Commercial Awareness In Hospitality

1. Commercial Awareness In Hospitality Guest Speaker: Eliot Kelly Postgraduate Student MSc International Tourism Management Work Experience – Front Office Manager (Village Hotels) V.I.P. Services Manager (Atlantis Resorts & Casino) Presented by Eliot Kelly Manchester Metropolitan University Department of Food and Tourism Management

2. Commercial Awareness Commercial awareness is a phrase that carries several meanings and is certainly not just about flicking through the FT or Economist the day before your interview. Presented by Eliot Kelly Manchester Metropolitan University Department of Food and Tourism Management

3. Commercial Awareness • An appreciation of how businesses operate through having had (preferably relevant) work experience. Appreciation of organisational culture, policies and processes. • Understands the economics of the business. Understands the business benefits and commercial realities from both the organisation's and the customer's perspectives. Presented by Eliot Kelly Manchester Metropolitan University Department of Food and Tourism Management

4. Indicators • Demonstrates breadth of awareness of business knowledge (eg. recognises issues in finance, sales, marketing). • Shows consideration of such business implications as increased revenue/profit, decreased expenditure, increased productivity, improved company image and market share. • Identifies new business opportunities. • Takes commercial constraints into account. • Ability to analyse financial trends (eg revenue, profit, productivity) and forecast accordingly. Presented by Eliot Kelly Manchester Metropolitan University Department of Food and Tourism Management

5. Organisational understanding • Understands the organisation's work environment, internal politics, business objectives and strategy. Presented by Eliot Kelly Manchester Metropolitan University Department of Food and Tourism Management

6. Indicators • Ensures contacts are appropriate for the work being undertaken. • Knows the relevant internal processes. • Demonstrates knowledge of the company's business outside of that specifically required in his/her role. • Makes realistic commitments. • Delivers outcomes to the agreed level. • Seeks to understand changing requirements. • Demonstrates a determination to ensure satisfaction. Presented by Eliot Kelly Manchester Metropolitan University Department of Food and Tourism Management

7. Organisational sensitivity • Puts the good of the organisation before personal advantage. • Discusses processes/practices in different parts of the organisation. • Asks questions to determine the impact of decisions on others. • Knows who needs to be influenced to achieve results. • Demonstrates by words and actions that he/she recognises the impact of decisions of others. • Actively seeks a win/win solution to professional/business issues. Presented by Eliot Kelly Manchester Metropolitan University Department of Food and Tourism Management

8. Professional expertise • Keeps up-to-date with developments in own areas of professional specialisation. Applies a breadth and/or depth of professional knowledge. Presented by Eliot Kelly Manchester Metropolitan University Department of Food and Tourism Management

9. Indicators • Learns and applies new information effectively. • Keeps up-to-date in their area(s) of speciality. • Effectively presents professional information to others. • Makes best use of their professional knowledge when planning, designing and implementing solutions. • Shares their professional expertise with others. • Demonstrates a knowledge of the latest methodologies and processes in own specialist area. • Is part of a professional network. • Actively seeks new people to become part of his/her network. • Is contacted by others as part of their network. • Attends conferences/seminars in his/her area of expertise. Presented by Eliot Kelly Manchester Metropolitan University Department of Food and Tourism Management

10. Required skill: • Evaluate and apply, within the hospitality context, appropriate theories and concepts from the generic management areas of: Operations management Finance and management accounting Human resources and organisational behaviour Services marketing Information systems and technology Strategic management Presented by Eliot Kelly Manchester Metropolitan University Department of Food and Tourism Management

11. Required competencies: • Cognitive skills:Analysis, Judgement and attention to detail Generic competencies:Planning and organising • Personal capabilitiesLeadership • Technical abilityTechnical Knowledge and application • Business awareness Organisational understanding, organisational sensitivity, commercial and financial awareness • Practical elementsProfessional expertise Presented by Eliot Kelly Manchester Metropolitan University Department of Food and Tourism Management

12. Example Jobs and requirements • 3 Graduates wanted: Business Development Opportunities: • Excellent people and financial skills and commercial awareness to deliver excellent results... • 3 Middle Managers wanted: Hospitality Industry • commercial awareness to deliver excellent results...in a competitive market Presented by Eliot Kelly Manchester Metropolitan University Department of Food and Tourism Management

13. AREA MANAGER - BRANDED RESTAURANTS • Salary: £45,000 - £50,000 + Car + Bonus • Skills Required: • Commercial awareness • Financial awareness • Leadership • Team work Presented by Eliot Kelly Manchester Metropolitan University Department of Food and Tourism Management

14. "Commercial awareness" • is a term that refers to a candidate's general knowledge of business , their business experiences (or work experience) and, specifically, their understanding of the industry which they are applying to join. It is a key competence for all city job applications. Presented by Eliot Kelly Manchester Metropolitan University Department of Food and Tourism Management