Happy Belated Thanksgiving! I am happy to say that I am checking in on a high note. We are in the midst of our recruiting season here, and while it is a stressful and trying time for most of us, many of my classmates have been successful in securing job offers, so congratulations are in order. As well, I booked my trip to Asia for the holiday season where I’ll be traveling with Ivey for 10 days as part of our China Study Elective, then traveling on my own over Christmas. Doing what I’m not exactly sure yet only that it will cap off with a New Year’s Eve celebration with some classmates in Bangkok. I love to travel, so I am extremely excited!
Aside from recruiting and classes, I actually managed to squeeze in some leisure reading. I never thought that I would so much as finish a magazine while at Ivey, however I’m finding that in order to relax each night, I need to read something non-school related for about 20 minutes after my homework and prep work is done, no matter how late that is. As such, I religiously plugged my way through Four Seasons – The Story of a Business Philosophy by Isadore Sharp,Chairman, Founder and CEO. Coming from a service industry myself with my background in seniors housing, and having had the good fortune to stay at a few of their hotels, I was interested in how they built a profitable worldwide brand while achieving an undisputed level of service. A pleasant and enjoyable read, it also made an impression on me with the following takeaways:
Differentiation by service – To be honest, I originally thought that the company’s mandate was to create an exclusive luxurious experience catering to the rich and famous, but now having been in the program I’ve come to realize that a firm’s success is much more complicated that. How a firm differentiates itself can be a key factor in gaining market share. Four Season’s did so by committing to ‘be the best’ in premium service early in the company’s history and to do so they catered to the well-heeled business traveler, who not only required state-of-the-art amenities, but who was also often away from his or her family and wanted to feel comfortable and well taken care of while on the road, and thus would be willing to pay a premium for such service.
First mover advantages can lie in simplest of gestures–Executing their objective of premium service did not necessarily mean outlandish, extravagant luxuries, but rather thoughtful details that make a world of difference to a weary business traveler who still needs to be productive. As a result, the Four Seasons were pioneers in gestures such as offering shampoo in the bathroom, 24-hour room service, providing complimentary bathrobes and thick, fluffy towels to dry off with after a hot shower. Their suites were designed for a productive work atmosphere as well as a good night’s sleep, including quiet plumbing and a comfortable bed (trust me, when you sleep in a Four Seasons bed, you wake up feeling as if you slept for a million years!). We know many of these gestures as commonplace today, however it was the Four Seasons that set the stage for such service standards, anchoring their brand name in the industry and guaranteeing repeat and loyal customers.
Good people are key to success –As a future manager, this was a pivotal takeaway. Four Seasons operates by the Golden Rule – do unto others and you would have them do unto you. How you treat your employees will mirror how they will approach their job and treat your customers. For me personally, the commitment to their employees was underscored during times of crisis, such as the recession following Gulf War or September 11. While other hotels laid off staff and slashed rates, Four Seasons fully engaged its employees on how to manage operations during these troubles times which led to employees voluntarily taking on reduced hours and extra responsibility in order to manage operating costs, resulting from the company emerging from crisis with a solid balance sheet and their premium brand intact.
The book was definitely not want for other fascinating stories, anecdotes and business takeaways, however the nature of this blog does not even begin to scratch the surface. Not only was I able to continue my passion for learning the intricacies of successful firms, one of my favourite parts of the Ivey experience thanks to the case study method, I’m also happy that I managed to carve out a ritual that helps me achieve some balance within a stressful program. I’ve since turned my attention to Julia Child’s, My Life in France, so I don’t think any takeaways will make it to a business school blog, but you never know…
After earning her Bachelor of Science at McMaster University, Elizabeth began her career working in marketing for a seniors housing Real Estate Investment Trust. An employee of the REIT since its IPO, Elizabeth was involved with building brand awareness, resource management and leading cross-functional teams in launching national marketing initiatives. A former fitness instructor, Elizabeth keeps active at Ivey through her involvement with the Ivey Running/Triathlon Club, where she is co-president, as well as the Softball and Rugby teams. Elizabeth is also co-president of the Ivey Culinary Club and is currently serving as an Ivey Ambassador Program Senator. Outside of the Ivey program, Elizabeth enjoys food and wine, reading and traveling.