A new business model for the Hospitality Industry
It’s a fact that hospitality has not really changed over time. What the ‘’concept’’ is called, has remained the same. A provider of service and experiences with a degree of luxury. And on the other hand a business model which, as above, has remained the same where an investor is looking for an ROI and a lifestyle.
This was all well and good and then, the pandemic arrives to get everything upside down and make us all rethink how we do business.
During this extraordinary time we were all talking about the ‘’new normal’’, and now (as of end January 2023) it seems that everything is back to what it used to be, only worse.
The pandemic has decimated the hospitality industry losing millions of talented and dedicated professionals around the world. Now, as travel returns back to normal, every company is struggling to find staff and guests are paying the price of this with higher prices for a lowered level of services.
Was it all necessary? I question why not a single company planned for such a crisis (we, hoteliers, are so good at planning, aren’t we?) or at least be prepared for such a collapse of the usual.
So what did the industry do at the end? Same old, same old. Get rid of people. Just like the (not so) good old times, payroll is only a cost and therefore to eliminate ‘’heads’’ is the easy way out. And instead, as usual, was the most detrimental and this time I think we just put the cherry on the cake. Every company, globally, is struggling to find talent and I am not surprised at all as this was an expected consequence.
My question is this and I hope my hospitality colleagues will take the time to consider and respond.
Why don’t we change the business model of the industry and make our team members part of the success? Why don’t we keep part of the net profits in a fund that will only be used in emergency cases (remember the piggy bank?).
Why instead of keep investing in growing the business, don’t we invest in growing our people?
I have begun a quest for this change with a project called My Humble House. The main objective is to disrupt the industry with a completely new approach to the business and to make our team member responsible and part of the success of the company.
My Humble House’s tagline is ‘’profit is the consequence of our purpose’’ and it has already generated great interest from the industry.
Rocco Bova is the founder of My Humble House as well as being a passionate hotelier with a global and long-standing career within the industry. So, what is My Humble House and why is it of such importance for businesses in the Hospitality Industry? It is a revolutionary business model which goes deeper to culture and empowerment, helping businesses be more efficient, attracting the best talents in the industry, rewarding, and retaining them to ensure a sustainable and flourishing business.
New generations require new methods. An employee needs to be a business partner and feel responsible for the success of a business.
Currently, as the business and financial plan are completed, the brand registered and land available, I am looking for support.
More information can be found on Linkedin https://www.linkedin.com/company/my-humble-house/?viewAsMember=true and feel free to get in touch on Linkedin linkedin.com/in/roccobova .
