The purpose of the book is to provide a clear and concise document that outlines in detail the history of the sponsoring group and attendees as well as a proposal of the specific requirements for the meeting or convention. All site requirements are to be included, such as preferred dates; number and type of guest room; number, size and usage of meeting rooms and estimated times required; range of acceptable rates; dates and types of guest room; number, size and usage of meeting rooms and estimated times required; range of acceptable rates; dates and types of food and beverage events; exhibits and any other special events of activities; and any related information such as complimentary requirements. The role of the host property is to provide the facilities and services needed to assist in the execution of meetings, conventions, and expositions. In the past, when people thought about the role of the host facility, they thought of only rooms and food. Today the host property is much more intricately involved with the overall planning and execution of the meeting. This involvement may include helping to design and market the program, assisting in the planning of hospitality programs, theme parties, and sporting events, and training new meeting planners.
Sound financial management is at the core of any successful business. Of course, having a product or service in high demand, priced attractively for the target market, and delivered in an efficient, customer centric manner doesn’t hurt either. But, even with all of the right market demographics, there is no guarantee of success. The keys to financial success include an annual budget, detailed financial tracking model, ongoing audits, and reporting structure that keep profit and loss information at the manager’s fingertips. Financial success is also driven by accountability, making employees and managers responsible for achieving financial goals in their respective functional area. Owners must have in place the personnel capable of dissecting the financial information and acting on it in a timely and proficient manner. Without this information, it is quite possible to have an area of deficient performance that goes unrecognized and creates a drain on profits. The book contains answers to many of the financial questions confronting today’s and tomorrow’s hospitality managers. It should serve as a reference book to be used as financial problems and opportunities arise.
The purpose of the book is to provide a clear and concise document that outlines in detail the history of the sponsoring group and attendees as well as a proposal of the specific requirements for the meeting or convention. All site requirements are to be included, such as preferred dates; number and type of guest room; number, size and usage of meeting rooms and estimated times required; range of acceptable rates; dates and types of guest room; number, size and usage of meeting rooms and estimated times required; range of acceptable rates; dates and types of food and beverage events; exhibits and any other special events of activities; and any related information such as complimentary requirements. The role of the host property is to provide the facilities and services needed to assist in the execution of meetings, conventions, and expositions. In the past, when people thought about the role of the host facility, they thought of only rooms and food. Today the host property is much more intricately involved with the overall planning and execution of the meeting. This involvement may include helping to design and market the program, assisting in the planning of hospitality programs, theme parties, and sporting events, and training new meeting planners.
Sound financial management is at the core of any successful business. Of course, having a product or service in high demand, priced attractively for the target market, and delivered in an efficient, customer centric manner doesn’t hurt either. But, even with all of the right market demographics, there is no guarantee of success. The keys to financial success include an annual budget, detailed financial tracking model, ongoing audits, and reporting structure that keep profit and loss information at the manager’s fingertips. Financial success is also driven by accountability, making employees and managers responsible for achieving financial goals in their respective functional area. Owners must have in place the personnel capable of dissecting the financial information and acting on it in a timely and proficient manner. Without this information, it is quite possible to have an area of deficient performance that goes unrecognized and creates a drain on profits. The book contains answers to many of the financial questions confronting today’s and tomorrow’s hospitality managers. It should serve as a reference book to be used as financial problems and opportunities arise.