Is the wolf scratching at the door? Lessons learned so far from the COVID era...
— 11 experts shared their view
The past six months of the COVID-19 pandemic has forced companies and individuals to reconsider not only what they do, where they do it, and how they do it, but also why they do what they do (or don't do what they don't do). In other words, it has forced executives to reflect more intensely on both the external environment in which their firms compete and the ways in which they do so. Strategic thinking, management, and implementation have never been more important than now in the hospitality industry as countless firms across the world are fighting for their survival. As Professor Richard Rumelt once wrote, successful companies may not actually engage in strategy work until the "wolf is at the door." In today's COVID-19 world, not only is the wolf at the door, but he is scratching to get in, ready to blow the house (or hotel) down. The question, therefore, is what have you and/or your firm learned most about your business strategy, and what are you doing about it?
Senior VP, Acquisitions & Development at Hyatt Hotels Corporation
The journey you started with us several years ago I believe has put us at an advantage in reacting and dealing with today's challenge that is having such an impact on the hospitality industry. The way we now approach our business strategy, at both hotel and regional levels, has been a cornerstone to how we have dealt with what COVID has thrown at us with our Vision and Purpose a key foundation on which we have built our responses and actions. I believe that one of the key learnings has been the importance of a business strategy that is relevant to our organization, culture, fully thought out and embedded into the organization.