Resilience - A potion against uncertainty

Uncertainty will always plant the seed of self-doubt and trick us into believing that we can’t do it. I think it always depends on how we perceive a situation and continue to trust in ourselves that determines the outcomes. We either succumb to the challenge or do better than we would have otherwise.?

?The spirit of entrepreneurship embraces curiosity along with the challenges that come with it. I held many leftist ideals back then, which did not view business entities as contributors to society. But today, I believe businesses can be a force for good that aids society in bringing disparities to a close. Moreover, one can’t help but fall in love with entrepreneurship and its cross-disciplinary nature, where psychology, economics, finance, marketing, and leadership overlap.

?I am excited and couldn’t have been prouder for how we’re shaping Skyla’s growth. We started with no clear advantage, not enough business exposure, a nominal capital, and no experience within the sector. Today, real estate developers have come forward to invest their own resources to build purpose-built real-estate assets to match our standards. And what an incredible journey it has been.

?2020 has by far been the most challenging period for the hospitality sector. A downturn that is the worst – an equivalent to the last five economic meltdowns combined. We went through the brutal consequences of the lockdowns and faced the most difficult times we ever came across since our inception.

?No one could have predicted the extensive global restrictions and the continual rise of cases to this day in many parts of the world. I can empathize with every organization within the sector that's trying to navigate these challenging times. Thankfully, our swift actions prepared us to remain in the course of business and steer towards sustainable service.

?Along the way, a few team members were disheartened by the hit the industry was taking and sought a safer haven. It was unfortunate that they didn’t buy into our vision and we lost some good talent. However, I’m incredibly grateful to those who stuck with us for the past 18 months and fought by our side. It turns out we had more people who believed in our long-term vision, and I thank each one of them for sticking with the team. I’m hopeful we come out stronger from the experience and their efforts will be paid off in the days to come.

?So, what’s in store for the future?

As the pandemic story slowly unfolds, we’d be taking note of the trends and permanent changes to the travel industry. Some of the opportunities lie within the nomadic lifestyles of professionals and business travelers who may want to spend more than a couple of weeks in the city. Our recent experience with guests showed us the growing need for travelers looking for a well-rounded, consistent experience along with some posh casualness.

?We believe there is no better time than now to aggressively scale and tap into the emerging opportunities. Skyla is fully equipped to amplify our efforts on key areas that drive outcomes that match our momentum.

?People at the center

?It’s essential to focus on individual stories because they are always part of a team. Stronger individuals make up stronger teams, and teams are the determinants of success. From the start, I made sure I contributed at least 40% of my time towards fostering a culture and building teams. My efforts will continue in this direction as I cannot stress enough on its importance, which brings about differentiated outcomes.

?Leveraging technology to break new grounds

?Technology widens our scope of growth. We use it wisely to offer a singular guest experience and not overwhelm our target demographic. Much of the technology in use at Skyla operates in the backend, supporting our booking engine, inventory distribution, pricing algorithms, guest management, and property management – overcoming operational friction at scale. Hereon, Skyla will take on technology to specifically reduce operating costs, chalking out a personalized experience for guests and multiplying the lifetime value.

?Growth

?At the outset of COVID-19, we switched to a new property acquisition model. Developers invest in building purpose-built real-estate assets from the ground up following our specifics of including hotel-like rooms, one & two-bedroom apartments, lofts, and other conveniences. Developers would also fund nearly all the capex, which drastically reduces our payback period.

?We’re also making sure that we sign our contract with a greater amount of flexibility which provides optional renewals, upfront abatement clauses, and a myriad of downside protection. One such undertaking was our recent launch of Serviced Apartments & Suites in Hitech City, Hyderabad. Consequently, all our upcoming properties would follow suite, which gives us the upper hand at penetrating this niche.

?With more developers coming forward to take up such green-field developments, and a time-tested product to match the aspirations of new-age travelers, we’re estimating Skyla to grow at least five times from here in the next 36 months.

?Anticipating the new way forward, we set our eyes on signing large assets – housing 100-150 units, purpose-built to match our standards extending services across a wide range of categories.

?In Conclusion

?I look forward to beginning the post-pandemic chapter with an optimistic outlook, a great team by my side, and immense courage. I have always believed playing for the next 15/20/25 years is the only way to cultivate sustainable businesses through a culture of resilience, which is an essential tool in an entrepreneur's arsenal yet the most understated.

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