Course Description
This intensive 5-day course provides a comprehensive overview of financial management in the hospitality industry. Participants will gain practical skills in budgeting, revenue optimization, financial analysis, and strategic decision-making. The course combines theoretical concepts with real-world applications, preparing professionals for financial leadership roles in hotels and hospitality businesses.
Learning Objectives
- Understand key financial concepts and metrics specific to the hospitality industry
- Develop skills in creating and analyzing financial projections and budgets
- Learn effective cost management and revenue optimization strategies
- Gain proficiency in financial statement analysis and performance evaluation
- Understand investment appraisal techniques for hospitality projects
- Develop strategic financial management skills for hospitality businesses
Course Modules
Day 1: Fundamentals of Hospitality Finance
- Introduction to hospitality financial management
- Key financial statements in the hospitality industry
- Uniform System of Accounts for the Lodging Industry (USALI)
- Hospitality accounting principles and practices
Day 2: Budgeting and Forecasting
- Budgeting process and techniques for hotels
- Revenue forecasting methods
- Cost structure analysis and management
- Capital budgeting for hospitality projects
Day 3: Revenue Management and Optimization
- Principles of revenue management in hospitality
- Pricing strategies and yield management
- Channel management and distribution costs
- Upselling and ancillary revenue optimization
Day 4: Financial Analysis and Performance Evaluation
- Ratio analysis for hospitality businesses
- Benchmarking and competitive set analysis
- Profitability analysis by department
- Valuation methods for hospitality assets
Day 5: Strategic Financial Management
- Investment appraisal techniques
- Risk management in hospitality finance
- Working capital management
- Financial strategies for growth and expansion
Practical Wins for Participants
- Ability to create and analyze comprehensive hotel budgets
- Skills to implement effective revenue management strategies
- Proficiency in evaluating hotel financial performance
- Capability to make data-driven financial decisions in hospitality contexts
Credits: 5 credit per day
Course Mode: full-time
Provider: Blackbird Training Centre
