I opened a Tourism business in 2020 (madness!) - 5 things that have helped me thrive regardless

Fast rewind to January 2020.?

I had just taken a leap of faith from the corporate world, to realize my Big Dream: open a little “boutique hotel” where we live in South-Eastern Italy. The renovation project, as complex as it had been, was going well. We were on track to open for Easter 2020…?

Which, of course, we didn’t.?

When the first lockdown started, I thought for a moment that the world had come to an end, that the Dream would never happen, the huge investments made would go down the drain. Then, through the weeks of indoor isolation (in Italy, it wasn’t even allowed to go out for a walk or run), I started seeing some light. And now, after a two-year rollercoaster ride - which also includes two very successful tourist seasons - I realize I’m actually thriving.?

Which I didn't expect, how is that possible?

I’ve done a lot of soul-searching and diary writing this month and would like to share these reflections with you. Not as a “how to” guide of any kind, but as a real-life story, something that has worked for me in a difficult time. Who knows, maybe these words can be helpful for someone.?So, here we go, here are my five discoveries:?

1. Prioritize Achievable Goals

Palazzo Florio Boutique Residence was born and still is my passion project, not just a business. When I took the investment decisions back in 2018, I took extra care defining a realistic business plan.

Drawing on professional experience over the previous 25 years, I knew the importance of goals and metrics that you have at least some control over. And inversely, the danger of impossibly challenging goals.?Renovating a historic building in itself comes with plenty of unpredictability, you should not expect quick wins.

These were the 3 Top Priority goals (metrics) for the first three years:?

• Create an exceptionally beautiful space. (y/n)
• Open the boutique hotel. (y/n)
• Make Guests happy. (Guest reviews and feedback)?

When the pandemic hit, this priority order turned out to be a mental life-saver for me. Prioritizing quantitative metrics would have meant failure at the outset. Whereas now, I could still have some impact on the achievement of my goals, and feel we were on the right track. I could still do my interior design work. I could still get everything ready for the opening. And once we could open, it didn’t matter if we had one quest or a hundred, I could do my ultimate best to make them happy.?

I 'm certain this priority order will also drive success with the rest of the metrics over the long run.?

2. Apply the Stockdale Paradox

“Andrà tutto bene” - everything’s going to be alright. That 2020 mantra irritated me because it had no base in reality. In fact, it reminded me about a concept Jim Collins discussed in his book Good to Great, the story of a prisoner-of-war who said it was the optimists who didn’t make it out alive… what was it called? I dug out the book and there it was: the Stockdale Paradox.?

Internalizing this concept has been tremendously helpful for me: we will get out of this pandemic one day, we don’t know when and how, it won’t be quick so deal with it.?

Quoting Jim Collins:?

“You must maintain unwavering faith that you can and will prevail in the end, regardless of the difficulties, and at the same time, have the discipline to confront the most brutal facts of your current reality, whatever they might be.”

3. Keep Fit Every Day

Emotions and thoughts live in the body. Our energy is born in the body.?My head certainly does not work at all if I’m not exercising! I’ve read several articles that say physical exercise is a great antidepressant. Couldn’t agree more.?Physical muscle helps build mental muscle.

I’ve been doing some kind of physical activity daily for the last thirty years. It doesn’t always have to be running or cycling. During the first, complete lockdown, I set up a gym on the balcony and a spinning studio in the living room. When Palazzo Florio is 100% full for weeks on end and I’m working from dawn till late evening, the work itself is a workout. I’m lucky as the very special historic building has plenty of stairs!

4. Know How to Do (Almost) Everything

Business literature states that a common mistake entrepreneurs make is doing too much by themselves in the beginning. In the tourism industry, with its seasonality, it may not always be so. In my business over the last two years, it's definitely been quite the opposite.?

During the high season, when the hotel is at around 100% occupancy for weeks or months, it’s not rocket science to estimate your personnel requirements. But off-season is a different story. And the pandemic off-season has made it virtually impossible to plan ahead well. With different degrees of lockdown and restrictions, everything has constantly been changing, also in unpredictable ways.?

Being able to perform almost every task in the house, if needed, has given my small business incredible agility. I have not had to close shop temporarily, unless I have chosen to do so for vacation or maintenance. It’s also more fun that way! I love being in action mode, be it serving Guests, cleaning, or working on our website and systems.???

This is also an essential point for future growth. Everybody who manages a business in the hospitality industry knows it’s notoriously difficult to find the right people. I believe I can manage our people only if I know how to do their jobs really well. I see these first years as my private “Swiss Hotel Management Institute”.?

5. Love?(the Verb)

I could write a novel about this - and maybe one day I will - but I’ll be brief for now.?

I would have not started this journey without Umberto, the Love of my life. Renovating a historic building? Too risky, didn’t have the right skills and contacts. Without him, I’d probably be in an easier and safer place, but still dreaming.?

When the going gets tough, there’s nothing more powerful than living with a person who’s always on your side. And you on theirs.

Someone who always believes in you, sometimes more than you do yourself. Someone who paints the sky blue when all you can see is grey. And, of course, someone to share the laughter, success and memories with.

These two pics - "before and after" - give you an idea of the project. We look at them now with disbelief, asking ourselves if we were insane!

In conclusion…

Being an entrepreneur will never be easy, I know. The going will get tough also in the future, in many ways, with or without a pandemic.

I'm not saying we should always look for a silver lining, that's not at all who I've grown to be. What I am saying instead is: we can find ways to thrive in challenging times. We can find ways to deal with the facts, no matter how brutal, and take action. For me, the most powerful one is to love.

I’m sending you my warmest thanks for reading.?Take care,

Anita

You can also find me at [email protected] and www.palazzoflorio.com.