Money is the best! Check-in and ask for my “cash-concept”! Every entrepreneur wants and has to make money! Profit is the result of all efforts. Money is the blood in the veins of a business. But how do I increase my profits by 50% or more?
If I could, I would place an imaginary cash dispensary into every entrepreneurs office, which they could use at any given moment without debiting their account.
Increasing the turnover by 30% or more will lead to an increase in profits by 50% or more. The largest part of costs when running a hotel are the fixed costs, e.g. personnel costs, facility costs etc. These need to be paid regardless of how much turnover was made. A further factor is at which point the hoteliers receive their owed money. I have known hoteliers who have chased long earned money for up to a year. Important is a consequent change in cash management, for example, an attractive non-refundable rate. And again, I’ve seen hotels change their payment policies to a 100% payment in advance, even concerning bus groups, and were still able to increase their profits. Know-how!
An improved cost management through online check-in, central purchasing etc. leads to higher profits.
Check-in and ask for for my cash concept!
With all the suggestions I make and tips I give, my focus lies on the following:
Increasing turnover whilst keeping costs low
Receiving owed money on your bank account as early as possible
Minimising costs, for example, by central purchasing
Better and more affordable operational procedures, for example, through an online check-in option
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