How to Face a Downturn with Abundance

There are 17.9 million Instagram posts hash-tagged #mindset.

Yep, mindset is a particularly popular buzzword right now, but it's also a powerful concept that can either drive or sabotage your success.

Stephen Covey first talked about the contrast between an abundance mentality and a scarcity mindset in his classic, The Seven Habits of Highly Effective People. The short version is that people with an abundance mentality believe there is enough of everything to go around, while a scarcity mindset holds that if someone else gets something, there is less available for you.

Here's how this plays out in your hotel sales office:

  • Scarcity: I can't make my goal because the hotel down the street has nicer chairs.

  • Abundance: If I make well-researched prospecting calls, I'll make my goal because there is enough business for everyone.

OK, apologies to Stephen Covey and Deepak Chopra and everyone else, but you know what I mean. Debbie Downer is scarcity mindset in action

I continue to scratch my head at the hotels that aren't interested in working on contingency plans for an economic downturn, and I'm wondering if it is somehow related to a fear of being perceived as negative or scarcity-minded. As in, if we acknowledge that all of the signs, indicators, and research point to a recession, we are demonstrating a lack of belief in ourselves and our ability to drive top line revenue.

This couldn't be further from the truth. 

Consider this. Scarcity tells you that you are at the mercy of the world and have no control over your circumstances, while abundance tells you that you are the master of your destiny.

As we face a slowdown in demand, the hotel sales leaders that believe they are the masters of their own destinies will think through the what-ifs:

  • What if our top sales person leaves?

  • What if our top account implements a travel freeze?

  • What if our planned renovation gets postponed?

Thinking through a variety of possible scenarios means that you know you can be successful in any circumstances. Making a contingency plan is a positive action. You are the master of your destiny.

Psst: If you have ten minutes, you can find out how prepared your hotel is for an economic downturn by taking the Recession Readiness Stress Test.

Susan Barry