Strategy

The Sunk Cost Fallacy

The Sunk Cost Fallacy describes a psychological phenomenon in which we hold on to decisions because we have made a high initial investment and for this reason do not want to walk away from it. The saying goes, "I've already put so much into it, I can't back out now."
2. June 2020
Management

A vision gives guidance – even in times of crisis

Why do we do what we do today? Where do we want to be in five to ten years? What would always be important to us even in an economic crisis situation? What values would we pursue even when the company is at the mercy of turbulent times? What would we hold high even if it were an (apparent) competitive disadvantage?
27. May 2020
Strategy

Position your Hotel, it makes a difference!

Positioning in the hospitality industry is an organized system for opening a door to the guest's memory and anchoring yourself there. Positioning means taking a particular position and standing for something specific and distinctive, and not others. Consequently, positioning is a conscious preference for certain guests and a renunciation of other guests.
26. May 2020
Leadership

21 tips for leaders

Leading people is a true art, especially in difficult situations like the one we are facing now. Now, one has to be able to deal with different personalities, backgrounds, educational levels, and motivations. Also, you have to deal with uncertainty, anxiety, and stress that comes with it. The balance between rules, regulations, and top service is hard.
23. May 2020
Strategy

Measures to keep the Cash Flow going

The company is like an organism. The organism must be kept in motion so that blood can circulate and all the important organs are well supplied. It is the same in a company. The company must not stand still. To achieve this, all top performers should be integrated into the cycle of constant movement and improvement. Ask regularly where there is room for improvement, and make this system part of your corporate culture. In the end, this will ensure your survival during the crisis and positive cash flow.
15. May 2020