Improving your financial literacy to succeed

The hospitality industry has faced a relentless set of challenges over the last 18 months and as businesses adjust to the new economic realities, the need to sustain and create value could not be more important. The question is, how can hospitality leaders and business owners equip themselves with the skills and knowledge needed to unlock hidden value and thrive in such challenging times?

In a recent FM Magazine article, Jessica Hubbard pointed out that: “In today's era of technology-fuelled business growth, much of this hidden value can be uncovered by turning to both organisational and external data”. However, before being able to use this data to identify cost inefficiencies and respond to patterns, a business first needs to ensure that their financial house is in order.

With so many matters competing for the attention of hospitality organisations since the start of the pandemic, from adjusting to social distancing measures, dealing with staff shortages and a lack of supply of ingredients to name a few, it is not surprising that the financial aspect of business may have taken a back seat. Some business owners may have delegated the finances to someone else within the business in order to focus on client relationships and marketing and sales. Yet whilst this may have been justifiable in the past, the current economic climate makes it even more critical for hospitality leaders and business owners to get to grips with the financial side of their business.

In a recent article in the Springfield Business Journal, Steve Albrecht, a human resources trainer, security consultant and employee coach emphasises improving your financial literacy is “the most necessary training for business success”. He argues that both business owners and employees wanting to progress into a supervisory, management or leadership role must be able to “speak the language of the business”, which involves understanding the basic financial statements as well as knowing how to read and interpret financial reports.

If you are looking to equip yourself with the knowledge and skills to manage your finances or to prepare for a senior leadership role where knowledge of managerial finance will be essential, there is no better time to sign up to our upcoming course Hospitality Finance Explained - A deep dive for Non Financial Hospitality Managers.

The next course commences on 17th January 2022 and will be delivered online over six weeks using our online learning management. The topics are studied in depth with examples and illustrations to provide participants with a deep understanding of the managerial accounts and there are different activities to develop your knowledge including quizzes, webinars and discussions.

If you are looking for a shorter course, why not take a look at our 2 half day online course. Our online ‘Finance for Non-Financial Managers in Hospitality’ seminar aims to improve commercial knowledge to ensure that business decisions regarding pricing and costing are made with insight. The coaching from our tutors will increase the commercial awareness of non-financial managers and improve the understanding and interpretation of budgets and monthly reports that all departments deal with on a regular basis.

For more information on our courses, please visit our courses page or get in touch with us to find out how we can support you.

5 ways to unlock the value of your business data - FM (fm-magazine.com)

Opinion: Your company’s future depends on your financial literacy | Springfield Business Journal (sbj.net)