Hospitality Financial Leadership

Hospitality Financial Leadership - Only 2% Better - By David Lund

3x3 Rubik's cube toy - Unsplash
Hospitality Financial Leadership - Only 2% Better

HTrends

When we think about solving a problem or fixing a situation and especially when it is a complex issue, we tend to put our head in the sand, throw up our hands and say, 'This is not working. It’s so screwed up it will never get better.'

Time to wake up! There is always something we can do to solve a problem. There is no problem to begin with, if there is nothing we can do. I have experienced this…

The solution lies in the 2%

Ask yourself or work with your coach (have you got one yet?), friend or co-worker. Have that person ask you the following and fill in the blank question. I am going to assume our problem is getting department managers to provide more detailed and accurate expense forecast information.

Here is the fill in the blank question—a real-life example:

If I wanted the quality of the departmental expense information on the forecast to get 2% better, I would _______?

Fill in the blank with whatever comes to mind quickly; the trick is not to think about the solution but a possible solution and lots of possible little fixes to the problem.

Repeat, repeat, repeat—20 times.

Create an expense accuracy game

  • Have an expense discussion at the next department head meeting.
  • Get your best department head to train another.
  • Go visit each manager and learn what is so hard.
  • Show them the manual checkbook again.
  • Make agreements with them.
  • Etc., etc., etc.

This is the only way to solve a complex problem. We fool ourselves into looking for the one solution. Life and work do not happen that way.

Apply lots of little fixes and voila we have turned the situation around. Try it and see. Warning…this also works at home.


If you would like a copy of any of the following send me an email at david@hotelfinancialcoach.com

  • RevPar Index Spreadsheet
  • Incentive Plan Template
  • EFTE and Productivity Exercise
  • Hotel Financial Policy Manual – Inventory of “Sections”
  • Hotel Financial Coach “Services Sheet”
  • A White Paper – Creating a Hotel Policy Manual
  • F&B Productivity Spreadsheet
  • Rooms Productivity Spreadsheet
  • Financial Leadership Recipe F TAR W
  • A White Paper – A Six Month Workshop and Coaching Assignment
  • Hotel Financial Coach – “Speaking Sheet”
  • Flow Thru Cheat Sheet – Enhanced

Visit my website today for a copy of my FREE guidebook
The Seven Secrets to Create a Financially Engaged Leadership Team in Your Hotel
www.hotelfinancialcoach.com

Call or write today and arrange for a complimentary discussion on how you can create a financially engaged leadership team in your hotel.

Contact David at (415) 696-9593.
Email: david@hotelfinancialcoach.com
www.hotelfinancialcoach.com



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