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Hospitality companies are facing troubling times with the economy's weakness beginning to weigh on the hospitality industry at large. Consumers are retrenching on most types of discretionary spending, including travel. This means that hospitality companies not only have to protect themselves from an economic downturn, but they also must undertake measures to adjust to a changed business environment. In this publication, titled "Weathering the Economic Storm: How hospitality companies can thrive in challenging times," we review four key actions that can help hospitality companies navigate and even prosper through these troubling times. For example, an economic downturn can be a good opportunity to optimize performance management capabilities, improve spend effectiveness, re-evaluate customer segments and review loyalty programs.
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