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."
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By Emily Manson
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