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Growth Strategies

Five Business Truths From The World Of Hospitality That Apply To Every Industry

Five Business Truths From The World Of Hospitality That Apply To Every Industry
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You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.

Naim Maadad has worked in several different sectors over his lengthy career in various management capacities. In his current role as CEO of Gates Hospitality, he puts his industry know-how to work both theoretically and practically. Here are Maadad’s five business truths gleaned from his experience in prestige hospitality that can carry over to virtually any industry.

1. Relationships

 “It is a known fact that doing business revolves much more around personal relationships, family ties, trust and honor. It is therefore important that business relationships be built on mutual friendship and trust. As in other businesses, in the world of hospitality too, business etiquette works around this concept and the circle of influence ensures success in the long run.”

Naim Maadad

Naim Maadad

2. Experience

 “There is no substitute for experience. One area which any hospitality business venture thrives on is the experience of its leader. The individual heading up a company needs to be a visionary to utilize past experience and synchronize it with future requirements to deliver their very best to meet clientele demands.”

3. Bank knowledge of industry

 “In-depth knowledge of the industry is a vital ingredient in the success of any business, and hospitality is no exception. Related to the experience factor, the knowledge and know-how of every aspect of the industry needs to be explored. This ensures sustainable success and thriving by keeping the competitive edge intact.”

4. Local understanding

“Every business leader needs to have a hands-on feel of the local market and cultural ethos of the region. Respecting the local traditions and heritage is an area which cannot be compromised on. This is especially important where tradition and cultural heritage are sensitive matters in the country that the business operates in.”

5. Market reputation

 “Reputation of the brand in the market plays a very important role in building the future. This is another key area which can have no let downs. What people say about your company online has become the single most important reflection of your company’s quality, reliability, and skill. In a recent Global Trust in Advertising study, 70% of global consumers indicated they trust online reviews from strangers when making purchasing decisions. Your number one marketing priority should be developing a 5-star online reputation.”