No hesitation: YES!

Even if it is a bad strategy, any company has to define its own, regardless of the adjustments that have to be made over time.

But how can a leader manage to define a strategy in today's Tourism industry?

A purpose-based strategy will allow companies to stay on course with a focus on their core business, making them less vulnerable to external market fluctuations.However, in view of the Tourism situation, there are other factors that should be considered:

WHAT ARE THE CHARACTERISTICS OF THE STRATEGY

Now and in the near future, leaders will have to make quick decisions with incomplete information, many uncertainties, and constant evolution of events (VUCA world). Knowing the internal reality of the company is therefore fundamental, as the external instability of Tourism will be a factor that no one will be able to control.

As such, there are some characteristics that will be fundamental to define and implement a strategy with results:

Being flexible & adjustable to reality

With several possible scenarios (medium and long term)
Focused on efficient management of resource and process optimization and cost reduction/control
Investment in technology and automation
Investment in an L&D (Learning & Developing) culture so that teams can be properly prepared to react to changes

Circular & collaborative

Internal and external collaboration (circuits and processes)
Sales, marketing, and revenue alignment with operational departments
Include various distribution channels on and offline
Prioritize national and local markets (including immediate neighbors)

Press release

Internally and externally for all stakeholders
Objectives should be shared by all teams, with regular assessments to readjust actions and to understand team performance

WHERE TO FOCUS THE STRATEGY

People

should be placed at the heart of business decisions, not sacrificing people for numbers. But at the same time, the teams must be understanding and actively collaborate in the recovery and sustainability of the company. Leaders should create other leaders.

Sustainability

Although we are in the reaction phase it will also be a great opportunity to review the company's policies and how we can make it more sustainable considering its Social Impact, Environmental Impact and Economic Impact. Leaders should make conscious decisions.

Purpose

Products and services are easily copyable and even surmountable. But the purpose is unique, and this may also be the opportunity to connect with your employees, suppliers, and customers through more lasting emotional connections. Leaders inspire, not influence.

SOME PRACTICAL AND IMMEDIATE TIPS

In the immediate

Analyze the actual situation, without beating about the bush. Start by doing (redoing) the balance scorecard of your company involving 4 perspectives: Financial Perspective; Client Perspective; Internal Processes Perspective; Learning and Growth Perspective
Take the first decision: how will you keep the company in the coming months? Do you have any support to appeal to?
Involve the Teams in the Process from the beginning
Define priorities and objectives, with dates (keeping some flexibility and focusing only on the priorities you know you can develop).
Collect as much information as possible from different credible sources
Define a strategy and adapt it as the situation evolves

Next steps

Never fail to communicate with your employees, suppliers, and customers. Physical distance does not mean social distance. Be present with meaning.
Review all your customer interaction policies (cancellation policies, booking conditions, flexibility, ease of booking...). Build the future.
Invest in the training of teams in different technical skills and human capabilities. Prepare the teams, involving them in the recovery of the company.
Negotiate with all your suppliers in an integrated collaboration perspective.
Invest in technology and automation. Understand how they can be the solution to many of the challenges that Covid has brought, not least because we will certainly have to learn to live with it. Hygienic safety. Sustainability. New business models.
Adapt your sales and marketing plan not only to the national and local markets that will continue to have relevance but continue to support other markets that will return. Adjust revenue and yield management actions accordingly. Alignment.

If the path will be easy? Of course not... but that's why we need Purposeful, True, Genuine and Empathetic Leaders who define strategy and lead the way.

Everything else will follow....