How Hotel & Restaurant Owners Should Approach Benchmarking
Being a hotel, restaurant, or any kind of hospitality business owner can bring its own unique set of challenges when it comes to benchmarking. Where do you start, or how do you start? What pieces of data are important when it comes to benchmarking?
We sat down with Davy Parsons, a director in our Nashville office that focuses on outsourced accounting services, specifically in the hospitality industry. Our outsourced accounting services team aims to help grow your business and help improve accounting operations and business processes, which is crucial for those in the hospitality industry.
I think what we specialize in here at FORVIS is the timeliness of the insight we can bring to the business. Traditionally, what we do with most of our clients is have a weekly touch point, 15 minutes or half an hour, that basically recaps the previous week. We compare your performance to the benchmarks that we agreed on with the owners that are important [to the business].”
Whether you’re a brand-new business or have years of historic data, our team can assist in projected revenue and volume, budgeting, operations, etc., for benchmarking your hotel, restaurant, or other hospitality-related business. Watch the above video today, and visit our hospitality industry page for additional resources!