As General Manager at The Grand Hotel, Folkestone, I am always seeking ways to add value to the business, and this often means getting out and attending industry events.
I measure the value of attending events partly by what I take away from them, and at the hospitality industry social media roundtable at Coworth Park last October the take away was substantial.
Another of the delegates attending was Neil Fillbrook, the Managing Director of Bank Brokers, we exchanged notes on social media, particularly LinkedIn and then over breakfast talked business, financial business.
AS GM my responsibility focuses on the bottom line, and that equates to managing revenues and costs. Revenues need to be maximised and costs need to be managed responsibly to impact bottom line growth.
My discussion with Neil was helpful in as much as his banking experience allowed him to share some insights to further cost savings that had no negative impact on guest services.
We, like all too many other businesses I suspect, have reviewing our banking costs on a to do list that as a line never seems to rise to the top. We know we should do it, but day to day priorities take over and as such it stays there without ever being actioned.
What I didn’t realise is that over time these costs often rise, very slightly and very slowly, but build over time in a cost line that I assumed was a fixed cost. It is, but can be amended substantially, and it was with expert help from Neil and his team at Bank Brokers.
The proposition of savings of substance, via our merchant services and wider bank charges seemed too good to be true, however we approached a review with open arms and the mindset we have nothing to lose.
The Bank Brokers team were very effective and secured us a 26% recurring cost saving and further strengthened our banking relationship in the process.
This proved to be a very useful experience and one I’m happy to recommend. In fact at the moment, as many businesses in hospitality look towards reopening, saving money as you do so, with some help from Neil and team would be at the top of my to do list, and I suggest it’s promotion to the top of yours.
Robert Richardson FIH, GENERAL MANAGER, The Grand, Folkestone
If reading this you are inspired by Robert to investigate realising similar savings, Neil Fillbrook and Bank Brokers contact details are below.
Call: 020 71600075
Connect to UK MD via Linkedin
Bank Brokers UK Ltd, Priory House, Sydenham Road, Guilford, Surrey. GU1 3RX