Making small, marginal improvements to your business is the best way to respond to challenges in the market, Abta delegates heard.
A former McLaren Formula One mechanic described how a painstaking approach to improving every tiny element of the pit stop procedure enabled the race team to shave off vital seconds.
Marc Priestley, who spent ten years with the team, said a pending ban on tobacco advertising in 2003 – potentially disastrous for the sport - was the stimulus for looking carefully at everything the team did.
“Instead of putting our energy into getting a three or five year extension to the ban, [chairman] Ron Dennis said let’s see this as a huge opportunity to embrace change and analyse every single thing we do,” said Priestley.
“People looked at us and thought we were silly. But through that attention to detail and analysis we ended up becoming more efficient, more productive, and we became the 2008 world champions,” he said.
‘We didn’t win because we spent more money than anyone else, but because we changed the way we looked at things and the way we did things,” he added.
He urged travel businesses to see crises within the industry as an opportunity to react similarly.
“Every industry is faced with challenges. You can see it as a threat or as an opportunity to re-assess,” he insisted.
“Making small improvements can generate significant gains, and if your competitors are not going to those levels, you have an advantage.”