I remember the days when we hoteliers had the luxury of daydreaming of ways to delight our guests, conjuring up new ideas, even improving things that seemed to be working. Worrying about spoiling, delighting and pampering our guests was the central concern of every decision we made. Ahhh, the luxury....
Nowadays it seems that our general managers and management teams are spending their hotel management moments worrying about cash flow, stressing over budgets, agonizing over revenue: in short, money.
A major challenge has been keeping me awake at night, one that I have warned others about and yet one that has, quite frankly, landed us on the brink as a start-up. As an entrepreneur, I am often asked what I feel is the most important aspect of running a new business. And my answer is always CASH FLOW! Cash flow is ‘king’! But we have been jolted into a scary reality over the last month and we have to admit that we have not walked the walk.