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In a Stagnant Market, Invest in Your People

Albert BarraAugust 13, 2018 · 2 min read
THE IDEA

How can hospitality businesses overcome stagnation and stand out in a crowded market? Focus on service and customer commitment, invest in human resources, and create your own blue ocean away from the competition.

In a Stagnant Market, Invest in Your People
Businesses fail, banks stop lending, unemployment rises and spending falls. And because we are in a downturn and spending falls, people take fewer holidays. A smaller pie to share. A genuine red ocean. And the red ocean is full of sharks. Sharks make drastic cuts in times of stagnation: cost controls, layoffs, service cutbacks... All to maintain a level of profit considered acceptable. But this level of profit means managing an inferior product, and guests notice. Create your own blue ocean; act like a dolphin, not a shark. Apply lateral thinking. Create a competitive advantage that sets you apart from your competitors in times of stagnation: invest in service, invest in Human Resources. A service committed to and designed around the guest, rather than profit, will make you desirable to the reduced demand we are facing. You will be king of the fishbowl. And it will allow your service to stand out so much that it seems different, as though it were opening up a new market, a blue ocean. Your employees are your greatest asset, the soul of your company; they give it the personality it has, or the one you want it to have. Invest in Human Resources to overcome stagnation, to be different and unique, to have a company with soul.
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