When was the last time you actively pursued your own professional development?
This update specifically showcases:
- Strategies to help you plan your professional development options
- Revenue management and profit growth strategies and
- Content you might’ve missed this past month that addresses your business challenges
Enjoy!
Sharpening the Saw
Heard of the principle of Sharpening the Saw?
Abraham Lincoln once said:
If I was given the task of cutting down a tree in 5 hours:
- I will spend 4 hours sharpening the saw and
- 1 hour in cutting.
Steven Covey in his perennial bestseller 7 Habits of Highly Effective People talked about it in a major way.
Well, the saw in your case is professional development.
When was the last time you gave this some attention.
As a hotel manager you have been so busy running the operation that you have no time to upgrading yourself.
That is not an encouraging sign.
You need to be able to continuously build skills and abilities in yourself.
So that you are considered and in fact are the candidate most suitable for promotions and opportunities.
Don’t lose sight of your priorities.
This Blog Post will cover those priorities as follows:
Know Your Hotel Top Line in the Post Pandemic Era
Your primary responsibility is to manage the hotel operation.
In the process, you will help run the business successfully.
Success will be measured in terms of Key Performance Indicators or KPIs.
The first and foremost KPI in the hotel industry is revenue.
It is known as the Top Line.
Everything about the business begins with how well the top line is managed.
This involves the critical role of revenue management.
Two years of covid-19 saw revenue drying up like never before.
In the post pandemic era, therefore, the foremost priority is getting revenue going.
However, it is not as simple as it sounds.
During the pandemic, customers had their own challenges to overcome.
Many of them lost their jobs.
So, getting the train of revenue back on the rails is tough.
Post Pandemic, customer preferences have changed drastically.
Catering to that has meant rethinking the entire revenue management process.
Literally going back to basics.
During the month, we published a post addressing this key priority.
Click to read about Hotel Revenue Management Strategies - 7 Ways to Rethink Basics.
Know Your Bottom Line in the Post Pandemic Era
In the hotel industry there is a saying.
If there is no top line, there is no bottom line.
We saw that the top line is revenue.
Bottom line on the other hand is profit.
It is what hotel managements are fighting to grow.
Hotel owners are obsessed with it.
Why is this?
It is simply because profitability is the return on investment for owners.
Owners have pumped in millions of dollars into the hotel project.
They need to get back something in return, aka, return on investment.
However, it is easier said than done.
A hotel might have managed to grow back revenue successfully.
However, the key to growing profit is how well they manage expenses.
At the same time, it is important to measure how well a hotel is doing in profitability.
This means addressing the appropriate key performance indicators.
During the month, we published a post addressing this priority.
Click to read about Profit Flow Through - Why Is It Vastly Superior to Department Profit.
Commit to Your Professional Development as a Priority
Your primary responsibility of generating revenue and retaining profit is in its place critical.
At the same time, you need to work on your professional development too.
It is as important if not more (remember sharpening the saw).
But often professional development is given a superficial meaning.
Taking a single course online on a topic is often equated to professional development.
However, skill set development is not going through a course.
It is about building a foundation of education and gaining valuable experience.
Leadership skills like:
- problem solving,
- attention to detail,
- flexibility,
- inter-personal skills
are important.
On the other hand:
- sales and marketing,
- financial management,
- staff and payroll management,
- maintenance and upkeep
- guest satisfaction
- competition and
- market share
have to be managed well too.
During the month, we published two posts addressing the professional development priority.
Click first to read about Membership Site Dashboard - Your Window into a World of Unmatched Benefits.
Click to read about Membership Welcome Kit - Entry to Your World of Unmatched Professional Benefits.
Monthly Content Update April 2023 - Professional Development
In summary, below are the posts I shared about professional development in hotel middle managers in April 23.
What Should You Look Forward to in May 2023?
How serious are you about about lifelong professional development?
You should be making it part of your most essential goals.
In the month of May, I will be continuing to share content that will build leadership, and revenue management skills toward professional development of hotel middle managers.
And shshshhhhhhh….
I will be giving sneak peaks into Ultimate Guides - a key professional development library particularly useful for hotel middle managers.
It will be part of the Ultimate Learning Hub for Hotel Finance Training.
The Financial Skills Academy Membership.
One tier in the membership program is directly focused on hotel middle managers.
Sign Up below to the Hotel Finance Trainer Newsletter for updates, strategies, tips and secrets straight into your InBox.
How do you rate your current professional development strategy?
Comment below, I will be keen to know your thoughts.
I will see you in the next important professional development resource update for hotel middle managers
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