changes in job market.

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.