Managing Up: Defusing an Owner
More and more in the “post covid era” (eventually we will stop saying that), asset managers and owners are interested in joining strategy calls and wanting to know every move you make. It is becoming more challenging to stay focused on weekly meetings and often can be a challenge to making progress. Some people are fortunate to have built a trusting relationship and speak openly to ownership, but there are some intricate steps you need to take to get to that point.
I make the call out in step 4, but I highly recommend reading Getting Naked: A Business Fable” by Patrick Lencioni. Getting Naked encourages businesses to move away from a traditional sales-focused approach and instead focus on building genuine relationships with clients. By being vulnerable, authentic, and committed to the client's best interests, businesses can create a more satisfying and rewarding experience for both them and their customers. What is an owner if not one of your top customers in the hotel space? You can also use his techniques to build strong inter-departmental relationships.
So, how can I defuse my owner? Let’s dive into specific strategies to defuse their involvement and keep your team focused on progress. Here are 5 steps to effectively manage their expectations and maintain a productive working environment.
Step 1: Build a strong mission statement. Make sure you know where you are and where you are going and have the owner involved in the discussion. This is a great way to make sure you include their goals and understand how they define success.
Step 2: Great written commentary. Most of the time, this is the only space that your owner/asset manager has to understand what is happening in their hotel. Too often it is used to state repeated facts that can be read in a STR or mix of sales report. Use the my D.A.R.E. method and you will win every time.
Step 3: Don't fluff with the facts. Sometimes we think we need to write more to take up space or to speak when there are pauses in conversation. Do not let this tempt you into adding unnecessary content that doesn't add value and will likely get you in trouble. Stick to the facts and be confident in a pause.
Step 4: Own your mistakes. While this is my favorite one and I practice it religiously, Patrick Lencioni states it best in his book "Getting Naked: A Business Fable": "Rather than attempting to hide or downplay errors, readily call them out and take responsibility for them. Though this may seem counterintuitive, it increases the level of trust and loyalty. Clients (owners) don't expect perfection from the service providers they hire, but they do expect honesty and transparency. There is no better way to demonstrate this than by acknowledging when a mistake has been made and humbly apologizing for it."
Step 5: Know their goals. In the end, this is the most important step. If you can understand how they measure success and what their expectations are, then you can tailor your conversation to fit the picture they need without them having to pull teeth to get it from you. No different than you wanting to look good in front of your boss, how can you help them look good in front of theirs?
