It is hard to believe that it is Canada day tomorrow. Here in the West, summer has finally arrived and the weather is hot and sunny.
I just saw on the news that there is some concern in Europe about the recovery and effectiveness of all the stimulus packages. But the signs I am seeing here in Canada are actually pretty encouraging. Yes the recovery is slower than (I) expected and there seems to be a great number of businesses that survived the recession and were forced to close in the recovery period. Many businesses are changing hands or closing but the strong are surviving.
I spoke at length during the “boom” about companies that were busy by default. What I meant was that there were a lot of businesses offering sub-par product and sub-par service but they were making money because there was just no where else to go. I also talked about how when people actually had to scale back and make a choice about where they should go and where they should spend their money; they would remember the establishments that operated with integrity and class during the boom. And guess what – that is what happened. That is what I mean by the strong are surviving.
But there are good signs out there. Occupancy is on the rise and I have had more than a few operators tell me that they are touching on 2008 numbers – great news. There is increased rubber tire traffic to hotels and the resort hotels though down in tours are up in FIT’s.
I think that the Corp market will take a while before they start to spend and take their people off on luxurious off sites and rewards. There are a lot of “high tech” options out there and they are being utilized by big business. Don’t worry, the corporate market will return – probably next spring or fall.
I was reading an article about how QSR revenue is in decline in the US due to an increase in full service and fine dining revenue. People have more disposable $’s and are choosing finer options again.
On the job front – we are seeing those positions such as sale managers, directors, area managers (positions that were the first to be cut in the recession) returning. I am getting lots of calls to fill positions that went unfilled, vacated or eliminated 12-16 months ago. That is great news.
Business has changed, people have changed, expectations have changed and sentiment around services and food have changed (supporting local, 10 mile rule, Ocean Wise etc.) has your business. If you haven’t, you may be feeling the pinch of recovery.
Be daring, get out of your comfort zone and “Burn your Boats (another Robin Sharma reference)!” I mean come up with something truly original and inspiring and don’t give yourself an easy way out – “well, we tried it for 4 weeks and didn’t see any results.” Stay committed to changing your business to meeting today’s needs and lock the back door so you can’t sneak out if it doesn’t go as you planned on your first attempt.
Thanks Corey! Very inspiring!
Rob
I recently attended a speaking event and one of the speakers was talking about this new economy and how business is going through a seismic shift.
Most interesting was that he said our grandparents are more better prepared for this new economy rather than our current business leaders. That’s because in their day business was built on personal relationships and treating customers with respect. The term “bakers dozen” came from back then because the baker would toss in the thirteenth item for free because you were a good customer. You’d be hard pressed for someone to do that today, but it’s on it’s way back.
As Cory mentioned some companies were busy by default. Well, in this new economy those businesses will quickly go out of business.
We’re in for some interesting times, and quite frankly I’m looking forward to it. Work hard at your business, take care of your customers and you’ll reap the rewards!