Management Candidates understand that the way to the top of a Manager Career is limited if they are not good with money. What most don’t realize is that they need to prove this to prospective restaurants and hotels. If you’ve never had a job in purchasing, finance, or project management this can be difficult, but not impossible.
Don’t Stop Learning
Financial planning and budgeting is a language. It is a skill. You never know everything needed to know. Think of financial management as playing a high risk game of chess. If you play it right, then the restaurant or hotel accomplishes its objectives, projects are a success, and there are not operating expense nightmares.
If you do it wrong….
Most of us can learn investing. It doesn’t take a lot of money and is one way to ‘show’ on your resume that you have money handling skills. You don’t need a lot of money to get started, and you will learn and become aware of a broader spectrum of financial planning.
Not all investments need to be long term. You can try Forex, or playing with quick turn over stocks. One benefit will be honing your risk management skills.
The first step will be to learn how to invest. Take a good course. Or maybe audit a university level course. The next step is to learn how to save money so you have money to invest.
The main rule you need to learn to follow is ‘never invest more than you can afford to lose.’
If you want to learn good teamwork and motivational skills then take part in an organization’s fundraising program. It costs money to make money, and too many times organizations have a poor Return On Investment (ROI) leaving everyone demoralized.
You will learn more than financial skills. You may eventually become a professional fundraising professional leading you to the next skill.
Small Business Management
There are several small businesses that can teach you the skills needed to run a larger business. Party Planning is a good place to start. Client expectations are often unrealistic. There are often extenuating circumstances that can ruin the party, unless you preplan for them. Building a Manager Career is not pretty, but it is possible.
And there is always a problem you never expected. What happens if you have a perfect party planned and one of the relatives insists on bringing their big, clumsy, pet Great Dane? Or maybe you plan a perfect meal and someone complains the whole time because they wanted a burger and fries.
The hard part will be ‘not’ falling in love with your business. Keep focused – it is only a tool you will use to land a bigger, better job. It will be your hobby. This must be stated on a resume, that it is an occasional hobby, and that you have no problem giving it up.
Business Decluttering and Management
If you have the skills but have no place to practice, consider coaching small business owners. Many small businesses are going out of business because of poor management and organization skills. If you learn project management and can help businesses turn around then your resume will have an extremely valuable skill on it.
While this is the ‘golden goose’ for many businesses in the hospitality industry you need a lawyer before getting started. Do not become a consultant, but a coach. Learn the legalities. If the owners are non-compliant their business may still go under, and they can take you to court. So make sure you are ready for this challenge before offering your services.