The relationship between franchise owner and general manager can make or break an organization’s success. A foundation of mutual trust, respect, and communication must be established in order to facilitate an effective partnership. Both the owner and manager want to ensure the hotel is profitable, and they must work together in order to accomplish this mutual goal.
The owner, general manager, and each level of management want to see the hotel succeed. Whether it’s the restaurant manager or the spa director, they want their respective departments to be profitable and customer centric. Creating a successful relationship between each party is critical to a hotel’s long term success.
So how do we facilitate a successful relationship between all levels of ownership and management?
A leader is only as successful as their team. Successful franchise owners need a team of skilled managers they can rely on. If the owner wants to grow their business and acquire more entities, they need managers on site who are effective at running the day-to-day operations. This means empowering management staff, trusting them, and giving them permission to make decisions on behalf of the organization. Managers must also understand budgetary constraints of the hotel to make fiscally responsible decisions.
Sharing Financial Information with Management
Sharing financial statements between owner and general manager is not always common. However, providing financial statements to managers can give them a sense of ownership in the organization. This open-book style of leadership provides managers with revenue, cost, and profit information.
By granting restricted access to income statements, general managers will be able to see what’s working and what needs to change. Perhaps the restaurant is profitable on weekends, but is losing money during the week. Maybe the spa has been operating in the red for consecutive months. A general manager who sees the complete financial picture will be able to effectively manage costs and maximize profits. Without this data, they won’t be able to optimize financial performance.
Using accounting automation tools such as Docyt can help provide owners and managers with the tools they need to expedite financial decision making while increasing profitability.
Using Business Performance Insights
Docyt’s real-time financial reports and KPIs allow owners and managers the ability to quickly identify cost-saving opportunities, increase efficiency, and streamline operations. You can even set up automatic report generation so your business always has the most up-to-date information. Automating the process eliminates manual labor, giving your management staff more time and energy to focus on the organization’s finances.
As a franchise owner, you can access financial records of all businesses at once or view each individually. Docyt’s real-time financial insights help your team work together, collaborate, and maximize overall profitability.
Empower Management using Accounting Automation
Creating a profitable business is a team sport. As the owner, the relationship and trust you establish with management staff is important. Empowering your team with tools to run their store, hotel, or department sets them up to be effective.
Growth-oriented business owners choose Docyt to operate their business at the next level. Learn more about Docyt. Set up a free consultation with us today.
