Browsing by Author "Esekow, Jeremy"

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    The balanced scorecard in the South African hotel industry
    (2001) Esekow, Jeremy; Uliana, Enrico
    The hotel industry is one where success or failure largely depends on service quality. To control financial performance in such an environment, management must be aware of the need to closely monitor and control this non-financial aspect. This does not appear to have been the case to date. The Hotels and Leisure Sector of the Johannesburg Stock Exchange is one of the poorest performing, with the hotel groups having fared the worst. An oversupply of hotel rooms, the increasing availability of alternative forms of accommodation and a perceived decline in service standards are amongst the threats causing these unfortunate results. Management action is thus necessary to survive and prosper in the face of these current challenges. A case has already been made for the necessity of employing the use of non-financial indicators in the management of most organizations. The use of such indicators within a structured management system has proven to yield better information for decision-making and control than merely adding a selection of indicators to an existing financial reporting framework. Several structured management control systems exist. It is suggested that the balanced scorecard, where overall organizational strategy is linked to individual goal setting and action, is a highly effective management tool within a hotel environment. The measurement of performance relating to customer, service process and infrastructural goals within the standard key perspectives of a balanced scorecard enables a hotel manager to better control the intangible service process. Thus guest - staff interaction can be successfully controlled in line with the hotels strategy, while at the same time, environmental challenges will have been built into the goal setting equation. The balanced scorecard has been implemented successfully in several hotel groups internationally, proving its suitability to the industry. It is thus recommended as a solution to the ailing South African hotel industry.
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    An exploratory study of behavioural finance insights in the Small, Medium and Micro-Enterprise creditworthiness assessment process
    (2011) Esekow, Jeremy; Uliana, Enrico
    Financial institutions are often reluctant to lend to smaller entrepreneurs due to perceived information asymmetry and lack of available collateral. At the nascent and new entrepreneurial levels, it is generally more difficult for loan applicants to provide the information required to secure the necessary funds. Inadequate financial information coupled with uninformative credit histories heighten the information opacity thus diminishing the entrepreneur's prospects of securing loan funding. Viable entrepreneurial projects may therefore remain unfunded largely due to uncertainty rather than riskiness. This study therefore highlights the creditworthiness assessment process and seeks to address the information opacity problem by looking to alternative sources of entrepreneurial information that may aid the loan officer.