Carly Shin believes in leading by example, as she says this makes people believe in you and in their company
The new director of finance at Sheraton Khalidiya, Carly Shin, discusses controlling hotel budgets during a downturn and how managing finances effectively makes hotels efficient
How did you begin your career in the hospitality industry?
I have been with Starwood Hotels & Resorts Worldwide for eight years, and I started my career with the company at W Seoul. I then moved to China with the same hotel chain and afterwards, to New Zealand. I have held positions in the finance departments of Sheraton, W and Westin Hotels.
What are your immediate and long term plans in your new role?
We just carried out an accounting system conversion to a new system ‘SAP’. Soft landing this new system is my immediate goal, on top of understanding all areas of the property operation as a new comer.
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As for my long-term goals, I would like to initiate a mind-shift of staff regarding managing their departmental costs and expenses. Of course this goal has to be preconditioned with maintaining our service quality.
It was just two years ago that Sheraton Khalidiya was converted to a business hotel from residences for long-staying guests. Adapting to a well managed expense structure is key to becoming more profitable in this challenging environment.
This long-term goal can be better shaped if we actively participate in area initiatives within Starwood properties, not only in Abu Dhabi but also on regional and divisional levels for more synergic effects from our brand power.
What are the key issues in hotel finance at the moment?
There is ongoing fierce competition with more hotels in the market, so now is the time to look into the details of our operational system so that we can tune them to become more effective and efficient both in revenue generation and cost management. The ever unpredictable global economy is simply another reason to speed up this streamlining process for our short-term and long term survival.
You have been responsible for finance in a number of hotels around the world — does hotel finance in the Middle East differ from elsewhere?
Finance in the region is basically the same as everywhere else, since hotel finance in every part of the world uses very similar standards and systems. The only difference comes from the local laws and regulations. How quickly you understand the differences and fine lines is the key to your success as a newcomer in a region.
Has your role come with more responsibility since the economic downturn?
The funny part of being a financial controller, especially in the hotel industry, is that in a well-to-do time, you usually don’t get the attention from your people. Of course you are always one of the key team members with decision making, but in good days, the management always focuses on our role as the best customer service provider.
This can change when a market gets tough, like in recent years. With slimmer chances for revenue, you have to look at cost management. People expect me to do something magical with cost saving to sustain our profitability or achieve even better outcomes with ‘finance controller magic’. Whatever efficient saving practices you currently have, they can be reinforced for the short-term.
Which departments do you work closely with?
I work closely with the GM and the other ex-com members, since they are the leaders in each division of the property. For detailed areas, I work directly with the sub department heads for better communication because they are the ones in the field handling daily issues.
How much say do you have in the day to day running of the hotel?
Day-to-day operations are left to the respective leaders of each department. When it comes to making crucial decisions hotel-wide, then I get myself actively involved, especially for financial matters. My door is always open to everybody. The easier the access, the better communication you get. I am a firm believer in good and two-way communication both for personal and professional success.
What is the most important part of your role?
Show people that “what you say is what you do”. It sounds very generic, but it works very well. To make your employees firm believers in your values and company goals, you have to let them see you as a leader. Once they can see you doing exactly what you have been telling them to do, they will do the same. Then you become the showcase they can turn to whenever they get stuck with their role.
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