A growing number of investors and hospitality property owners are choosing
to maximise their returns by operating their business under professional
management. The owner controls his level of involvement, allowing him to
have no contribution in the day to day operation if he so chooses.
Management teams comprise a business operator, stocktaking, accountancy
and general manager. Returns for investors are generally 16% or better.
It is important that the manager and investor share the same goals.
The use of a managerial team involves a formal agreement outlining the
terms and conditions of employment. These include:
Rate of pay and performance bonus
Total labour cost including management
Responsibility for outgoings
Capital expenditure, renovations fund
Full management reports
As the General Manager of the management team we are responsible for
selecting the operating manager and other specialist staff. Each
appointed manager is selected to suit the individual requirements of the
property. They have the skills and training necessary to obtain a liquor
license and have a history of successful management.
Existing hospitality owners may feel that their management today is
inadequate. Evidence of this may include:
Trading losses or falling profits
Poor financial information
Discrepancies in cash receipts
Most hospitality properties that show signs of business distress contain
inherent problems resulting from poor management.
This usually results in a departure from accepted hospitality business
principals, leading to breakdowns in operational policies and procedures,
and cash, stock and labour controls. Seeing this; existing staff and
management will often not be able to react to requests for more detailed
information or carry out procedures required to resolve those problems.
Chris Tinning & Company provides a dedicated team of hospitality
professionals who are tertiary trained and possess proven "hands on"
experience in all aspects of the hospitality industry. We are able to
take on troubled properties and enhance their performance to the benefit
of all concerned.