Financial Management in Hospitality

Financial Management in Hospitality Course Overview

Financial Management in Hospitality is a comprehensive course designed to provide participants with the knowledge and skills necessary to effectively manage the financial aspects of businesses in the hospitality industry. This course provides students with a comprehensive understanding of the financial management principles and practices applied in the hospitality industry. The course is designed for individuals with careers in hotel management, restaurant management, event planning, and other hospitality-related fields. During the course of training, students will learn how to analyze financial statements, prepare budgets, and make informed financial decisions. Through hands-on exercises, case studies, and real-world examples, participants would learn to make informed financial decisions, optimize financial performance, and contribute to the long-term success of hospitality businesses.

Who Should Attend

  • Individuals pursuing careers in hotel management, restaurant management, event planning, and other hospitality-related fields
  • Finance professionals in hospitality-related fields
  • Managers and senior-level executives in the hospitality industry

Introduction to Financial Management in Hospitality

  • What is financial management?
  • The role of the financial manager in the hospitality industry
  • Financial statements and analysis

Financial Statements and Reporting

  • Income Statements, Balance Sheets, and Cash Flow Statements
  • Interpreting Financial Statements
  • Ratio Analysis in the Hospitality Sector

Budgeting and Forecasting

  • Creating Operational and Capital Budgets
  • Revenue and Expense Forecasting
  • Variance Analysis and Performance Monitoring

Cost Control and Pricing Strategies

  • Cost Classification in Hospitality
  • Cost Control Techniques
  • Pricing Strategies and Menu Engineering

Capital Investment and Financing

  • Capital Budgeting Concepts and Principles
  • Investment Appraisal Techniques
  • Lease vs. Buy Decisions
  • Risk Analysis

Revenue and Yield Management

  • Maximizing Revenue through Pricing Strategies
  • Understanding the Concept of Yield Management
  • Utilizing Technology in Revenue Management

Key Performance Indicators (KPIs) in Hospitality

  • Identifying and Calculating Relevant KPIs
  • Analyzing KPI Data to Improve Operations
  • Benchmarking and Industry Standards

Adeola Badmus

I am Adeola, my 15-year professional career has spanned several roles, organizations, and sectors. I served as a project manager in IntroIT Consulting, Head of Institute / Chief Operating Officer for the Institute for Advance e-Studies, I currently hold the position as the senior project consultant & marketing director for Piston & Fusion. My qualification includes MSc. In Marketing, BSc. In Business Administration, Digital Marketing, PMP, PRINCE 2, NEBOSH, Level 3 Award in Education & Training. I have been privileged to attend some of the best institutions globally, the University of Lagos, Lagos Business School, and the University of Liverpool (UK). I am a member of AMA, PMI & IOSH. I have trained over 4000+ professionals in marketing, branding, project management, data analytics, and other business-related programs.

Participants enrolling for this programme will be required to have minimum of 3 years’ professional experience. Participants who meet the programme requirement should pay the course fee and complete the enrollment form 2 weeks before the programme kick off date.

Prospective applicants who do not meet the programme requirement but wants to join the programme should should follow the process detailed below.

Application Process

  1. Start a chat with the online course adviser or complete the application form
  2. Application will be reviewed by programme committee
  3. Application acceptance will be communicated by programme committee
  4. Pay the programme fee after receiving acceptance from the committee
  5. Check your mail for programme schedule and payment confirmation

    Participant’s Experience

    What is included in the Course Programme Pack

    • Practice Manual & Textbook
    • Participants workbook & Exercises
    • Templates for professional practice
    • Local & international case studies
    • Recognized Certification of Completion
    • Branded Personalized programme pack & stationaries
    • Breakfast & Lunch
    • 3 Star Accommodation (Optional – Available on Request)

    Kindly note all training materials for the Virtual Online classes will be in electronic formats (PDF & MS Word)

    Financial Management in Hospitality Course Fees & Dates for Upcoming Classroom & Virtual Online In 2024

    Piston and Fusion offer the Course as Classroom in Lagos and Virtual Online Class in other states in Nigeria. See dates and fees for classroom and virtual online class.

    Financial Management Programme
    Course Objective: The Programme’s focus is to help participants learn how to analyze financial statements, prepare budgets, and make informed financial decisions
    Weekday Date: Contact Us
    Weekend Date: Contact Us
    Location: 122a Obadina Street, Omole Phase 1 Ikeja Lagos
    Virtual Class Fee: ₦100,000 | $160
    Weekday Date: Contact Us
    Weekend Date: Contact Us
    Location: Microsoft Teams | Zoom

    Why Piston & Fusion Is Ranked Amongst the Best Business Institute In Nigeria

    • We have trained 6000+ professionals
    • We have over 10 years industry experience
    • Our facilitators are experienced and certified
    • We offer post training career advice and support

    All You Need to Know About Financial Management in Hospitality Course

    What Are The Key Benefits of Taking This Course?

    The course equips you with the knowledge and skills to effectively manage financial challenges within the hospitality industry. You will learn to create financial statements, budgets, and forecasts, implement cost control strategies, optimize pricing, and make informed financial decisions to enhance the profitability and sustainability of hospitality businesses.

    Do I Need Any Prior Financial Knowledge To Enroll In This Course?

    Yes, this course requires that you have some form of background in finance before undergoing training. The great thing about taking this course is it is designed to accommodate students with varying levels of financial knowledge. It starts with the fundamentals and progressively covers more advanced topics.

    Will This Course Help Me if I Want To Start My Own Hospitality Business?

    Absolutely. This course will provide you with the financial knowledge and tools to make informed decisions and develop a solid financial plan for your hospitality business.