The Lead: Hospitality Industry, New Space Age, Hurricanes & Underinsured

The Lead, AchieveForum’s weekly brief of leadership news and insights, provides quick clarity into relevant headlines and straight-forward analysis for applying effective leadership tools and techniques.

Hospitality Industry Leverages Local Awareness

Hotels with restaurants must compete with nearby stand-alone restaurants that don’t also have a hotel to run. Hospitality Ventures Management Group (HVMG) generates about 20% of its revenue from food and beverage outlets and credits this success to their ability to create unique experiences for guests and locals. HVMG builds its dining venues around each individual market and focuses on creating picture-perfect moments that are Instagram-worthy for everyone.

Our View: When leaders have a solid understanding of their local surroundings, they are able to better realize their global vision. In order to integrate local preferences towards a global vision, study your locally specific values, norms, beliefs, and biases and how they influence your business strategy and how you lead. Create trusting and collaborative work relationships across locations by defining and writing down the differences and similarities between your business’s locations and your own personal preferences. Further Reading

Affordability and Profitability in the Upcoming Space Age

The second big space age is upon us with a key event in February this year that occurred when SpaceX equipped a Falcon Heavy rocket with a Tesla Roadster fired toward Mars. Realizing the potential affordability, profitability, and other idealistic visions for the future space age requires measured decisions informed by public interest, public pressure, and public consent. The Outer Space Treaty provides a solid foundation for governments to follow and evaluate the possibilities of the next frontier. The treaty went into force in 1967 and declares that space exploration “shall be carried out for the benefit and in the interests of all countries, irrespective of their degree of economic or scientific development, and shall be the province of all mankind.”

Our View: New frontiers give leaders the opportunity to get things right from the start and avoid the taxing work of correcting damages. Transitioning into new frontiers requires strong leadership, and it’s never too early to act like a strong leader. Coauthor of Own the Room: Discover Your Signature Voice to Master Your Leadership Presence Muriel Maignan Wilkins says, “it’s never foolish to begin preparing for a transition no matter how many years away it is or where you are in your career.” Further Reading

Hurricane Season and Underinsured Homeowners

As the height of the Atlantic hurricane season approaches, many U.S. homeowners are underinsured for natural-catastrophe damage. Three major hurricanes (Harvey, Irma, and Maria) hit land last year, revealing a widespread lack of full insurance coverage for homeowners in Texas, Florida, Puerto Rico and elsewhere. Industry experts explain that while most people have home insurance, many of the policies have exclusions, lack flood insurance, and have policy limits that are too low to cover the full cost of repairing their homes and businesses.

Our View: Evaluate how well your business is financially equipped to mitigate risk and recover in the wake of disaster. Types of financial risks include market risk, credit risk, liquidity risk, and operational risk. As in the case with natural disasters, not every adverse event can be prevented, but plans and funds to address damages can be prepared in advance. Further Reading

Flying Cars

The first Terrafugia Transition flying car prototype was built and flown in 2009 and a second version was created in 2012, and finally, Terrafugia claims to have sales of their flying car start in 2019. Airbus, Uber, and the aviation company Rolls-Royce are also contributing to the flying-car market, but it’s currently unclear whether any of these efforts will succeed in the long term.

Our View: Project management for innovation requires constant evaluation and course-correcting. An excellent way to put aspects of these processes into autopilot is to set up tripwires that indicate when you should make a change and focus resources elsewhere. Identify key signs in your business that should spur action and communicate these markers to your entire team. Course-correcting allows you to take on more calculated risks and seize greater opportunities. Further Reading

A Predictor of Health, Happiness, and Success

Emotional intelligence is a predictor of health, happiness, and success, and there are scientific, systematic ways to improve your emotional intelligence. Increase your ability to express and regulate your instinctive feelings and read those of others with positive inner dialogue and imagining your best self. When it is feasible, prolong the time between when you are triggered by something and when you respond.

Our View: Emotional intelligence can be pieced apart into the following categories: self-awareness, self-regulation, motivation, empathy, and social skills. Improving any category can yield overall benefits in every category. The social skills category can be further compartmentalized into the skills of conflict resolution, communication, and offering praise. Start to improve your conflict resolution and communication skills by taking questionnaires that assess your current abilities. Inspire your team and increase their loyalty by distributing generous amounts of praise for jobs well done. Further Reading