In today’s highly competitive world, creating value is a key success factor. However, in order for this to happen, managers need to understand where to find the information that will allow them to assess if they are creating value (or not), and how their day-to-day decisions will have an impact on it. Hospitality managers and executives will gain a deeper perspective on what the stakeholders of a company are looking at and for; by learning how to interpret the 3 key financial statements:

  • The income statement
  • The balance sheet and,
  • The statement of cash flow.

Financial statements are essential, but they are only the starting point for successful financial management. Managers need to interpret them properly to compare their performance with the average performance of similar businesses in the same industry in order to make the best of their ressources and to achieve competitive advantage.

Each hotel is a real estate asset. Real estate is the most dominant component of hotel value. Real estate considerations are obviously paramount in the ownership side of hotel business. Besides, recent trends in the industry suggest that investors now expect even the operational leaders (such as general managers) to understand the real estate aspects of the business. A strategic overview of hotel investments from three standpoints could be interesting:

  • Hotel valuation techniques
  • Hotel investment analysis
  • Behavioural aspects of investment decisions.

Starting from fundamentals of real estate markets moving on to thought-provoking aspects of the descriptive and normative phenomena in hotel investment business to finally be sensitized to typical behavioural biases, heuristics and framing effects, mastering which will lead to superior managerial decisions.

In the current economic climate, maximising the use and value of the available resources is essential for improving return on investment and meeting business objectives. Introducing techniques to improve asset management in the hospitality industry and providing an opportunity to develop the understanding of current asset management issues and the requirement to meet investor’s objectives will be critical.

Executives who leave costs to their financial managers and accountants miss out on opportunities and increase the risk of their organizations. Whether you sell luxury products and services or those that are value-priced, no business excels without attending to costs. Advanced insights into the key elements which define the ultimate balance between managing cost and creating long-term customer value is a competitive advantage.

The process of thinking ahead and developing responses to the future environment is the essence of strategic behavior. All businesses develop plans to manage the future but the plans are often informal, unstructured or sporadic in their application. Therefore, it is relevant to understand the importance of developing appropriate strategic plans to ensure the organization’s competitiveness and success. The ability to be proactive and anticipate, influence, or initiate actions to help managers be competitive and successful rather than be reactive and responsive to events outside their controls is what to aim. While not all events are controllable, developing appropriate strategies will certainly help to respond positively. Managers are able to access the tools required to anticipate key trends and events in their business environments, and develop appropriate responses to these probabilistic future events. This will provide them with the abilitiy to develop a road map for their organizations and enhance their chances of success in competitive business environments.

If you would like to know more, we invite you to attend our next Career Development Programme on Creating Value in Hospitality from September 5th to 10th 2016 at Ecole hôtelière de Lausanne. Register at http://www.lhcconsulting.com/ourprogrammes/creating-value-in-hospitality/

Module leader

member4

Catherine Rey Sales & Marketing Manager at Lausanne Hospitality Consulting

Catherine joined LHC as Sales & Marketing Manager in December 2015. Her role involves developing and implementing the LHC’s Sales & Marketing plan and promote the Executive Education career development programmes around the globe.

Prior to LHC, she worked in the International Education industry for over 5 years both in Mexico and Switzerland, where she moved with her family in 2013. She represented in Latin America prestigious wine and spirit brands within the Hospitality industry for over 10 years. She worked closely with International Hotels, government institutions and corporate executives and multinationals and had to support them in the international implementation of their educational projects.

She is a graduate in International Business from the University of Blaise-Pascal in Clermont-Ferrand France and spent her last year of study in the University of Oklahoma Price College of Business USA. She followed several wine and spirit training both in France and Mexico. She lived in 5 different countries and enjoy multicultural environments where relationships, new ideas, innovation and original concepts are valued. She appreciates being challenged and strongly believe in enhancing the customer experience to growing the business.

While not at work, she enjoys spending time with her daughter and husband and go for long walks by the lake. She is passionate about wine and like to organize tastings of wines from different regions and countries for her family and friends.