BSC Best Practices Sharing – Our Business
3. Have the right cost control processes in place ▪ Direct Costs:
– Purchase Order control on the procurement system – F&B purchases monitored by the cost controller – Daily food flash sent to the Kitchen team and F&B leaders – Phasing costs across the months to help manage cash flow (e.g. bulk orders, guest/operating supplies) ▪ Undistributed Operating Expenses – Utilities: monitor weather forecast & predict consumption changes – Preventive Maintenance Program ▪ Fixed Costs ▪ Contingency Plan required for unexpected events and market volatility: know where are the savings, where to freeze first
4. Always forecast costs by monitoring your cash balance to avoid any type of liquidity crisis. Adjust the working cap accordingly
5. Publish, monitor and adjust results
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