50 Critical Hotel Business Words?

What follows is the list of the 50 words or phrases that I am most often asked about by Hotel Workers, Supervisors and Managers contacting me from around the World regarding the business aspect of their Hotel.

Despite all the Training and Development that takes place in the Hotel Industry - I believe there are lots of important words and phrases that many of us never understand.

I believe everybody interested in the Business aspect of their Hotel could start or continue their development by at least understanding the following 50 words or phrases - perhaps learn 1 a day or even 1 a week? 

The List is in reverse order - the most frequently asked for word or phrase is no. 1 at the end of the list:

50. Hotel Business - the activity of providing goods and services involved in running a Hotel including financial aspects.

49. Marketing - the processes involved in promoting and selling and distributing a product or service.

48. Profit - the amount of money left over after expenses are taken out.

47. Outsourcing - contracting out selected activities of a Hotel to other organizations that can do the work more cost efficiently.

46. Headquarters - the office that serves as the administrative centre for a Hotel company.

45. Personnel - staff, employees, work force.

44. Promotion - act of raising in rank or position.

43. Asset - anything of value that is owned.

42. Recruitment - finding new people to join an organization.

41. Sales department - the division of a Hotel that is responsible for selling its products or services.

40. Liability - an amount owed by the Hotel.

39. Meeting - a formally arranged gathering.

38. Objective - the goal intended to be achieved (and which is believed to be attainable).

37. Entrepreneur - a person who organizes, manages, and takes on the risks of a business.

36. Contract - a binding agreement between two or more persons that is enforceable by law.

35. Investment - putting money into something in order to make a profit.

34. Credit - arrangement for deferred payment for goods and services.

33. Logistics - the process of managing the efficient flow and storage of raw materials, in-process inventory, and finished goods from point of origin to point of consumption.

32. Shareholder - someone who holds shares of stock in a company.

31. Stakeholder - any group within or outside the Hotel that has a stake in its performance.

30. Interest - the price paid for the use of borrowed money.

29. Inventory - an accounting term - the value of a Hotels assets including raw materials and work in progress and finished goods.

28. Manager - Someone who coordinates and oversees the work of other people so that organizational goals can be accomplished.

27. Board of Directors - A group of people elected by the stockholders of the Hotel to set the policies for the corporation.

26. Accounting - the occupation of maintaining and auditing records and preparing financial reports for a Hotel.

25. Human Resources - maintains policies, plans, and procedures for the effective management of Hotel employees.

24. Budget - a summary of intended expenditures along with proposals for how to meet them for a business.

23. Networking - Using contacts with friends and family members as a means of finding job leads.

22. Consumer - a person who uses the Hotel's goods or services.

21. Brand - the combination of names, words, symbols, and design that identifies the Hotel and distinguishes it from competing Hotels.

20. Overhead - the amount of money it takes to run a business.

19. Point of sale - places where goods are sold to the public - shops, stores, kiosks, market stalls, etc.

18. Company - an institution created to conduct business.

17. Revenue - the entire amount of income before any deductions are made.

16. Salary - the money paid for employee services.

15. Operations - Performance of a practical work.

14. CEO - the corporate executive responsible for the operations of the firm.

13. Competitor - One who competes or is a rival of another business enterprise.

12. Merger - Combination of two or more companies into a single firm.

11. Agenda - a temporally organized plan usually for a meeting.

10. Income statement - a financial statement that gives operating results for a specific period of time.

9. Balance sheet - a financial statement that reports assets, liabilities, and owner's equity on a specific date.

8. Cash flow statement - A financial statement that shows the flow of money in and out of the business.

7. Project - any piece of work that is undertaken or attempted.

6. Multitask - to do more than one thing at the same time.

5. Resign - leave (a job, post, post, or position) voluntarily.

4. Industry - the people or companies engaged in a particular kind of commercial enterprise.

3. Strategy - an elaborate and systematic plan of action.

2. Business plan - A written description of the business idea and how it will be carried out, including all major business activities.

1.   Deadline - the point in time at which something must be completed.

And if enough of you pass this message on to your colleagues and friends, we might create the biggest Hotel Business class ever?

 (Thanks to the range of dictionaries and web-sites that I got the basic definitions from)

These blogs and vlogs are intended for hotel workers, supervisors and managers who are (or want to become) actively engaged in learning and development around the world.

Through his electronic writing, Stephen attempts to help those without the time or often the money to attend College by providing them with Learning.

Watching these vlogs and reading these blogs will assist hospitality students and workers in the Global Hospitality Industry to train and develop using Social Media.

ABOUT THE AUTHOR: Stephen Sawyers brings 20-years of Hotels and Hospitality Management to his book writing.