Time to raise bar on performance standards

Hotels should stop assessing its performance by comparing it with industry averages and focus instead on raising its standards. This shift in assessment standard necessitates the evaluation of senior management executives who will be held accountable for the optimization of profitability. This method will also create the need to develop a specialized training of unit managers particularly in areas of flexible budgeting, cost analysis, basic operating skills and penetration analysis.
With the lodging industry moving forward at a healthy clip, profitability worries have receded for many owners and managers. Yet this is the ideal time to be preparing for the [...]