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Quality Systems and Economic Aspects of Business Efficiency in Croatian Hotel Industry

Financial ratios represent one of the basic instruments in measuring and evaluating business efficiency. In the hotel industry, they are adjusted to the specifics of hotel operations. For that reason, in addition to standard financial ratios such as liquidity, solvency, activity and profitability, they include international standard ratios adapted to measuring and evaluating hotel industry business results and success. Those ratios provide important information for the decision-making process, assuring that results achieved are directed to defined goals. In accordance with that, in this paper, long-term financial analysis of the Croatian hotel industry will be presented based on general and specific standard financial ratios. Today, quality represents one of the vital preconditions of the success, survival, competitiveness and development of any enterprise. In connection with that, this paper presents the long-term analyses of standard financial ratios for hotel enterprises, which are compared in relation to the level of quality system implementation in those enterprises. The analysis is based on the empirical research carried out on a sample of large and medium-sized hotel enterprises in Croatia. The results related to the whole group “Hotels and Similar Accommodation”, as well as those related to the analysed sample, will indicate an area in the operations of hotel enterprises that needs to be improved in order to achieve further progress.

hotel industry; financial ratios; business efficiency; quality systems

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