Slick Talk: The Hospitality Podcast
Mike Sjogren Talks Company Culture
Wed Jun 28 2023Description
This episode covers various aspects of building a successful short-term rental and boutique hotel business. It emphasizes the importance of aligning team goals with business goals, creating a strong team culture, and transitioning from short-term rentals to hotels. The episode also discusses building a virtual company with remote teams, delegating responsibilities, effective communication, and core values. Additionally, it explores team building, appreciation, recruiting virtual assistants, handling adversity, self-care, and gratitude for team success.
Insights
Building a Strong Team Culture
Aligning team goals with business goals and treating team members well fosters loyalty and commitment. A good culture can naturally filter out individuals who don't fit in.
Transitioning to Boutique Hotels
The guest experience and staffing are major challenges when transitioning from short-term rentals to hotels. Hiring a front desk team and in-house cleaning team is crucial for delivering a five-star experience.
Building a Virtual Company
Buying, co-hosting, or arbitraging properties allows for remote management. Implementing systems and processes while maintaining hospitality is key. Effective leadership and measuring KPIs improve operations.
Delegating Responsibilities
Transitioning from an integrator to a visionary requires letting go of control. Delegating responsibilities empowers the team and creates a culture of accountability.
Effective Communication and Core Values
Aligning team goals and having candid conversations are important for creating a strong team culture. Defining core values and attention to detail contribute to success.
Building a Supportive Team Culture
Having core values of accountability, covering for each other, and supporting success creates a supportive environment. Cultivating culture remotely and maintaining regular communication are essential.
Team Building and Appreciation
Regular meetings, retreats, and showing appreciation through gestures foster team building. Focusing on education and coaching programs is important. Teaching financial education is emphasized.
Recruiting Virtual Assistants and Handling Adversity
Recruiting virtual assistants with coaching support is available. Handling adversity involves personal development and self-care. Taking care of oneself leads to better team productivity.
Self-Care and Gratitude for Team Success
Taking care of oneself pays dividends for the team. Having supportive peers, asking uncomfortable questions, and expressing gratitude contribute to success.
Chapters
- Building a Strong Team and Culture
- Transitioning from Short-Term Rentals to Boutique Hotels
- Building a Virtual Company with Remote Teams
- Delegating Responsibilities and Empowering the Team
- Effective Communication and Core Values
- Building a Supportive Team Culture
- Team Building and Appreciation
- Recruiting Virtual Assistants and Handling Adversity
- Self-Care and Gratitude for Team Success
Building a Strong Team and Culture
00:00 - 06:54
- Align your team's goals with the business goals to create a culture of loyalty and retention.
- Treating your team well and showing genuine care can foster a strong team dynamic.
- Having a good culture can lead to team members pushing out those who don't fit in.
Transitioning from Short-Term Rentals to Boutique Hotels
06:26 - 13:16
- The guest experience and staffing were the biggest challenges in transitioning from short-term rentals to boutique hotels.
- Navigating guests through internal hallways and staircases was challenging, especially for older guests who struggled with technology like keypad locks.
- Delivering on high-end guest expectations without staff was difficult, so they ended up hiring a front desk team to handle guest issues and ensure a five-star experience.
- They transitioned from a third-party cleaning company to an in-house cleaning team due to the sheer volume of work in hotels.
- The second hotel is run without on-site staff, but they have a local Ops Manager who oversees operations and an in-house cleaning team.
- The third hotel being renovated will have an on-site manager, a full cleaning team, and a full-time maintenance person.
- Building out a traditional business with employees and staff was different from building the short-term rental portfolio.
Building a Virtual Company with Remote Teams
12:47 - 19:45
- Buying, co-hosting, or arbitraging properties to build a virtual company with remote teams and systems.
- Short-term rental business allows for remote management and operation from different locations.
- Hotels present more complexity, challenges, and scale compared to short-term rentals.
- Creating processing systems is crucial for managing properties in multiple states.
- For the first deal, it is recommended to start in the local market or find a trustworthy partner.
- Implementing systems and processes does not mean losing the hospitality aspect of the business.
- Local contractors are hired for cleaning and maintenance tasks at the properties.
- Processes like providing welcome gifts and training virtual assistants contribute to the hospitality experience.
- Effective leadership and culture are important skills for creating a guest-focused environment.
- Numbers reflect the guest experience, so measuring KPIs helps improve operations.
- The role of the owner shifts from operations to focusing on vision and team management.
Delegating Responsibilities and Empowering the Team
19:17 - 25:54
- Transitioning from an integrator to a visionary requires letting go of control and delegating responsibility.
- Delegating responsibilities instead of tasks helps team members think independently.
- Creating a culture of accountability by delegating results and pushing back on questions that can be answered through SOPs.
- Empowering the team and giving them a shot at rising to the occasion leads to increased accountability.
- Letting go and having guardrails in place is crucial for success.
- Effective communication about belief in team members' abilities can be game-changing.
Effective Communication and Core Values
25:27 - 31:30
- The conversation was crucial in providing the belief and trust needed to delegate tasks.
- Aligning team goals with personal and professional aspirations helps create a strong team culture.
- Treating team members well and genuinely caring about them fosters loyalty and commitment.
- Creating a culture of high standards and teamwork can naturally filter out individuals who are not a good fit.
- Using intentional words, such as 'I'm counting on you,' can motivate individuals to rise to the occasion.
- Having candid conversations, even if uncomfortable, is necessary for growth and improvement.
- Defining core values as a company and sharing them with the team helps guide decision-making.
- Attention to detail and willingness to have difficult conversations are important core values for the company.
Building a Supportive Team Culture
31:13 - 37:37
- Attention to detail and having hard conversations are core values for the team.
- The CEO believes in extreme ownership and encourages the team to take ownership of their tasks.
- The team has a culture of covering for each other when taking time off.
- The focus is on correcting processes rather than blaming individuals for mistakes.
- Success is dependent on the success of others, creating a supportive environment.
- The CEO emphasizes that the team is not family but can be great friends and trust each other.
- In building a virtual assistant team, it's important to be intentional about cultivating culture remotely.
- A consistent cadence of communication with the remote team helps maintain structure and touch base regularly.
Team Building and Appreciation
37:17 - 43:36
- Manager meeting every Thursday to address agenda items, feedback, and roadblocks
- All staff meeting every Friday to discuss personal and professional wins, review issues, and KPIs
- Local retreats for team building paid by the company
- Christmas party for local team members and their families
- Showing appreciation through small gestures like taking employees out to dinner or golfing
- Importance of treating the team with hospitality and respect
- Transition towards focusing more on education and coaching programs
- Passion for teaching financial education as a means to achieve financial freedom
Recruiting Virtual Assistants and Handling Adversity
43:17 - 49:33
- Students reached out for help in recruiting virtual assistants (VAs)
- Mark, who has experience with Airbnb's call center, helps recruit VAs
- The VA recruiting service is now available to people outside the mastermind
- The service includes a 90-day coaching program and access to SOP playbook
- Ongoing support is provided by Mark and his team
- Handling professional adversity in private involves personal development and self-care
- Having outlets like massages and golf helps maintain a level head
- Taking care of oneself leads to better energy and productivity for the team
Self-Care and Gratitude for Team Success
49:06 - 52:37
- I treat myself like a million dollar racehorse.
- Taking care of oneself pays insane dividends.
- A clear head and full energy pass into the team.
- Having supportive peers is important.
- The next guest will be asked about something they know they should be doing but are avoiding.
- A webinar link is provided for listeners to connect with Mike.
- Gratitude for being a guest on the podcast and working together at the STR Wealth Conference.
- The community built by STR secrets is praised after COVID restrictions were lifted.
- Encouragement to like, subscribe, and follow STR secrets.