News for the Hospitality Executive
Perseverance In the Face Of Adversity. Timely Lessons.
|by John Davies, June 29, 2009
“Like soldiers in the winter's night with a vow to defend. No retreat
In the throes and chaos of an economic meltdown might not be an ideal time to try and get an accurate perspective as to why some companies survive and others collapse. A true perspective evolves and emerges over time, that is unless you bear witness to the implosion and relatively rapid demise of companies like Lehman Brothers, Bear Stearns, and Merrill Lynch.
According to an exceptional new book by Jim Collins, every organization is vulnerable and subject to a decline and potential failure. However, despite the title, How The Mighty Fall, his new read could not be more timely, insightful, and inspiring. It focuses on hope and how by recognizing identifiable “markers”, companies can avoid a decline, and if they find themselves in a tail-spin, how to reverse the direction if they can recognize and effectively react to one or more of the five stages of decline:
Yet, as the result of fallout from the current economic Tsunami, it has become almost a daily occurrence that we read of another hotel or organization succumbing to financial pressure through bankruptcy or default. As the performance of the hotel industry continues to decline and operators struggle to stay upright and avoid taking on water by reducing operating expenses, many are having difficulty generating sufficient cash flow to pay debt service. This challenge is only exacerbated by the depreciating value of many hotel properties. One or more of the five stages of decline may sound all too familiar to those hoteliers experiencing the above. However, a little hope, business insight, and sage advice can go a long way during these challenging times; and that’s what Jim Collins new book delivers.
So what is the takeaway that might apply to what we do every day? Here are few:
The Right People. Collins stresses that the major difference from having the right people (in key positions) and the wrong people is, the former see themselves as having jobs, while the latter see themselves as having responsibilities. By creating a “culture of discipline”, every person in a key seat should respond to the question “What do you do?” not with a job title, but with a statement of personal responsibility. (Pages 57-58)The heart of the book is ironically in the sub-heading- And Why Some Companies Never Give In. For Collins, the difference between the really great companies and those that may be good and successful is that great companies can fall and get back up. And as Collins notes, “great individuals can fall and recover” as well. To Collins, business is about endurance, persistence, and an unrelenting commitment to values and aspirations. This reader is not suggesting that this book has the answer for surviving these turbulent times, but it does offer some good lessons, guidance, and caveats for anyone in business, including the struggling hotel industry. Whether you are a Property Owner, General Manager, Senior Executive or the CEO of a hotel related company, this book offers insight for identifying trends and mistakes that may lead to losing ground, proven realignment that can help lead to recovery, and examples of how to ultimately succeed, even if you fall down along the way.
Collins, Jim. How The Mighty Fall and Why Some Companies Never Give
In. New York: Harper Collins, 2009.
About the author
John Davies, CHA, is a marketing consultant, advisor, and coach with over 30 years of property and executive leadership experience in hotel and resort sales & marketing. His career includes executive sales & marketing positions with Noble House Hotels & Resorts, Tiburon Hospitality, and Pointe Resorts. John resides with his wife and two children in Carefree, Arizona. John can be contacted by email at email@example.com or by phone at (602)-692-5488
John Davies CHA
|Also See:||Solid Sales and Marketing Fundamentals Can Improve Hotel Performance in Tough Times / John Davies / April 2009|