Path to Good Hospitality Financial Management
Throughout my 49 years working the hospitality industry in both metropolitan & rural venues and as an industry consultant; one of the most important lessons I’ve learnt is that Gross Profit (GP) is a major key performance indicator (KPI) of the financial management of a business.
My experience suggests that many businesses do not appear to appreciate the importance of gross profit and how it can help identify the beginning of financial problems, and conversely, the path to financial success.
In this article, I will highlight the concept of using GP as a KPI for a hospitality business, and the steps required to determine it.
