Malcolm Muir, a leading sector expert from Venners Consulting, has weighed in on a growing problem for hotels and at the same time has presented their definitive list of 16 areas of risk to a hotel’s food and beverage profits. Muir asserts that hotel companies typically operate with large margin gaps and struggle to close out losses across a long list of operational areas, leading to poor financial results and lower profitability.
Laying out the system that his consultancy firm uses to quite literally “follow the money” as it flows through a hotel, Muir suggests that thousands of pounds of lost revenue can be saved, significantly boosting a hotel’s profits.
“We refer to it as ‘following the money’ because that’s precisely what we do” said Muir. He went on to say “It’s a huge task to assess every single area of vulnerability, but we take that burden from you and focus on sixteen defined areas which include your ordering protocols, delivery checking, storage, wastage, service standards, transactions, fraud, risk, cash handling and banking processes.”
It’s a process that is likely to net a hotel strong returns due to the consultant’s meticulous approach, one that captures not just revenue acquisition and cash movement but crucially lost revenue too. With that level of insight comes the ability to find the gaps and plug them, in some cases leading to additional revenues of six figure sums.
To get full details of Venners definitive list of 16 areas of F&B risk or for more information on how they can help your hotel company, go to www.venners.com/hpp