Recovery, resilience, recalibration, or bouncing back are a few examples of keywords that are at the center of any discussion surrounding the hospitality industry's economic prospects this past year. However uncertain the economic future may be, major crises of earth systems are unabated to date. While similarities exist between resiliency and sustainability (i.e. both concepts refer to the state of a system or organization over time in response to instabilities), there are notable differences, and conflicts, in the two concepts (i.e. achieving short-term economic resiliency at the expense of socio-environmental wellbeing). Looking forward, all eyes are on resiliency (growth!) in hospitality but how do we decouple growth from impacts, most notably carbon emissions? How do we ensure that sustainability is a component of resiliency (or vice versa)? What are the five priorities the hospitality industry should set to tackle resiliency and sustainability at the same time in 2021?

Xenia zu Hohenlohe
Xenia zu Hohenlohe
Partner/Director at the Considerate Group

For any business to plan long term, be it in hospitality or not, you need to have a long term strategy that involves all of your stakeholders, as we well know, otherwise, you are missing key ingredients for success. I would recommend the following five priorities:

  1. Ensure you have defined the purpose of your business and hotel well - who are you aiming your product at and what is the best way to deliver that purpose (who with)
  2. Involve your stakeholders in the strategy development as this is laying firm roots at all levels and will ensure the 'tree' that is your hotel will be firmly embedded in its soil
  3. Potentially consider offering your key staff financial participation in the company
  4. Create solid local supply chains both for products but also for guests acquisition- this will ensure safer revenue streams
  5. Align yourself to a global sustainability framework for reporting, this will give you strategy and goals legitimacy, offer transparency on your actions, and above all enhance the value of your businesses, also to investors or allow for better credit standing

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