In the hospitality industry, times can be unpredictable, and that’s okay. The question is, how do successful business owners stay confident when things are uncertain? Well, they do it by having a strong and adaptable mindset. This means being able to handle and deal with challenges, using good ways to cope with stress, and being open to changes from both inside and outside of their business, as described by the American Psychological Association.

There are three steps to a resilient Mindset

• The self: Find your why-your purpose

To begin building a strong and adaptable mindset, Grant suggests that leaders in the industry should think about their reason for working, their “why.” When you have a clear sense of purpose, it becomes easier to handle challenges and opportunities. However, during tough times, it’s easy to forget this purpose. Grant’s research shows that our brain tends to function on autopilot and make regular decisions without much thought. But don’t worry, this can be overcome with the right strategies and tools.

• The team: encouraging diverse ideas

When leaders have a mindset that values growth and improvement, it has a positive effect on the whole team in the industry. When everyone feels included and valued, the impact can be really powerful. Building a strong team that can handle challenges together is important. Leaders can do this by promoting diversity at all levels, making sure every team member feels respected, and encouraging a positive outlook even when things are uncertain.

• The Culture: Integrating resilience strategies

When an organization is resilient, it can handle uncertainty and challenges with ease. It means the organization has the ability to keep growing and improving no matter what comes their way. To make this happen, leaders need to understand that building resilience is not just for them or certain teams, but it should be embraced by the entire company. It’s not just about one department, but about all areas like HR, operations, and more. However, research from EY shows that currently, many business leaders are not giving enough attention to resilience, and this lack of focus may even worsen as a project progresses.

 At the end of the day, resilience is a very learnable skill. It’s about learning to control your emotions, focusing your thinking in positive ways, and not ruminating on things going badly. You can build your resilience, and you can build a resilient culture across an organization.

In summary, having a resilient mindset is vital for success. It means knowing your purpose, being open to growth, and creating a safe and diverse workplace. Leaders should encourage resilience throughout the whole team and not forget about. By focusing on resilience and implementing it in all areas, the organization can handle challenges and keep growing.

EY Cyprus Contact

Argyro Ilia

Consultant – People Advisory Services

EY Cyprus Advisory Services Limited

[email protected]