Executives of companies have a large responsibility to shareholders, employees, board members, customers, and more. One of the largest responsibilities they have to manage is Profit and Loss. They have to balance the budget and ensure that investment dollars are going into the proper management of the company and ensuring customer satisfaction in the long term.
For hospitality industry executives, meeting and exceeding customer expectations is a huge part of the overall success of the company. Part of meeting expectations is proper P and L Management. Company executives have to monitor the net income of the company and ensure that they can put enough of their budgets into maintaining their facilities and create excellent experiences for their customers. Since the name of the game in the hospitality industry is to make customers feel at home, the budget has to reflect this sentiment.
P and L Management specifically in the hospitality industry is centered on expenses such as renovations and regular upkeep. If the customers see an unappealing building or property, they won’t want to stay there, and the company won’t make money. Savvy P and L managers in the hospitality industry know how to effectively spend their budgets on upgrading the building without breaking the bank.
Neil Castaldi is an executive for the hotel and special events venue the Nottoway Plantation. This beautiful plantation survived from the antebellum era and became an attraction for people throughout the United States. Castaldi was in charge of renovating the grounds to better serve their guests and allow for more people to experience the beauty of the property.
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Neil Castaldi - Managing Partner of Nottoway Plantation 