October 21, 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 5: Benchmark Your Way to a Better Business Look beyond your client’s own results to establish a vision of what’s possible using industry benchmarks. In this session, they’ll hear how they can compare their results to what other properties achieve. Beyond RevPAR, ADR and occupancy, industry benchmarks can help answer questions like these: what are room costs as a percent of revenue (or per available room) for a property like mine? What is a reasonable spend for marketing, general and administrative costs and property operations and maintenance? How much should my property earn in Gross Operating Profit? Do you have a scorecard that shows how your property stacks up? We’ll provide tips for better benchmarking so your clients can set targets that will guide them, their team and property along the way to a better business.
Presenter:: Rod Bristol, Profit Soup – Rod 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.