September 30, 2020
2:00 pm - 3:00 pm
In this insightful and wide-reaching webinar series, Profit Soup’s Rod Bristol explores the impacts and opportunities brought on by the onset of COVID-19. These webinars include topics on everyday business planning, forging a bigger bottom line, expanding productivity of your property and using your known data to compare and plan in contrast with industry benchmarks. Be prepared to take notes as each session will provide you with survival strategies that your business can’t afford to miss.
Part 2: Race to Profit: Breakeven Plus and Your Mileposts to Revival – If there is one financial skill hotel owner/operators need today it is the mastery of breakeven analysis as a planning tool. This session enables clients to assess their cost structure and calculate their cash burn rate. Then, armed with an understand of the relationships between costs, volume, and profit, establish sales goals that outline their pathway to profitability and beyond. Clients will practice advanced application of breakeven analysis to answer these questions and more:
- What are my long-term profit requirements?
- What sales are needed to achieve those profits? What is a reasonable time frame to attain the required growth?
- How do changes in costs (such as technology, personal protective equipment, customer safety measures, remodel/refresh investments, staff changes and wage increases) impact the sales needed to earn the targeted profit?
- How can I lift sales? How many room nights and at what ADR?
Presenter: Rod Bristol, Profit Soup – knows first-hand how changes in technology and market forces impact a business. His 23 years’ experience as owner of a multi-unit business chain have prepared him well to help others weed the threats out of opportunities, and find the best strategic pathway forward. He also spent six years as a mergers and acquisitions specialist, doing business valuations and facilitating business sales. Combine this with more than ten years as a master financial trainer, and you’ve got a champion for building wealth through growth and productivity from business inception to transition.