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Master Revenue, Expense Budgets, Capital Budgeting and more about Hotel Management. Case Study is Hotel Management with Universal Principles.

£35.45 inc. VAT
Course Access

1 year

Last Updated

February 13, 2024

Students Enrolled

17

Course Duration

1 hour, 59 minutes

Course Instructor
Certification
"Hotel Management - Concepts of Budgeting & Forecasting" by Manish  Gupta a comprehensive course that will equip you with essential financial skills to excel in the dynamic and competitive world of hotel management.   In the hospitality industry, effective financial management is a  cornerstone of success. Creating accurate budgets and forecasts is crucial for hotels of all sizes, whether you're a small boutique establishment or a luxurious resort. This course is designed to give you a deep understanding of the fundamental budgeting and forecasting concepts specific to the hotel industry.

Course Highlights:

1. Fundamentals of Budgeting:
  • Learn the core principles of budgeting and why it's indispensable for hotel management.
  • Understand how to create budgets tailored to the unique needs and goals of your hotel.
2. How Revenue is Forecasted:
  • Dive into the art and science of revenue forecasting.
  • Master the techniques for predicting hotel revenue accurately, considering various market factors.
3. How Expenses are Forecasted:
  • Explore the intricacies of expense forecasting within the hotel industry.
  • Learn to anticipate and plan for operating expenses while maintaining profitability.
4. Not an Excel Class - Theoretical Aspects:
  • Unlike other courses that focus solely on spreadsheet skills, this course delves into the theoretical foundations of budgeting and forecasting.
  • Gain an in-depth understanding of the concepts that drive financial decisions in hotel management.
5. How Capital Budgeting is Done:
  • Discover the intricacies of capital budgeting and investment decisions for your hotel.
  • Make informed choices regarding long-term investments to enhance your property's value.
6. Labour Cost Budget Concepts:
  • Explore the complexities of budgeting for labor costs in the hotel industry.
  • Gain the knowledge and skills to optimize staffing levels while keeping labor expenses in check.

Why Should You Take This Online Course?

  • Expertly Designed and Delivered by Industry Experts: Developed and delivered by Manish  Gupta - Finance CFO
  • Immediate Recognition with an Instant E-Certificate: After finishing our online course, you will receive an instant  E-certificate. This certification acknowledges your dedication and successful course completion, allowing you to demonstrate your newly gained knowledge and skills to potential employers, colleagues, or clients. The E-certificate validates your accomplishments immediately,  raising your professional standing.
  • Convenient Online Learning Experience: Because our course is entirely online, you may learn at your own pace and convenience. The course materials are accessible from anywhere and anytime, making it ideal for people with hectic schedules. The curriculum is delivered via captivating videos and extensive reading materials, creating a dynamic and interactive learning experience.
  • Self-paced Learning for Maximum Progress: We recognise that everyone has various learning styles and time commitments. As a result, our online course provides self-paced study.  You can work through the course materials independently, allowing for a  more personalised learning experience. Our course supports your individual learning preferences, whether you like to immerse yourself in the information or take it step by step.
  • Laptop, tablet, and smartphone compatibility: Our online course is device-compatible to improve accessibility. Whether you choose a laptop, tablet, or smartphone, you may easily access and interact with the course contents. This adaptability allows you to learn on the go, incorporating your studies into your everyday routine and maximising your learning possibilities.

Career prospects after completing this course:

After completing the "Hotel Management - Concepts of Budgeting & Forecasting" course, you will be equipped with valuable skills that can open up numerous career prospects within the hotel and hospitality industry. Here are some of the career opportunities you can pursue:
  1. Hotel Manager: With a strong understanding of budgeting and forecasting, you can aim for positions as a hotel manager. You will oversee all aspects of hotel operations, including financial management, staff supervision, and guest satisfaction.
  2. Financial Controller: Hotel financial controllers manage the financial operations of a hotel, ensuring that budgets are adhered to and expenses are controlled. Your expertise in budgeting and forecasting will be precious in this role.
  3. Revenue Manager: You will optimise the hotel's pricing and revenue strategies as a revenue manager. Your ability to forecast revenue accurately will be crucial in maximizing profitability.
  4. Assistant Hotel Manager: An assistant hotel manager plays a vital role in supporting the general manager and may be in charge of specific departments. Your knowledge of financial management will help you excel in this position.
  5. Hospitality Consultant: Offer your expertise as a consultant to hotels and resorts looking to improve their financial operations. Your skills in budgeting and forecasting will be sought after by various establishments.
  6. Hospitality Financial Analyst: Work for financial institutions or consultancy firms as an analyst specializing in the hospitality industry. You'll assess financial data, provide insights, and make recommendations to clients.
  7. Hotel Owner/Entrepreneur: If you aspire to own your hotel or become part of a hotel ownership group, the skills acquired in this course will be invaluable in managing the financial aspects of your establishment.
  8. Hotel Auditor: Become an internal or external hotel auditor to ensure compliance with financial regulations and best practices. Your understanding of budgeting and financial control will be essential.
  9. Event Planner: Hotels often host events and conferences, and your skills can be applied to planning and managing these events, including budgeting for all associated costs.
  10. Hospitality Educator: Share your knowledge by becoming an educator or lecturer in hospitality management, focusing on budgeting and forecasting.
  11. Sales and Marketing Manager: Your insights into financial planning can be valuable in sales and marketing roles. You can develop strategies to attract more customers and increase revenue.
  12. Catering Manager: Hotels often have catering services and your financial expertise

Industry Expert Instructor

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619
Students
Finance
CFO

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Course Content

    • What will we cover in this course 00:01:00
    • Why We need to have Budget and Create Forecasts 00:04:00
    • How we can Make budgets Useful instead of just paper exercise 00:04:00
    • Difference between Financial & Operational budget 00:03:00
    • Suggest Methodology and Pre-requirements 00:04:00
    • Process of Making Budget & Forecast 00:04:00
    • Revenue Budget Process 00:09:00
    • Estimating Grand P&L from Revenue Budget and Set budget guidelines for others 00:02:00
    • Expenses Budget 00:03:00
    • labor Cost Budget 00:04:00
    • Other non-labor Expenses Budget 00:03:00
    • Capital Expenditure Budget 00:04:00
    • Qualitative Aspects and marketing Budget 00:05:00
    • Room Revenue Budget Template 00:05:00
    • F&B Revenue Budgeting Template 00:10:00
    • Banquet and Other operating Depts.. 00:10:00
    • Headcount Budget 00:11:00
    • Payroll and Other Cost Budgeting 00:12:00
    • Other hotel operational Expenses 00:10:00
    • Cash Budgeting Exercise 00:11:00
    • What’s Next? 00:00:00
    • Get Your Certificate & Transcript 00:00:00

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