For those hospitality operators who have been forced to strip it down to bare bones, this video offers some timely insights about putting things into place as you rebuild, hire and gear up for whatever the new normal is. For other managers, it is blunt reminder that the business culture you may have inherited or been forced to live with, will soon give way to the one you create.
Some tidbits for the days ahead as we get out of it are below:
- Take time to make sure you have the right people on your team and that they are working well together.
- Make sure good ideas are not getting crushed at bottom, and that bureaucracy is not stifling innovation: Hyundai and Apple are shown to be examples of companies that have been successful through radical innovation in their cost model, and product and services.
- Pay close attention to employee morale: If the company is not taking the tough actions now in order to prepare for the future, many of your top employees will be more prone to jump ship once things do stabilize.
- It is tougher recovering from a downturn than being in a downturn because you need to do so many things well simultaneous…..one of the fundamentals is to ‘love the customers you got.’
Read the MarketWatch article here.
