17 July 2017

Hospitality Financial Leadership – Ego is Not Part of the Recipe

By David Lund - The Hotel Financial Coach
  • Hospitality Financial Leadership – Ego is Not Part of the Recipe | By David LundHospitality Financial Leadership – Ego is Not Part of the Recipe | By David Lund

"If you want to be more than a flash in the pan, you must be prepared to focus on the long term. We will learn that though we think big, we must act and live small to accomplish what we seek. Because we will be action and education focused, and forgo validation and status in their pursuit, our ambition will not be grandiose but iterative—one foot in front of the other, learning and growing and putting in the time." Ryan Holidays – Ego is the Enemy

In the financial leaders' world, ego will not serve them well. Ego will put distance between them and their audience. Ego would have a leader being the star of the show and there would only be one act in the play.

A secret weapon:
Knowing how to get non-financial leaders to produce amazing results through their creativity and leadership support to manufacture this product on a continuous stream.

If one succumbs to ego they take themselves out of the game as if they were once a star but now they are too important to engage and really find out what the other leaders need. Being ego driven means the financial leader is hiding out. He or she wears the ego like a thin suit of armor to deflect any legitimate acknowledgement that maybe they do not have all the answers after all. Ego serves to tell them they are too important to go to that level of engagement. This is a big mistake because they miss seeing what is really going on and miss the opportunity to change it. "Can't fix what we can't see."

Einstein said, "More the knowledge lesser the ego, lesser the knowledge more the ego."

This quote really sums things up quite well. Egotistical people really lack the knowledge because they have shut down. They are closed for business. They cannot learn and grow if they are shut down. The game is an incremental day in day out, conversation after conversation, idea after idea, support after support, financial leadership is a relationship-building deposit-based enterprise. Leaders out-give constituents. That is what makes them tick successfully. Ego has no place in this environment.

I once worked with a financial leader who made it a point and even verbalized the fact that he only spoke with members of the executive team. He was too important to speak to anyone else. According to him the idea of communicating with anyone else was a waste of time and beneath him.

Well, the truth was he was hiding out. He was not comfortable communicating with anyone who might challenge his way of seeing the world of his business. What a waste to leave out so many inputs that are there to help shape and grow a vibrant, continually evolving and growing business landscape!

The other interesting aspect of this example is the chief executive allowed and even condoned this behavior. Information is the currency of leadership. If leaders want more currency, they need to embrace leadership practices that allow for its accumulation.

Ego and hiding out will not produce more currency.

What are egotistical people afraid of? They are afraid of the very real possibility that they do not have all the answers, some of the answers, or even the answer. Rather than giving up their fake self-image they hold onto it and believe in it. Ego is not who they really are and inside they know this is the case. Yet it is too scary to let go, or seemingly to scary. However, ego is only a habit. This is the good news. Let go and have that next conversation and acknowledge that maybe "I don't know everything and I'm willing to learn."

David Lund

David Lund is The Hotel Financial Coach, an international hospitality financial leadership expert. He has held positions as a Regional Financial Controller, Corporate Director and Hotel Manager with an international brand for over 30 years. He authored an award-winning workshop on hospitality financial leadership and has delivered it to hundreds of hotel managers. David coachs hospitality executives and delivers his Financial Leadership Training throughout the world, helping hotels increase profits and build financially engaged management teams. He speaks at hospitality company meetings, associations and he has had several articles published in hotel trade magazines and he is the author of three books on Financial Leadership. David is a Certified Hotel Accounting Executive through HFTP and a Certified Professional Coach.


Finance & AccountingGlobal

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