Page 282 - The New Gold Standard

PRINCIPLE 5: LEA VE A LASTING FOOTPRINT
worldwide economic challenges, Ritz-Carlton leaders must re-
sist the urge to overreach their core market, an error that has af-
fected other premier hoteliers. Horst Schulze suggests, “There
was a time that other hotel companies were the leaders in the
luxury hotel business. What happened? Why did they lose that
position? They all made the same mistake. They reached down
to the next tier of hotel traveler and began losing their share
of their highest-paying clientele. They made compromises in
their product to attract a wider market segment and lost the very
people who not only influence the travel decisions of their com-
panies but actually have the authority to dictate them.”
The real challenge for Ritz-Carlton will be to remain nimble
enough to take a legacy brand and accept the risks required to
place it squarely in the sights of future generations. Despite these
vulnerabilities, this hotel company has a striking advantage. The
leadership understands the timeless value of quality and the art
of professional service. Furthermore, they still humbly try to
reach a yet-higher standard. Ed Staros, cofounder of The Ritz-
Carlton Hotel Company, puts it well: “I was blessed by being
chosen to be one of the original team members to put this com-
pany together. The excitement of it all comes from focusing on
how good ‘good’ can be. That’s what drives me to come to work
every day. In fact, I am still trying to experience excellence at a
higher level. We are good, but we have so much more we can do.
We have not created that ultimate experience. It’s still out there.
It’s that magic carrot we keep trying to approach. If you can
come to work every single day focusing on how much better you
can be today than you were yesterday, you will draw nearer to
that carrot. You might never touch it, but you’ll get one step
closer.”
It is that constant quest for excellence that not only trans-
forms the guest experience but also transforms everyone who
comes in contact with the company and its people. In the words
of Simon Cooper, “I wasn’t a bad person before I came to work

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