Hospitality Financial Leadership: Your Department Managers Really Want to Do Their Monthly Financial Forecasts
October 8, 2018 11:40am
By David Lund
You probably read the title and said to yourself, “No way, that’s a load of BS. There is no way my managers want to do their financial forecasts. Heck, I can’t even get them to submit their accruals or commentaries. We ask them to do their forecasts but rarely do we get them on time or even halfway making any sense. How on earth can I get my department managers to want to do their forecasts?”
One of the most powerful distinctions in the world is the difference between wanting to do something and knowing how to do something. There is a saying that goes like this: If you can find the ‘want to’, the ‘how to’ is everywhere. The meaning is twofold. One, it’s almost always counterproductive to tell someone to do something. People hate to be told what to do. Think for moment. Ask yourself when was the last time someone told you what you needed to do and you really appreciated it. Two, as human beings we’re typically very good at getting what we want. If we’re clear about our desire and we’re willing to commit to go after it, we usually get what we want. When we want something, our motivation is high. When we see that it’s not difficult, our actions increase. When we are given support for our attempts, we’re much more willing to try again. When we see that it’s safe to try and we won’t be criticized if we fail, we’re willing to experiment. When we see the opportunity for greater prosperity, we tend to get excited. When we see the possibility of having a bigger impact in our world, we naturally want to move in that direction, if it’s safe. Does any of this sound familiar? I mean, who would want to attempt something if getting it wrong or not quite right means personal judgement and embarrassment in front of one’s peers? No one. And because we don’t like feeling this way, we avoid the possibility all together.
If you want to create the kind of environment that has your leaders and managers wanting to do their monthly financial forecasts, commentaries or budgets, then you need to work on the following:
Your leaders secretly want to be ok with their numbers. To do this they need a system, training, support, and the right environment. I ask leaders all the time, “Why didn’t you do your forecast?” The reply I always get is “I really want to be comfortable with my numbers, I get the guest and colleague part, but to be a really effective leader I know that I need to get with my numbers?” Don’t believe me, ask them yourself. Your leaders want to do this they just need the right environment. The only way this environment gets created is if you make it happen.
My question for you is this, what’s holding you back from creating this kind of environment in your hotel? You know it’s what you want. You know it will make your hotel more profitable. You know your leaders will love you for giving them this financial gift. You know it will be a lot more fun. So, what’s holding you back?
Investing the time, energy, and resources in creating financial leadership in your hotel is not difficult to do. “How to” do it is not holding you back, “wanting to” do it is. You might want to ask yourself “Why?”. When you think you have the answer put it down and just try. Make the act of doing the forecast the goal, not getting it right. Practice and make progress by getting a little better each month. Before you know it, you will have a team that swings a big bat.
Tags: david lund,
hospitality financial leadership,
David Lund is The Hotel Financial Coach, an international hospitality financial leadership pioneer. He has held positions as a Regional Financial Controller, Corporate Director and Hotel Manager with Fairmont Hotels for over 30 years.
He authored an award-winning workshop on Hospitality Financial Leadership and has delivered it to hundreds of hotel managers and leaders. David coach’s hospitality executives and delivers his Financial Leadership Workshops throughout the world, helping hotels, owners and brands increase profits and build financially engaged leadership teams.
David speaks at hospitality company meetings, associations and he has had several financial leadership articles published in hotel trade magazines and he is the author of two books on Hospitality Financial Leadership. David is a Certified Hotel Accounting Executive through HFTP and a Certified Professional Coach with CTI.
For a complimentary copy of my guidebook on creating a finically engaged team in your hotel head over to my website, www.hotelfinancialcoach.com and don’t forget to email me firstname.lastname@example.org for any of my free hospitality financial spreadsheets.
Contact: David Lund
Hospitality Financial Leadership: Understanding the Concept of Owner Spend
Hospitality Financial Leadership: The Next Big Thing
Hospitality Financial Leadership: Contra or Barter Exchanges – How to Record Them and Some Tips
Sonnenblick-Eichner Company Arranges $26,500,000 of First Mortgage Financing for The Inn at the Pier, Pismo Beach, California
Hospitality Financial Leadership: She Said She Was Born Without the Financial Gene
Hospitality Financial Leadership: Roger Penske & The Hotel PMS
Hospitality Financial Leadership: City/Region Wide Supply and Demand Analysis
Hospitality Financial Leadership: The 5 Hidden Costs of Being Branded
Knighthead Funding, LLC Originates $36 Million Loan to Refinance Newly Constructed Luxury Hotel at Hartsfield-Jackson Airport in Atlanta
Hospitality Financial Leadership: Earned and Unearned Revenues – Understanding the Difference
Hospitality Financial Leadership: Bring Multi-Tasking to an End for Hotel Leaders
Hospitality Financial Leadership: Understanding the Importance and Use of The Reserve for Capital Replacement
Hospitality Financial Leadership: The Matching Principle
Hospitality Financial Leadership: The Top 10 Interview Questions About The Hotel's Finances for a General Manager and the Best Answers
Hospitality Financial Leadership: OTA’s and How Hotels Can Best Use Them
Hospitality Financial Leadership: What Is Leadership?
Thorofare Capital Provides $17 Million Loan to Refinance Boutique Hotel in Downtown Miami
Hospitality Financial Leadership: Going Down the Road – Part 1
Hospitality Financial Leadership: Expectations vs. Agreements
The History of Financing Boutique Hotels
Please login or register to post a comment.