To improve your operation’s financial performance, we begin by learning your goals and objectives and establishing baseline financial data.
At Vendalytics, we believe that every area of your operation should be fiscally responsible—from your internal staff, to your outsourced vendors, to equipment, to uniforms and more. But before looking into each of these factors, we begin by sitting down with you to discuss your overall financial approach, goals and objectives.
We then collect and analyze baseline data on all of your costs—as well as revenue, should your operation generate revenue. For those missing data in any key area, we can assist you in collecting it.
Because we’ve worked with hundreds of hotels and hospitals across the country—all with their own unique financial challenges—we can bring a wealth of information, insight and ideas to the table as you review your baseline data (where you are today) and develop strategies for reaching tomorrow’s goals and objectives.
Pinpointing areas for improvement
If there’s one thing we know how to do, it’s getting to the bottom of the issues that are affecting your bottom line.
Like good detectives, our team is excellent at finding clues. We pinpoint the areas of your operation that are underperforming from a financial perspective. Some of the culprits often include:
- A poorly designed (or inconsistently enforced) “comp” program, leading to significant amounts of uncollected parking revenue
- A cash-only parking system that doesn’t cater to today’s population (that only carries debit and credit cards)
- Parking rates that are either too low or too high, based on your costs and your competition’s rates
- Hourly wages that are either too low (so you can’t attract good employees) or too high (leading to unnecessary costs)
- No monthly reporting on KPIs (key performance indicators), making it impossible to track your team’s (or vendor’s) success—or lack thereof
- A one-size-fits-all approach to RFP planning and implementation, leading to a higher total cost of ownership
- An inconsistent maintenance program—leading to higher costs for equipment and vehicles
- Poor hiring, screening and training—leading to higher costs for service delivery, or an increase in financial or legal risk (e.g., taking your vendor’s word that they aren’t hiring illegal aliens to park cars or drive shuttles versus evaluating their hiring process to make sure)
Improving Financial Results
With so much waste-cutting experience under our belts, we can help you tighten yours.
At Vendalytics, we understand that there are numerous ways to improve financial performance— including better hiring, training, service delivery, pricing, management, development of and adherence to KPIs, revenue collection and controls, comp programs, risk reduction programs,
RFP strategies and more.
By having us conduct a financial evaluation of your operation, you’ll have a clear view into how your hospitality services are performing today (compared to similar-sized operations in your industry)—and how your operation can be improved moving forward to make it more efficient and cost effective.
Whether you contract our services to provide you with a financial audit of your operations, as well as step-by-step recommendations (to reach your goals)—or you would like to have an ongoing consulting arrangement where we define KPIs and then jointly manage those until we get to the desired financial performance levels—Vendalytics looks forward to helping you succeed.
Curious to know how we’ve helped other operations like yours reach their financial goals? Contact us today—we’d be happy to tell you all about it.