What do you do if your decision-making in the hospitality sector is putting your business at risk?

1 Assess Risks

When you suspect that your decisions are harmful, start by conducting a comprehensive risk assessment. Identify the areas where your choices have led to negative outcomes and analyze the extent of their impact. This might involve customer feedback, financial reports, or employee morale. Understanding the risks associated with your decisions will help you prioritize which issues need immediate attention and which can be addressed over time. It’s essential to be honest and critical during this process to ensure that you don't overlook any potential threats to your business’s viability.

2 Seek Advice

In moments of uncertainty, seeking advice from industry experts or mentors can provide valuable insights. These individuals often have years of experience and can offer a fresh perspective on your situation. Don't hesitate to reach out to your professional network or consider hiring a consultant who specializes in hospitality management. Their objective analysis might reveal underlying issues you hadn't considered or confirm the validity of your concerns. Remember, asking for help is not a sign of weakness but rather a strategic move to safeguard your business.

3 Engage Team

Your staff are your eyes and ears on the ground and can offer practical feedback on how decisions affect day-to-day operations. Engage with them and encourage open communication. This not only helps in identifying problems but also in fostering a culture of teamwork and shared responsibility for the business's success. Involving your team in the decision-making process can lead to innovative solutions and ensures that any changes you implement have their buy-in, which is critical for smooth execution.

4 Revisit Strategy

After identifying the problematic areas and consulting with experts and your team, it's time to revisit and revise your business strategy. Consider the long-term vision for your business and align your new decisions with this vision. This may involve making tough choices, such as cutting costs, rebranding, or overhauling your service offerings. Ensure that your revised strategy is flexible enough to adapt to changes in the market and customer preferences while still aiming for sustainability and growth.

6 Monitor Outcomes

Finally, establish a system for monitoring the outcomes of your new decisions. This could involve regular financial audits, customer satisfaction surveys, or employee performance reviews. By keeping a close eye on these indicators, you can quickly identify if your new strategy is working or if further adjustments are needed. Continuous monitoring also helps in making data-driven decisions and ensures that your business remains on the path to recovery and success.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?