86 Repairs’ Post

At Optimized Hospitality, we understand the unique challenges the hospitality industry faces when it comes to budgeting. That's why we advocate for the power of contracts and agreements. By locking in prices and streamlining your procurement processes, you can create a budget that's not just accurate, but also resilient. Say goodbye to surprise costs, and hello to a more predictable financial future. https://zurl.co/96Pv

Managing R&M is challenging—especially for finance pros who depend on consistent processes to do their jobs successfully. 📋 Meeka Baxter, Director of Finance at Castellucci Hospitality Group, recognized issues in their R&M processes: unclear communication and inconsistent follow-ups were leading to escalating expenses. But she didn't have the bandwidth to solve the problem alone. In partnership with 86 Repairs, Meeka and CHG got a streamlined process to address R&M across locations. 💪 We act as an extension of the team, communicating with vendors, providing real-time repair updates, and organizing invoices.
 Now, gaps in communication are filled and Meeka can easily pinpoint the source of rising R&M costs. And on-site restaurant staff can focus on delivering exceptional guest experiences and driving sales instead of chasing invoices. 🏃 Get the full success story here: https://bit.ly/3LWtgFD

At Optimized Hospitality, we understand the unique challenges the hospitality industry faces when it comes to budgeting. That's why we advocate for the power of contracts and agreements. By locking in prices and streamlining your procurement processes, you can create a budget that's not just accurate, but also resilient. Say goodbye to surprise costs, and hello to a more predictable financial future. https://zurl.co/96Pv

Hi all, I need some help regarding billing a client. So here it goes- My friend suggested me this client and since we had cordial relations, I accepted. Case 1: The client asked me to draft one term sheet for two completely different set of documents. One was a joint venture, another was a license for mine’s development. After discussions, he agreed to have two separate Term sheets. He goes unresponsive when I send the drafts and after months when I follow up says that he didn’t get through the deal. So? Am I not supposed to get paid? In the same conversation, he again roped for another task which is case 2. Case 2: He asked me to have a conference at his office, then shifted to Hyatt which is approximately 1.5 hours from my place. Conclusion of the conference was for me to draft 2 new term sheets for his investments in two different set of companies. I agreed because, again, cordial relations, so foolish of me. In the same conversation, he asked me to be in a retainer which was not possible for me and I said I’ll give him references instead. Now I send him another bill as per regular fee schedule and I receive this message: “I have some corrections in the bill - there is some difference with what we discussed at Hyatt… I am processing it as per my understanding. Will discuss the differences and then settle the balance” At this point, I just want to give up and say- “Please leave and keep the agreements” but then I realised he rides a BMW and I have an i10. Any suggestions from you folks would be great! Edit: For all those telling me I should have in on print form, I am really grateful but after the conference, I had sent him all the deliverables, the timeline was decided. And since before going to any conference, I send clients my fee schedule and that was accepted by him that too over mail. Yet he is not responding to payment requests.

Are outdated manual processes and endless paperwork slowing down your finance department? 😨 It's time for a change! ⏰ Join us on December 19th at 11:00 AM EST for an exclusive webinar – "Jingle All the Way to Accounts Payable Efficiency: Automation for Hospitality Professionals" Discover how thousands of hotels nationwide are saving countless hours and stepping into the future of finance with accounts payable automation: https://brnw.ch/21wFpFe

Must admit, I do enjoy reviewing the Billing Guidelines this afternoon (and I am not a big fan of reading long documents). Not only because I can watch the fantastic sunset from my window and listen to the music of waves on the background, but also because this is the right thing to do - to control the billing and spend. Syke launched a short survey to see how legal teams manage their spend. If you take 5 minutes to do this survey, you might get some interesting thoughts on how to improve your legal spend management practice. Besides, it is an opportunity to qualify for a free spend management assessment: https://lnkd.in/dG95-rKt

Posting in response to a question from Mohammad Zakarneh - he writes: "Hi Chris Croft, Loved your course on cost reduction tips - super insightful! 😊 I was really intrigued by the part where you mentioned a cleaning company boosting its profit by 5x. That's amazing! Could you share a bit more about how they managed to pull that off? What kind of analysis led them to go for such a bold move? I'm all ears for the behind-the-scenes on how to make such a game-changing decision. Thanks a ton for the great insights!" The answer is that they had a new strategy to focus on only their top 20% of customers, who (always the way) were giving them 80% of their profit. So they had to get rid of 80% of their customers: all the small ones. So they put the price up for those, "to get rid of them". For years they had been worried about price increases, thinking the industry was very price sensitive. They were making only 2% profit (e.g. charging 102 when costs were 100) and they put the price up by 8% (e.g. to 110, costs still 100, new profit 10 instead of 2). 5x the profit! They thought they would lose (get rid of) most of the clients but of course they lost almost none! If you're doing a good job the customers will stay with you, they don't care if their weekly cleaning bill goes up by $8, or 8% of a small number. So to the cleaning company it was a big deal, but to the customers, who have much bigger costs, the cleaning bill isn't important. They then put it up AGAIN, to 115, and STILL hardly anybody left! Shows they were doing a good quality job, but also that they should have done it sooner!!!

Welcome back to our cost management series, where we delve into the dynamic world of variable costs. 📈📊 By definition, variable costs fluctuate in relation to the volume of customers you serve and getting a handle on these is key to maximising your profits and scaling up operations. 💪⚖️ Want to dive deeper into this topic? Click the link below for tips on how to manage your variable costs for business growth! 👇 https://hubs.li/Q01-NK6g0 #CostManagement #VariableCosts #BusinessGrowth

Unlock Success in Hotel Development with Financial Planning! Learn how financial planning boosts: Budgeting Risk Control Investor Appeal ROI Growth Sustainability CAPEX Management Cash Flow Control Tax Efficiency Stakeholder Alignment Explore https://bit.ly/48RaUQh

If you want to improve your profitability, operational efficiency and staff morale in your property management team, I’d like to invite you to book my comprehensive Property Management Auditing service. This service delves deep into your operations, assessing the health and viability of your rent roll to uncover the narrative behind the numbers – from tenant relations to financial performance. After a deep drive, I’ll provide crucial operational insights and strategic guidance, empowering you with the knowledge to make informed decisions. This isn't just an audit; it's a transformational journey where data meets strategy, and insights become actionable plans for growth and efficiency. When we partner together, you gain more than a service; you partner with an expert dedicated to ensuring your property management department excels in every aspect. Book a Zoom call with me today to talk about your property management department. Here’s the link to book a call: https://lnkd.in/gtPD6riU