To grow and manage a business today, you need to focus on three things: relevancy, reputation, and cooperation
Millennials are doing business differently compared to previous generations. We have interviewed Daniel Diosi, leader of Daniel Diosi & Partners – the fastest growing business development consulting company in the hospitality industry. Their clients of the group are market leaders, members of the team are living an envy-inspiring lifestyle. How did it happen in just a few years? We have asked Daniel to answer our questions.
How did you get the idea and concept of your business?
Daniel: It was more of a transformation than an idea. I registered my first business dCommerce in 2016. Since then it has changed a lot, however the core remained the same.
I always liked the idea of living the life of a business consultant. Staying in nice hotels, flying business class, expensive laptops and meeting different people from different cultures. When I started visiting Vietnam to get my business established then I enjoyed it a lot.
On those times I did not want to position myself as a freelance consultant, but wanted to become the owner of the consulting company. So I started hiring people with specialized expertise to work for me. It was a big mistake that affected the quality of our service negatively. I corrected it later.
Is it a lifestyle business?
Daniel: Yes, this is probably the best way to describe it. In my understanding the business should serve me instead of me serving the business. Of course I take my commitments seriously, but I do not take any commitments that would be overly challenging. I like to live my life in balance.
I started this to be able to live on the beach, focus on my health and have time for meaningful things.
The rest of the group thinks similarly, that’s why we get along so well. Each of us have our separate companies with a high level of specialization in one field. We are not expert in everything but each of us has exceptional expertise in something specific.
Our revenue management partner Alessandro Crotti is an excellent numbers person. Miles Noble and his company Altitude is one of the best website creative agencies I worked with. Thuy Trang is very good in developing brands on social media. Each of us just do one thing but that is 100%. We don’t want to complicate things.
What do you do different compared to other companies?
Daniel: The biggest difference is that we are not desperate to grow. Since each of us in the group have own income from our separate companies, we are not under any financial pressure.
Our priorities are value, reputation and cooperation. We aim to generate the best possible outcome to our clients, maintain a good reputation on the market and to cooperate instead of competing. I do not tolerate any competition within the group. We all work together on the same level. Arguments and debates are fine, but competitive behaviour is not tolerated.
How do you choose your partners?
Daniel: My partners are luxury hotel marketing professionals with excellent reputation and a proven track record in their field of expertise. I want to work with people who share similar values with the rest of the group, and have no financial interest in trying to steal clients.
In our group we share opportunities instead of trying to grab those away from others. It is like a sharing community.
What are the key values and principles in managing your business?
Daniel: As said already, my key values are relevancy, reputation and cooperation. Consulting is very much a people business. With a bad reputation you can close your company, meanwhile with a positive goodwill you will be in demand. It makes a very big difference.
These are the only three things I focused on. Offering relevant services, maintaining a good reputation and to cooperate instead of competing.
Have you ever felt pressured about the increasing responsibility?
Daniel: Yes, I have to admit that there were stressful times. These were the results of my bad time and responsibility management. In the early days I used to take on jobs that I was not fully comfortable with. Quite often I also agreed to work with people who made my life a nightmare. Until I learnt how to manage my time and clients I had really difficult times.
Today it is different, I avoid people and situations that would likely annoy me. This is how I can give full attention to my clients as well as handle our business growth as a priority. Opposed to this, in the first year of doing business I often ended up wasting half or full days with clients, who did not even pay or took me or my partners seriously.
How do you balance between your personal life and business?
Daniel: Very simple. I limit my online time. Quite often I just turn off my internet connection or walk away from the laptop. Emails can wait a day, or a few hours on weekdays, if something is urgent then the can call me.
In the beginning it was a lot more stressful, I used to work till late every day, including weekends. At that time it was necessary because there was a lot on my table and back in the days I did not have money to pay for others so I had to work a lot.
What would you recommend to entrepreneurs who start in this business?
Daniel: Most importantly, just do what you enjoy doing. If you will commit your time then it’s better be something that you enjoy. Otherwise it will become a chore and you will want to quit.