To be effective, leaders must not only manage their team but they must develop an understanding of every individual on that team.
Prioritizing acquainting yourself with each individual on your team includes knowing their dreams, their hopes, their thoughts, their opinions and their values. This and only this is the key to making sure you not only have the right team in place but it enhances your ability as a leader to maximize performance.
The most effective leaders seem to have both a unique ability to pick the right people for their team and they are superior in reading and understanding people.
Getting to know and understand people really doesn't take an enormous amount of time or effort for effective leaders. I often perform business assessments and one of the most effective tools in determining the challenges facing the business is simply meeting with individual employees for an hour and listening to them. I mean really listening. It is amazing what employees will tell you by asking a few precise questions and having the discipline to then shut up and listen.
Understanding is paramount to success
Understanding the leaders you have selected for your team is paramount to the success of the business. That means you must ask questions that go beyond the business itself. The right questions reveal passions, beliefs and values. Questions like:
What are your long term goals - dreams?
What brings a tear to your eyes?
What is your biggest passion in life?
What has been the biggest tragedy in your life?
What has been the biggest joy in your life?
Keep in mind, your discussions with your team members are not an interrogation. These questions may be asked over an expanded time period but you need to have a deep understanding of every team member you have surrounded yourself with. Your effectiveness as a leader and your success as a business depend on these people.
Understand their passions
Your discussions should reveal their passions; a light should brighten in their eyes and an excitement should overtake the conversation. An effective leader must be able to interact with employees, peers, superiors and many other individuals both inside and outside the organization.
But, the most important relationship you must nurture is the relationship with the leadership team you have surrounded yourself with. This team must gain the support of many people to meet or exceed established objectives. This means that they must develop or possess a unique understanding of people. The ability to coach-mentor and teach leadership skills to others is the driving force that will create a winning organization. To do this requires a passion for success. That means understanding the individual passions of your team.
Being an effective leader requires the understanding of the principles that govern employee behavior. Accomplish that and success is imminent.
It starts with effective communication
Effective communication with your leadership team is the breath of life, the first spark to ignite success. Nothing else is so crucial to survival, solidarity and the ability to grow market share. True leaders inspire others to greatness. Inspiring your team starts by taking that first step to really understand who they are, what they are about and the principles they stand for.
Effective face to face communication is your platform to provide that inspiration. Don't delegate this kind of communication to E-mail.
It's your responsibility
Understanding the team you have put in place to help you run the company is not a luxury. It is a responsibility you must accept as a leader. Every one of us is a human being with different values, different beliefs, different back rounds and different views.
Ask yourself; "how can I possibly be an effective leader without a complete understanding of every one of my team members?"
Friday, August 14, 2009
Thursday, August 13, 2009
Analyst picks hotel company as one of top picks
At the risk of promoting insider trading, at least one major public hotel company is being touted as a top pick.
A JPMorgan analyst said in a client note today that he’s betting on Wyndham Worldwide Corporation in light of its solid balance sheet, free cash flow improvements and stock price, reported Forbes.com.
Analyst Joseph Greff reaffirmed an "Overweight" rating mostly on the strength of its fee-for-service business.
Late last month, Wyndham, the Parsippany, New Jersey-based hotel and vacation-ownership operator, beat analysts’ expectations with a 13.6-percent RevPAR decline—compared with the 19.5-percent drop that stood as the industry average.
This isn’t the only major hotel company that is beating Wall Street prognostications. While poring through earnings releases for a second-quarter wrap up that will appear on our site today, I came across many major chains and owners that came to the mid-year checkup with better-than-expected results—including Choice Hotels International, Starwood Hotels & Resorts, Gaylord Hotels and InterContinental Hotels Group, just to name a few.
That doesn’t mean that Wyndham’s Q2 reports or that of the vast majority of hotel companies out there are something you’d want to hang on your refrigerator. Nor does it mean that an upswing is less than a quarter away.
What it does mean is the hotel industry isn’t doing as bad as many cynics (some of our readers included) thought it was. If only we could disappoint the naysayers more often.
A JPMorgan analyst said in a client note today that he’s betting on Wyndham Worldwide Corporation in light of its solid balance sheet, free cash flow improvements and stock price, reported Forbes.com.
Analyst Joseph Greff reaffirmed an "Overweight" rating mostly on the strength of its fee-for-service business.
Late last month, Wyndham, the Parsippany, New Jersey-based hotel and vacation-ownership operator, beat analysts’ expectations with a 13.6-percent RevPAR decline—compared with the 19.5-percent drop that stood as the industry average.
This isn’t the only major hotel company that is beating Wall Street prognostications. While poring through earnings releases for a second-quarter wrap up that will appear on our site today, I came across many major chains and owners that came to the mid-year checkup with better-than-expected results—including Choice Hotels International, Starwood Hotels & Resorts, Gaylord Hotels and InterContinental Hotels Group, just to name a few.
That doesn’t mean that Wyndham’s Q2 reports or that of the vast majority of hotel companies out there are something you’d want to hang on your refrigerator. Nor does it mean that an upswing is less than a quarter away.
What it does mean is the hotel industry isn’t doing as bad as many cynics (some of our readers included) thought it was. If only we could disappoint the naysayers more often.
Thursday, August 6, 2009
STR reports US performance results for week ending 1 August
The U.S. hotel industry posted declines in all three key performance measurements during the week of 26 July-1 August 2009, according to data from STR.
In year-over-year measurements, the industry’s occupancy fell 6.4 percent to end the week at 66.5 percent. Average daily rate dropped 9.6 percent to finish the week at US$97.48. Revenue per available room for the week decreased 15.5 percent to finish at US$64.86.
Highlights from the Top 25 Markets include (in year-over-year comparisons):
• St. Louis, Missouri-Illinois, posted the largest increase in occupancy, jumping 8.8 percent to 75.1 percent. Seattle, Washington, was the only other top market to experience an occupancy increase, up 2.5 percent to 89.7 percent.
• Detroit, Michigan, reported the largest occupancy decline, dropping 26.3 percent to 53.7 percent. Four other markets posted double-digit occupancy declines: Houston, Texas (-17.1 percent to 54.6 percent); Atlanta, Georgia (-11.0 percent to 57.8 percent); Minneapolis-St. Paul, Minnesota-Wisconsin (-10.7 percent to 68.4 percent); and New Orleans, Louisiana (-10.5 percent to 53.4 percent).
• Nashville, Tennessee, experienced the smallest ADR decrease, falling 1.4 percent to US$88.97. • Five markets reported ADR decreases of more than 15 percent: New York, New York (-29.0 percent to US$184.97); Chicago, Illinois (-16.5 percent to US$112.13); Los Angeles-Long Beach, California (-15.7 percent to US$117.69); San Diego, California (-15.6 percent to US$134.33); and Oahu Island, Hawaii (-15.5 percent to US$153.18).
• St. Louis was the only market to report an increase in RevPAR, which was up 4.9 percent to US$64.20.• Detroit posted the largest RevPAR decrease, falling 34.3 percent to US$41.65. Two other markets experienced RevPAR decreases of more than 25 percent: New York (-33.9 percent to US$154.93) and Houston (-25.2 percent to US$47.11).
In year-over-year measurements, the industry’s occupancy fell 6.4 percent to end the week at 66.5 percent. Average daily rate dropped 9.6 percent to finish the week at US$97.48. Revenue per available room for the week decreased 15.5 percent to finish at US$64.86.
Highlights from the Top 25 Markets include (in year-over-year comparisons):
• St. Louis, Missouri-Illinois, posted the largest increase in occupancy, jumping 8.8 percent to 75.1 percent. Seattle, Washington, was the only other top market to experience an occupancy increase, up 2.5 percent to 89.7 percent.
• Detroit, Michigan, reported the largest occupancy decline, dropping 26.3 percent to 53.7 percent. Four other markets posted double-digit occupancy declines: Houston, Texas (-17.1 percent to 54.6 percent); Atlanta, Georgia (-11.0 percent to 57.8 percent); Minneapolis-St. Paul, Minnesota-Wisconsin (-10.7 percent to 68.4 percent); and New Orleans, Louisiana (-10.5 percent to 53.4 percent).
• Nashville, Tennessee, experienced the smallest ADR decrease, falling 1.4 percent to US$88.97. • Five markets reported ADR decreases of more than 15 percent: New York, New York (-29.0 percent to US$184.97); Chicago, Illinois (-16.5 percent to US$112.13); Los Angeles-Long Beach, California (-15.7 percent to US$117.69); San Diego, California (-15.6 percent to US$134.33); and Oahu Island, Hawaii (-15.5 percent to US$153.18).
• St. Louis was the only market to report an increase in RevPAR, which was up 4.9 percent to US$64.20.• Detroit posted the largest RevPAR decrease, falling 34.3 percent to US$41.65. Two other markets experienced RevPAR decreases of more than 25 percent: New York (-33.9 percent to US$154.93) and Houston (-25.2 percent to US$47.11).
Wednesday, August 5, 2009
How to get repeat guests for only 44 cents
When I found a handwritten envelope with the Best Western Napoleon Inn & Suites’ return address in my mailbox last week, my thoughts immediately turned to the worst. I had stayed at the modest property the week earlier after attending a country wedding in rural Northwest Ohio, and while the one-night stay went without incident, the business-sized envelope evoked a bubbling sense of cynicism.
Was I being charged for something extra—running water, a broken keycard entry, a missing towel?
No, I quickly assured myself. I had left the room in the same condition I had found it. I was sure of it. Wasn’t I?
I was, as it turns out. The envelope contained no extra charges and no angry comments from the hotel manager. Instead, it held a few forgotten photographs that I had left behind on the TV stand, along with a simple note: “You forgot these! ?”
On today’s bloodthirsty street corners, that’s where loyal customers are born. It’s precisely that kind of guest outreach that will distinguish your property from your competitor across the road and get that guest to keep coming back.
And the good news is it requires very little capital outlay.
Sure, the housekeeper easily could have tossed my photographs in the rubbish. She easily could do the same with forgotten hairbrushes, ties or souvenirs. But by showing a little thought and care and turning in those and other left-behind items, she perpetuated a fond, lasting impression of the property that I, along with other guests in the same situation, will spread through positive word-of-mouth.
To foster that kind of behavior at your property, be proactive. Tell your housekeeping staff and other associates to keep an eye out for lost and forgotten items. If one is found, ask staff to look up the appropriate name and billing address on file for that particular room, and have them send it to its owner.
Usually, the expenditure likely will be minimal—the cost of a standard 44-cent stamp, for example. Not bad for a loyal guest.
Was I being charged for something extra—running water, a broken keycard entry, a missing towel?
No, I quickly assured myself. I had left the room in the same condition I had found it. I was sure of it. Wasn’t I?
I was, as it turns out. The envelope contained no extra charges and no angry comments from the hotel manager. Instead, it held a few forgotten photographs that I had left behind on the TV stand, along with a simple note: “You forgot these! ?”
On today’s bloodthirsty street corners, that’s where loyal customers are born. It’s precisely that kind of guest outreach that will distinguish your property from your competitor across the road and get that guest to keep coming back.
And the good news is it requires very little capital outlay.
Sure, the housekeeper easily could have tossed my photographs in the rubbish. She easily could do the same with forgotten hairbrushes, ties or souvenirs. But by showing a little thought and care and turning in those and other left-behind items, she perpetuated a fond, lasting impression of the property that I, along with other guests in the same situation, will spread through positive word-of-mouth.
To foster that kind of behavior at your property, be proactive. Tell your housekeeping staff and other associates to keep an eye out for lost and forgotten items. If one is found, ask staff to look up the appropriate name and billing address on file for that particular room, and have them send it to its owner.
Usually, the expenditure likely will be minimal—the cost of a standard 44-cent stamp, for example. Not bad for a loyal guest.
Tuesday, August 4, 2009
The keycard myth
While passing through a hotel lobby a few weeks ago, I couldn’t help but listen in on a middle-aged couple as they hovered anxiously over a keycard drop box. The husband, having already checked out, wanted to toss the cards in the secured metal box with the slotted top. His wife, however, was a bit more cautious. Those cards had their credit card data and other personal information on it, she argued. The only way to dispose of them properly would be to cut them up and discard them when the couple returned home.
Had the two not been in such an agitated state—they were already late for the airport, the husband curtly informed his wife—I might have stopped over to put their worries at ease.
As all savvy hoteliers (and industry trade journalists) know, the notion keycards contain any personal information is as old as keycards themselves. Or, as tech consultant John Burns of Hospitality Technology Consulting described the myth: “(It’s) absolutely fallacious. There is absolutely no truth to it. It’s an urban rumor that goes around and around and around.”
It seems the myth has been going around with greater frequency as of late, courtesy of a few misleading e-mail forwards and an air of general economic uneasiness.
As hoteliers, it’s your job to dispel this myth—and it starts at the front desk. Inform your staff what information is and isn’t included on keycards so they can accurately field questions from anxious guests.
So what kind of info lies within that pesky little magnetic strip?
“It doesn’t have your social security number, and it doesn’t have your mother’s maiden name,” Burns said.
More specifically, keycards generally contain a code to open a given guestroom, as well as the check-in and check-out dates through which it’s active. That’s it.
Had that couple known this, the husband probably would have tossed their keycards carelessly into the drop box instead of pocketing them before rushing out to catch a cab. Sure, that decisions was based in a certain amount of ignorance, but given the prospect of enduring a plane ride in close quarters with an angry spouse, it was probably the smartest move he could have made.
Had the two not been in such an agitated state—they were already late for the airport, the husband curtly informed his wife—I might have stopped over to put their worries at ease.
As all savvy hoteliers (and industry trade journalists) know, the notion keycards contain any personal information is as old as keycards themselves. Or, as tech consultant John Burns of Hospitality Technology Consulting described the myth: “(It’s) absolutely fallacious. There is absolutely no truth to it. It’s an urban rumor that goes around and around and around.”
It seems the myth has been going around with greater frequency as of late, courtesy of a few misleading e-mail forwards and an air of general economic uneasiness.
As hoteliers, it’s your job to dispel this myth—and it starts at the front desk. Inform your staff what information is and isn’t included on keycards so they can accurately field questions from anxious guests.
So what kind of info lies within that pesky little magnetic strip?
“It doesn’t have your social security number, and it doesn’t have your mother’s maiden name,” Burns said.
More specifically, keycards generally contain a code to open a given guestroom, as well as the check-in and check-out dates through which it’s active. That’s it.
Had that couple known this, the husband probably would have tossed their keycards carelessly into the drop box instead of pocketing them before rushing out to catch a cab. Sure, that decisions was based in a certain amount of ignorance, but given the prospect of enduring a plane ride in close quarters with an angry spouse, it was probably the smartest move he could have made.
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