I wasn’t a huge follower of the TV show “Friends,” but watched a few episodes and had lots of friends who were avid fans that would talk regularly about it. Since the resurgence of the show in the last couple of years, I’ve been coming across a whole new wave of Friends’ quotes and memes. I recently came across a meme showing the goofy and neurotic character Ross, shouting “Pivot!!!” and it really resonated with me for a couple reasons.
For those that aren’t familiar with the scene, Ross gets a new couch and needs to carry it up a flight of stairs. He meticulously plans on how he and two friends (Chandler and Rachel) will carry it up the stairs and even sketches out the route. The couch is cumbersome and getting it up the stairs turns into a major challenge and Ross starts barking out instructions to pivot the couch up the stairs. It ends with them all getting audibly exacerbated and having to rethink their whole plan. I think anyone who has had to move large furniture in/out of an apartment can relate to this scene, but it also reminds me of how some of the best-laid plans in life must change or “Pivot!”
Last year, I followed a strategic plan for Jane Hotel Group – but then things didn’t go as planned. The deals I pursued fell through, interest rates were rising, and hotel recovery looked inconsistent. After not making the progress I had planned for, I took a hard look at how I was trying to build the business. Then it hit me – trying to make change within an established system was becoming incredibly problematic. I was building JHG to be an innovative and profitable hotel investment firm that advocates for front-line hospitality workers and local communities; supports strong ESG guidelines; and prioritizes DE&I in business. In order to meet these goals, JHG had to pivot its original strategy and lean in to building something new, leaving the more established systems behind. This idea can be summed up by a quote from Buckminster Fuller as shared in The 3-2-1 Newsletter by James Clear:
“You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.” - Buckminster Fuller as quoted in Beyond Civilization: Humanity's Next Great Adventure
While there remains much uncertainty with the US economy and reaching the true hotel recovery since the pandemic, particularly in the Midwest markets, JHG’s mission to be a positive changemaker in the hospitality industry will not alter. JHG is still actively pursuing deals, but pivoting to focus more on independent hotel investment opportunities and/or hotels that have the option to change brands/operating systems. With this new altered strategy, I am hitting the road going to conferences and events to seek out like-minded investors, capital partners, operators, and hospitality supporters. Not going to say JHG is done pivoting, but I will say I am excited for what collaborations and innovations lay ahead in 2023.
Have you had to pivot in 2023? What changes to strategic plans have you had to make?
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