The 2 Reasons That Will Make or Break Your Hospitality Business.
I wanted to share with you an important part of my book. After all my years of research in the hospitality industry, I found that these two aspects determined whether operators would thrive in the industry or simply struggle to get any traction.
The two reasons are ego and lack of strategy, here's why -
This is by far the biggest growth constraint in any business, but especially this industry.
Now, everyone has an ego. You do and so do I, but what matters is whether you control your ego, or your ego controls you. The amount of times I have seen hospitality businesses go under purely on owners’ egos holding them back is truly remarkable.
Now, I might be rustling a few feathers here, but it needs to be said: If you have an ego that tries to control everything and assume everything, you’re going to fail.
Certain owners believe they have all the answers because they have been in the game for however many years and know their business better than others. They concrete their feet in the business and refuse to change or acknowledge when things need to change.
The big industry operators are fluid and can easily adapt. They outsource help if needed and empower and trust their team. They aren't rigid and they aren't scared by changes around them; they embrace them. They see opportunities and are transparent with their team.
Lack of Strategy
Basically, it comprises of two parts: your internal strategy and external strategy. Your internal strategy involves your recruiting, training, culture, suppliers, and operations. Your external strategy is your business strategy for growth. This includes advertising, business plans, growth strategies, targets, goals, and having a sound vision. Basically, everything you do to continue to attract customers. It involves looking at your business from the outside, today and into the future.
If you don't have these strategies in place, it's a slippery slope. If you're a micro-manager and simply look at what's right in front of you, it will be extremely difficult to plan for the future. If you don't have a plan for the future, you are planning for disaster. Plan ahead, create milestones and have clear goals to keep you on track and accountable.
There is a fine line between ego and confidence. Be confident, plan accordingly and you be ahead of the game every time.