Hospitality Financial Leadership: Your Top 10 List of Excuses

Now I bet you’re wondering, excuses for what? Excuses for not jumping in the deep end with the financials in your hotel career. What’s your imagination telling you that’s wrong in your hotel that holds you back from owning your departmental expenses and payroll? What is the magic fairy dust that someone dumped on you that keeps you on the sidelines?

That’s what this one is about. And the good news is that your problem is only a habit that can be broken by owning up to the fact that your thinking is poisoning your actions. Specifically, it’s victim thinking that is holding you back. Being an owner or a victim, it’s simply a habit and a choice.

#1 Excuse – It’s the accounting department’s responsibility. No that’s wrong – full stop. Yes, accounting is responsible for maintaining the books, the assets and the liabilities and ensuring the health of the financial machine, but it’s your responsibility to make sure your departmental costs are in-line.

#2 Excuse – But I don’t have time! Wrong again. You choose not to make the numbers a priority. You have just as much time as the next manager, and what you do with your time will determine your career success and personal prosperity. No one is coming to save you, it’s a self-help world.

#3 Excuse – I Don’t know what to do! This is a classic. How do you eat an elephant? One bite at a time. What’s the first step? What’s the one thing you can do today to move ahead – even if it’s just one inch. Do that thing and then do the next, and then the next and so on. The doing is the secret not the specific action.

#4 Excuse – No one is training me. Our business is chock full of mentorship opportunities. If no one is asking you – then ask them. Seek out a competent individual and ask for help, and jump in. Pro tip – go to my website blog and YouTube channel and start to immerse yourself in knowledge.

#5 Excuse – I don’t get to see the financials. That’s not going to stop you from learning about the business of hotels and the necessary financial leadership skills you need to acquire. Sooner or later once you are in the game the paper will come your way.

#6 Excuse – The GM and Owner call all the shots. That’s an opportunity not a problem. The way you see it, they call all the shots. Get involved and, before you know it, they will pass the ball. Whether you know it or not, what you’re looking for is looking for you.

#7 Excuse – I inherited the mess that is my departmental finances. True and that’s a huge opportunity to be the one that cleans up the mess and drains the swamp. Don’t let someone else steal this chance to shine and, whatever you do, don’t miss the window, the first 100 days is the focus.

#8 Excuse – The Director of Finance is a recluse. Ok so they may be harder than the average Joe to access. But how have you tried so far? I remember once when someone challenged me to seek out the help of one very grumpy executive chef to show me how to cost a menu. What an opportunity I almost missed.

#9 Excuse – I don’t have any formal education on the numbers. The numbers and your application in your hotel are about business thinking – not accounting. They have accountants to do the month-end, financial statements and account reconciliations. What you need to do is master your payroll and expenses, budgets, forecasts, commentaries. That’s not accounting.

#10 Excuse – I’ll do that next month. The truth is next month never comes because you’re just going to kick that “to do” down the road. That’s the kind of thinking and prioritization that has you where you are. Break free and start today. Make every day a priority to become a numbers person with your departmental finances.

No one is coming to save you! You can do this just so long and you’re willing to make it happen. Take one step and then the next, keep repeating and don’t stop.

At Hotel Financial Coach I help hotel leaders and teams with financial leadership coaching, webinars and workshops. Learning and applying the necessary financial leadership skills is the fast track to greater career success and increased personal prosperity. I significantly improve individual and team results with a proven return on investment.

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