Management
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
- Banking pressures
- Poor financial information
- Discrepancies in cash receipts
- Customer complaints
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.
