This course is designed to help you develop the ability to manage costs and other financial commitments in hospitality businesses. It begins with an introduction to the concepts and systems of cost management. During low business periods, businesses are expected to adjust. This course explains why you need to make these adjustments and how to do them effectively so that you can navigate quiet periods financially. The material explores zero-based budgeting (ZBB) extensively. It articulates the key factors to consider within the structure of the business to apply this budgeting system effectively. You will learn also about the ABC (activity-based costing) system of cost management as well as different energy-saving techniques that can be employed.

The second part provides you with detailed lessons on how to draw up effective budgets across different operations. You will be shown how to structure a room-revenue budget plan and how to calculate the revenue generated from rooms. You will then learn about the F&B (food and beverage) revenue budget plan and the factors to consider when creating one. Except for a few differences, the banquet budget is often considered very similar to the F&B plan. Do you know what these differences are? Other hospitality budgeting operations detailed include headcount and payroll, as well as other miscellaneous sections crucial to running a hospitality business. Finally, the course teaches you how to evaluate cash flow within the business structure.

The Covid pandemic saw a lot of businesses in the hospitality sector shut down over the last few years, only to have to reopen. A key reality is the nature in which reopening should occur to avoid financial troubles. To do this, the financial manager must be able to realign and adjust the company’s resources to suit the reality of the business at the time. This course helps build the acumen of a financial manager in hospitality by factoring in the plethora of variables that can affect cost and finances within the company. The lessons on budgeting are carefully illustrated with a number of Excel templates. You will be taught how to efficiently evaluate costs and draft budgets for practically every operation in a hotel during a period of low demand or activity. If you are a hospitality student, work in tourism or want to brush your knowledge on budgeting for the travel industry, sign up for free now.