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Hospitality Financial Leadership – Should I Develop a Detailed Budget and Monthly Forecast? – By David Lund

April 26, 2022

The simple and only answer is yes, you should. Without these tools you are flying in the dark and sooner rather than later you are going to run into a mountain. In my opinion if you are running your hotel business without this and you think that is okay then you are simply irresponsible. If you are thinking it is too complicated or only for the big kids, well, you are wrong again and this recap will be an eye opener for you.

This piece is about a client of mine and how we worked to develop these tools, and how they are helping him manage his business as proactively as possible during this crisis. As he recently called it, “something positive from this disaster,” and, “my new normal is a ‘boots on the ground’ plan for each month for each part of my business in detail – this is golden.”

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