Transforming Hospitality Finance with Entrepreneurial Insight
Manish Gupta
Chief Financial Officer,
Htoo Hospitality
I n his 23-year professional journey, Manish Gupta has worn multiple hats, establishing himself as a finance leader with a unique blend of entrepreneurial mindset and financial expertise. Currently the Chief Financial Officer at Htoo Hospitality, Manish’s extensive experience spans from being an entrepreneur and founder to acting CEO and CFO, equipping him with a holistic understanding of business operations and strategic financial decision-making. Manish’s entrepreneurial journey began with the founding of eHotel Management School, a transformative experience that honed his innovation, communication, and leadership skills. This venture ignited his passion for knowledge sharing, leading him to teach both online and inperson classes in Myanmar on hotel management, financial decision-making, planning, and cost control. Drawing from his extensive experience, Manish authored a guide on budgeting and forecasting for hotels, offering insights from both preparer and reviewer perspectives. In addition to his teaching endeavours, Manish developed courses on hospitality leadership to train finance professionals to advance their careers. His expertise extends beyond hospitality, with teachings applicable across various sectors. His recorded courses for Coursera on hotel and general finance further disseminate his knowledge globally. As acting CEO and CFO at Htoo Hospitality, Manish oversees six destinations, 15 hotels, an inventory of over 800 rooms, and a workforce of more than 1,500 employees. He has played a crucial role in setting business and operational strategies, steering the re-opening of key hotels post-COVID, and repositioning hotels in the local market. His tenure as CFO includes significant projects like negotiating a joint venture with Banyan Tree, establishing management reporting standards, and leading ERP system implementation. In an exclusive interview with TradeFlock, Manish discusses his strategies and how he ensures financial health and sustainable growth at Htoo Hospitality.
What challenges do you see in Asia's hospitality finance landscape, and how are you using technology to tackle them?
The financial landscape in Asia, especially in hospitality, faces challenges like money laundering and currency depreciation. For example, Myanmar has strict restrictions on currency conversions and transfers, making business operations difficult. To address these issues, we ensure compliance and maintain 10 Best CFOs from Asia 2024 26 proper documentation to avoid money laundering and terrorist funding. We verify our suppliers and customers’ legitimacy and hedge against currency risks by maintaining bank accounts in multiple currencies and localising purchases. Additionally, we focus on sustainability by supporting local businesses, using biodegradable products, and promoting community development to mitigate risks and strengthen local economies.
Why is training finance professionals essential for enhancing organisational productivity and profitability?
Training and development are critical for organisational success, particularly in finance. Junior team members often lack structured growth, compounded in foreign settings with language barriers. Personally mentoring a bilingual junior to financial controller improved communication and flagged senior staff knowledge retention issues. Promoting mentorship fosters expertise across teams, enhances decision-making and alleviates CFO duties. This strategy drives sound business choices, streamlines operations, and ultimately boosts productivity and profitability.
What's your view on the future of Asia's hospitality industry and the role of sustainability in its development?
The future of Asia’s hospitality industry holds promise with growth opportunities and evolving consumer preferences. Sustainability will play a crucial role, driving competitive advantage and innovation. Our organisation embeds sustainability in its strategy, using biodegradable products and supporting local communities. This approach not only enhances environmental stewardship but also boosts brand reputation and customer loyalty. As eco-friendly choices gain importance among travellers, Asian businesses can leverage sustainable practices for cost efficiencies and tap into emerging markets like eco-tourism. Ultimately, sustainability will fuel innovation and ensure long-term success in Asia’s dynamic hospitality sector.
How do you manage international rules and regulations in the financial sector?
Navigating international rules and regulations in the financial sector demands continuous learning and deep comprehension. Central banks oversee global money transfers and capital investments, pivotal for compliance amid stringent antimoney laundering measures. Although we are not inundated with regulations, we rigorously adhere to them. Collaboration with legal and financial advisors aids in understanding and adhering to these mandates. This proactive strategy ensures not only compliance but also operational efficiency across diverse markets, safeguarding our business integrity and facilitating smooth global operations.
How do you manage financial risks from currency fluctuations and inflation in the hospitality sector?
Managing financial risks in hospitality, such as currency fluctuations and inflation, involves several strategic approaches. We mitigate these risks by maintaining multi-currency accounts to hedge against volatility in exchange rates, ensuring stable transactions. Localising procurement reduces dependency on imported goods susceptible to currency fluctuations and inflation, supporting local economies and sustainability goals. Utilising financial instruments like forward contracts and options helps secure predictable exchange rates for future transactions. Additionally, optimising operational efficiency through cost controls and proactive economic monitoring enables us to adapt to market conditions swiftly, ensuring financial stability and resilience in the hospitality sector.
What is your advice for aspiring entrepreneurs and finance professionals in the hospitality sector?
My advice to aspiring entrepreneurs and finance professionals in hospitality is: Prioritise continuous learning and adaptability. Stay informed on trends and best practices to seize opportunities effectively. For entrepreneurs, embrace calculated risks and resilience. Innovation and learning from setbacks are crucial for growth. Finance professionals should cultivate strong technical skills in financial management, complemented by essential soft skills like communication. Mentorship, both seeking and providing, fosters growth, building a robust network for career advancement in hospitality
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