Letter from the HFTP Global President: Budgeting and Planning are Integral to Success

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Written By: Timothy G. Nauss, CHAE

HITEC Houston, which attracted HFTP’s largest event attendance in history, may now be behind us but the year is far from over. At the end of this month on July 28 is the new Club Forum in Sarasota, Florida USA. Annual Convention is approaching quickly, taking place October 24-26, 2018 at the Omni Louisville Hotel in Louisville, Kentucky USA. And, capping off the 2018 events calendar is HITEC Dubai, which will be held December 5-6, 2018 at the Madinat Jumeirah in Dubai, UAE.

While the calendar year may only be half over, HFTP is approaching the end of its fiscal year more quickly. For HFTP, the fiscal (budget) year runs from November 1 until October 31. In the months leading up to November, the HFTP Global staff launches its budget-planning process.

This multifaceted process is essential to the association successfully planning and preparing for future ventures, and the home office begins budgeting months ahead of time. Each department designs their budget based on logical assumptions for the coming year — what they expect to spend money on and projects they plan to enact during that year.

The departments convene during a series of internal meetings to finalize a budget proposal. Then, the HFTP Global Executive Committee arrange a worldwide video conference call via Zoom to review the budget in detail, prior to the HFTP Global Board of Directors assembling at Annual Convention to review and officially approve the budget.

The budget must be taken into consideration when designing future projects and implementing new ideas — including the inaugural Women in Technology luncheon that will take place at HITEC Minneapolis 2019. New to the HITEC program, this networking luncheon will connect professionals, honor industry accomplishments and celebrate the successes of professional women.

Effective planning during the budget process allows not only the introduction of new items, but also the annual continuation of global ventures like HITEC Europe. HITEC’s third consecutive European event is scheduled for April 10-11, 2019 at the Palau de Congressos in Palma (Mallorca), Spain.

The staff also considers feedback collected after events that have taken place during the current year, anticipating changes and improvements to the educational program and exhibition that could ultimately affect the budget. ­­­Attendees to HITEC Europe 2019 can anticipate an enhanced conference schedule, exclusive exhibit hours and more.

As mentioned earlier, the HFTP Annual Convention marks the end of the current fiscal year and introduces the new approved budget. It is also the next major event hosted by HFTP for hospitality technology and finance professionals to look forward to.

The Annual Convention features an extensive range of crucial hospitality trends and topics presented by leading industry experts to help you remain informed and prepared in a constantly evolving business environment. Over the course of three days, network with hundreds of like-minded professionals, create your agenda from a selection of over 40 educational sessions, and meet with 30 featured vendors offering services and products designed to meet your business needs. Register to attend Annual Convention today.

The Annual Convention will also feature a three-hour educational workshop incorporating topics selected by members of the Young Professionals Advisory Council. I believe it is vitally important to invest in the education and training of the industry’s young professionals so that they can in turn help grow and advance the industry.

This ideal was recently reinforced at HITEC Houston when the Young Professionals Advisory Council met to exchange ideas, ask questions and discuss the future of the hospitality industry at the HFTP Booth and Member Lounge in the exhibit hall (pictured above).

You can also read a blog post from HITEC Houston student volunteer Ting-Bing Wu, who shares the valuable insight and knowledge she gained as a young professional attending this type of industry event for the first time.

The Young Professionals Advisory Council is currently planning another meet-up at Annual Convention. All young professionals are encouraged to attend and take advantage of the upcoming opportunity to learn, collaborate and inspire one another in Louisville this fall.

Timothy G. Nauss, CHAE is the 2017–2018 president of the HFTP Global Board and currently serves as chief financial officer of Studio City Macau, an integrated casino resort located in Cotai, Macao.

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