Giving Leadership - The Best Return on Investment for Your Hotel

By David Lund Hospitality & Leadership Expert, The Hotel Financial Coach | October 02, 2016

Hospitality Financial leadership is about making a new connection to the skills, talents and passion that managers have with guest service and college engagement and attaching that connection directly to their third power – their financial power. It's true what we say in our industry, look after the guests and the money will look after itself but only when we invest in financial leadership does this really ring true. Today we want financially engaged leadership teams across the board and building the team that has all three skills is paramount to your business success. That's Hospitality Financial Leadership, a management style that embraces guest service, colleague engagement and a superior return on investment by letting the team develop and use their natural financial talents.   

"It is every man's obligation to put back into the world at least the equivalent of what he takes out of it. The value of a man resides in what he gives and not in what he is capable of receiving." - Albert Einstein

When we give as a leader we create two things. Both of these creations are the keys to being an effective business leader and having more fun being that leader. This occurs at any level, you don't have to be the General Manager to enjoy the results and it works best when practiced by everyone. Imagine being more effective and having more fun! and it's free! In addition to having fun and being more effective it is hands down the best strategy to grow your business and its value. When you lead with the kind of caring and engagement that is possible your team will follow your direction and it's a familiar story from there.

Building the kind of team that cares about each other translates into colleagues and managers that care about their guests. This is the way to build an amazing team that will propel your business forward on all measures, especially financially. It's a tried and true method and what makes it difficult is how busy and how wired our lives have become. The secret to making this style of leadership come alive in your hotel is slow things down to the next person you encounter, slow it down to the next conversation. One at a time, slow and meaningful, making every human interaction stand on its own as a building block for your team and its leadership. 

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When we think about leveraging our business and managing and enhancing the bottom line we often think about more rate, higher occupancy, lower costs, fewer OTA bookings, better weather, the list goes on and on. The one thing we often miss is, who are we being as the leader of the business?  The real question is who are we being and what are we doing inside our organization. Doing and being are the key to establishing your leadership in such a strong and personal way that your team will want to follow. Your colleagues and managers will follow because they like the experience as its warm and natural. Your team will build itself on this doing and being. Doing amazing things for each other and your guests and being a thoughtful and caring leader. Recruiting will be easy because you have such a high bar and a clear mission.

Serving others first is the hallmark of your style and the members of your team emulate this culture.  We have all been in the opposite position inside a business or organization. The opposite being the kind of place where it's all about the money, the bottom line.  The greed and lack of any personal commitment to each other and the missing mission of service is all too apparent.  The good news for everyone here is we're in the hospitality business so we don't need to worry too much about being nice. Actually, that's what people want and giving your customers what they want and lots of it is good for business. It keeps your customers coming back and it creates wild raving fans. You develop this incredibly valuable leadership style by following the simple and ancient giving formula. 

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Coming up in September 2018...

Hotel Group Meetings: The Need for Speed

2017 was a banner year in the Hotel Group Meetings marketplace and that trend is expected to continue throughout 2018. Planners are experiencing a renewed sense of confidence due to a reinvigorated economy and increased job creation, which typically provides a boost in corporate meetings. Given this promising outlook, planners are maintaining a fast and furious pace, and they are utilizing an array of technologies to speed things up. For example, planner requests and proposals are expected to be turned around quickly; the mantra seems to be “as soon as possible, or sooner!” To that end, the use of electronic Request for Proposals (eRFPs) to source hotels and venues has increased in recent years, bringing many timely benefits to the Meetings industry. As a result, in order for hotels to attract and book meetings, they have to be willing to operate with a sense of urgency, which is the new baseline for success. Once on property, the need for speed doesn't diminish. Poken is a cloud-based event management platform, which enables attendees to easily and quickly connect, network and share contact info. ClickShare is a wireless presentation system that permits others in the meeting room to share their laptop with the presenter screen at the push of a button. Skype is useful in order to engage with remote participants in real time, and dedicated apps are being routinely used to drive registration and communication before, during and after a meeting. Finally, text messaging is replacing emailing and phone calls simply because it's quicker. The September Hotel Business Review will examine issues relevant to group meetings and will report on what some hotels are doing to promote this sector of their operations.