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Companies can't afford to relax in boom times if they are to succeed

07 March 2007 by
Companies can't afford to relax in boom times if they are to succeed

Companies need stay on top of their game by constantly reinventing their definition of what excellence is, according to a leading hospitality expert.

Addressing the International Hotel Investment Forum in Berlin yesterday, Barry Sternlicht chairman and chief executive officer of Starwood Capital Group warned the continuing boom in the hospitality sector did not mean it was a time to relax but rather a chance to improve aspects of the business.

He said: "We need to constantly embrace the new challenges that exist, not just against our own business sector but against what's out there generally in the market. To move from good to great, we have to challenge everything we do all the time."

Sternlicht warned that the only way to do this was to be ruthless about setting goals and brutally honest about company strengths and weaknesses.

He told delegates there were five "C's" which he used to provide effective leadership and build culture of excellence.

These were Curiosity, Creativity, Caring, Communication and Courage.

"The point of the ‘C's'," he said, "is to turn your company from good to great by reaching a common definition of excellence."

More IHIF news

Hilton launches 10-year plan to open 1,000 European hotels >>

Starwood to build first Aloft hotel in Brussels >>

Mandarin Oriental Prague named new development of the year >>

World economy to avoid full-blown global recession >>

Berlin hotel conference gets bigger again >>

Economist Roger Bootle predicts that world growth in wealth is good for the hotel industry >>

IHIF website >>

Other related news

Mandarin Oriental Prague named new development of the year >>

World economy to avoid full-blown global recession >>

Starwood founder Barry Sternlicht resigns >>

InterContinental shares soar after takeover speculation >>

By Emily Manson

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