What's Not Going To Change? The Simple Yet Effective Method To Future-Proofing Your Business
The entire Insight is from something Jeff Bezos is quoted as saying on a number of occasions.
I very frequently get the question: “What’s going to change in the next 10 years?”
That’s a very interesting question.
I almost never get the question: “What’s not going to change in the next 10 years?” And I submit to you that that second question is actually the more important of the two.
You can build a business strategy around things that are stable in time. In our retail business, we know that customers want low prices, and I know that’s going to be true 10 years from now. They want fast delivery; they want a vast selection. It’s impossible to imagine a future 10 years from now where a customer comes up and says, “Jeff I love Amazon, I just wish the prices were a little higher.” Or, “I love Amazon, I just wish you’d deliver a little slower.” Impossible.
So we know the energy we put into these things today will still be paying off dividends for our customers 10 years from now. When you have something that you know is true, even over the long term, you can afford to put a lot of energy into it." — Jeff Bezos
Sure, spend time on what might disrupt your business, but I do think that there is a lot of merit and reward if you get what will remain true for your business in ten years. If you can get that right, you will have strengths that will not only create moats and safety nets but also grow.
Why is it relevant to Hospitality & Service Industries?
OTAs (online travel agents) were disruptive to the business model. There was a major shakeout in the way consumers found and booked hospitality services. To survive, everyone had to learn the new tools and work with the new formats. What did not change though, was the age-old hospitality maxim - location, location, location. Even on the OTAs, online booking, social media channels, consumers were still looking and booking for location. Price and Services followed.
Will technology disrupt the hospitality sector, of course, it will. There is so much happening in AI, Data Management, Multiverses, that the landscape of 'what' is a good service offering to have will evolve. As the concept of 24-hour-breakfast has demonstrated, not everything is a fad, some trends become habits.
What has not changed and may not change is a good breakfast spread. The quality of the food and the quality of the service.
Actionable Insights
Set up a leadership session with your top management and call it 'What Will Remain The Same?' or 'What is timeless in our industry?' or 'What do your guests want today, that they will want in 10 years too?'
Make a list.
Give a score on the scale of 1 - 10 on each item that is accepted by the group.
Rank the list in order of the score. 10 being the highest priority.
Build these strengths. Set up cross-functional, continuous improvement teams with a process champion and have them think of the process from 3, 5, 10 years out.
Real-World Example
Will Check In & Check Out be an important service element in hotels in 10 years? This is the first hurdle that you need to cross.
If you are someone who believes that in the future, there will be no need for a Check-In - since we will all be live on a network, all the time, then maybe you as a leader you need to keep an eye on when the tech comes through and you can make it available to your guests. Phone keys are already here, maybe in the future it will be based on wearables or as sci-fi fiction depicts, based on your eyes or voice etc. Maybe there will be no front desk. Amazon go - talks about no cashiers/checkouts at stores, why not hotels or restaurants?
If you are someone who believes that in the future, human touch, interaction, warmth, security, will play an even bigger role in the service quality and pricing, then you need to imagine what that service will entail and what you need to make it happen. Do you need to start doing better hiring and training? How do you create warmth in a sub-2-minute interaction? What information should you gather on the guest, what preferences should you capture and use? There might still be a tech element, but you will lead with people and build for 'genuine care'.
Want to make this WOW?
If you have read earlier insights published, you will know that one of the recurring themes in this section is the Employee Experience.
Think of this insight from the perspective of your employees. What will your ideal employee want in 10 years? Work-life balance, prosperity, challenges, opportunity to learn & grow? Are you investing in creating those things? For example, are you developing a learning management system for your team?
Something else that you might want to think about, in terms of employees of the future, do you think it will be led by super specialists like the medical/tech/influencer industry and or generalists?
If there is nothing else you do on this insight, do just this - a 2-hour session with your team on what they think the future will look like.
As always, I am happy to assist, lead this session for you. This is with my compliments and on the house. get in touch at p.bedi@eclathospitality.com.