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Management, Can You Help Me Here?

Guest post by: Dan McDevitt

Article Overview: In business, you want a clear picture of what is going on. Let's just take it step by step and look at a business. Hospitality and lodging properties have as many challenges as any other business. Most see the show from the audience, not seeing the work backstage. Monitoring lodging assets requires skill, knowledge and some artistry. Let's take a close look at management services. What are your needs, right now, for interim and extended on-site management? You may want to look at the franchise and management company relationships and determine what is in the best interest of the business you are in. Establish financial monitoring and contols, maintain accounting and cash control. This is your lifeline.

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Management, Can You Help Me Here?

Are you in business? Do you ever wonder how you got into the business you are in? Maybe you created your business, maybe you bought it. You may be involved in the lending business, and now you have this other business to deal with. As some of those younger executives might say, whatever, whatever.

Whatever, you are in business and you want a clear picture of what is going on. Let's just take it step by step and look at a business.

Hospitality and lodging properties have as many challenges as any other business. Most see the show from the audience, not seeing the work backstage. Monitoring lodging assets requires skill, knowledge and some artistry.

Professionals that I collaborate withserve the needs of today's owners, lenders and investors. They bring the specific skill sets needed in monitoring and managing active hotel and lodging businesses. You want the team members assembled to provide insight and invaluable real world hands-on experience.

The professional services should include advisory on assets, management, sales and training. Take a look at an operations review and some oversight notes on how to advance the property in its competitive set.

Establish financial monitoring and contols, maintain accounting and cash control. This is your lifeline. Do not let go of it.

Let's take a close look at management services. What are your needs, right now, for interim and extendedon-site management?

You may want to look at the franchise and management company relationships and determine what is in the best interest of the business you are in.

Look oh so very closely at the daily operations, staffing, reviews, and get a grip ona payables and receivables analysis.

What is going on with marketing; do you have a currentmarket survey? Do you have a marketing plan? Who is going to implement and review the ales program? It never just happens by itself.

You have a payroll to meet. Who are these people that show up every day, we hope? Are they receiving any pertinent training, inguest service, food service, housekeeping and sales? Is there a quality assurance review stuck in somebody's desk drawer? If you can find it, dust it off, it could be very helpful. Who is responsible for daily inspections, renovation needs, actual project oversight?

When you are thinking about asset divestiture, let's also think about the hotel preparation for sale and best practicesfor a discreet buyer search.

Contact us, talk to somebody, and have some discreet confidential discussion as you prepare to move forward.

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Article Tags: accounting, assets, franchise, lodging properties, management services

About the Author: Dan McDevitt
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Dan McDevitt is a creative business consultant & intermediary. Experienced in hospitality, management and training, business sales and franchising. He takes a leadership position in helping others, clients and associates, reach their business goals. He has opened and operated several businesses, served in corporate management, marketing and training positions, and is Founder and Director at Marketserve Management & Marketing Studio. His wife Geri is a nurse, and their cat Romeo is the cat in charge.

Dan writes articles and web content to help corporate clients and non-profits communicate with stakeholders and spread their message. He is an award winning author, speaker on leadership and business avancement, and is scheduled to release This British Reverend and Another Business Book in 2010.

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