We will be okay: CEO makes 2024 predictions — and spots some challenges
Grant Webster was named Deloitte’s CEO of the year for not only navigating Tourism Holdings (Thl) through lockdowns and the pandemic’s aftermath but also setting about creating a bigger, stronger business with the aim of it coming out the other side in better shape than it went in. Deloitte judges said during his 15-year tenure he had been a transformative leader who successfully converted challenges into opportunities for innovation and growth What are your hopes for the new Government?
It’s a long list! However, for brevity, the short list is:
1. Recognise the tourism industry as the economic driver it can be for the next few years. The industry doesn’t need much, some legislation to enable self-funding mechanisms that will facilitate a slew of other activities, a collaborative industry leadership body and good support for Tourism New Zealand. The industry can add another few billion in export revenue in the next two years.
2. Enable the best of the bureaucracy to flourish and take risks to be more efficient and effective and get rid of the others. There is so much that’s broken, but also some incredible talent within the Government that needs to be released to do good work.
3. Deliver. We may not all agree with each policy position, but it feels like we are at a point where we need momentum and if we get some action and start really moving forward, we can adjust our position whilst moving forward.
How would you describe 2023 for your business?
Big. We have been fortunate to have a record calendar year, benefitting from a fantastic team that has executed a large merger superbly. The economic challenges globally are clear, and we have managed to work around them reasonably effectively. Thl is the largest global RV rental company and we are privileged to be able to take the ideas and talent from Australasia to the rest of the world. However, we are only small steps into a long journey to be a great business, there is lots to work on.
What will be your biggest business challenges in 2024?
New Zealand (and the world) rebuilding confidence, which seems to have waned. Internally, at Thl, it has been all about keeping momentum. Broadly, cost control remains a real concern. Inflation is clearly reducing on a global basis, but operationally it doesn’t feel like we are anywhere near back to the central Government goals. Prices will stop increasing, but costs don’t seem to have yet. Selling vehicles globally has been tougher in the past six months, that’s been well documented. The question is, what will 2024 bring? Do we still have the same number of people wanting to buy a motorhome around the world? Lastly, I think we will continue to be challenged on how we more effectively manage the ongoing increase in non-revenue generating activities in business. Whether it be the reporting requirements for climate change (which I support) or the increasing cyber risks and how you keep everyone safe, to the most important of all, ongoing health, safety, and wellbeing needs. Lots has to do with great people and working on the culture of the business, but I am looking forward to us nailing how generative AI can make a big difference .
What opportunities do you see in 2024?
Tourism is still in a great growth phase globally, it’s an opportunity for the country to really get ahead in many perspectives. We can show the world, how to operate most effectively, expose people to great, sustainable experiences, improving their lives as well as creating unforgettable memories. Beyond that, it has to be generative AI (no AI was used in the creation of these answers). There has to be some major benefit for every part of society. You can see so many efficiencies for health, education, policing, freeing people to use their talents for the core purpose.
What was the most interesting news story of 2023?
That’s an easy one. It was Rob Campbell getting offside with the Labour Government and losing the chair role at Te Whatu Ora Health NZ. Knowing Rob through his time as chair of Thl, I think it was an enormous loss for New Zealand. Rob is a change agent with very strong values, which seemed from the outside to align so well with the people that really matter within the health system, those at the front line. There are so many lessons from that whole situation.
What are your predictions for 2024?
Economically we will be okay in New Zealand. People will start feeling more confident as the year progresses. The US election will dominate the headlines and water cooler conversations for the second half of the year. We will have our first wave of university graduates coming through who spent the last year(s) of high school at home due to the Covid19 restrictions. That cohort could well be a different group, they have been through a lot and missed a lot.
What’s the worst mistake you have made in business?
I should probably Google that question to see what I might have said before. The somewhat recurring mistake is not moving quickly enough on people situations. I don’t think there is a time I thought I moved too quickly. The largest financial mistake was over-investing in one country post the GFC. We were lured by tax concessions and market share opportunities. It took too long to unwind that decision, but a lot of lessons were learned well.
What would you rate as your greatest success?
In business it would be having a supportive crew and board that have enabled me to grow and share my experience for as long as I have. In practical terms being part of the team that enabled the merger with Apollo Tourism and Leisure is the greatest success. It should be the springboard for Thl to have a successful decade ahead. Personally, it is family. Despite me not being as present as I should have been for my partner or kids, all my four children are great humans. I’m very fortunate for the support I get.
Where and how are you holidaying this summer?
I am incredibly fortunate to have an overdue (planned in 2017) longer break this summer. I will have some time overseas with some of the family and then I will be spending some time in the stunning Coromandel. I will be spending as much time improving my health and wellness (which has been shocking since Covid-19), so I expect to bike, hike, swim, and gym. Will be interesting to see how I go. There is also a long list of books, and the best part will be spending time with family.
What would you recommend as a good book to read over summer?
The best book I have read this year is Martin Wolf ’s The Crisis of Democratic Capitalism. Depressing but some fascinating suggestions on where modern democracy could head.