Innovative risk management in the hotel and restaurant business: Scientific and practical aspect

Abstract

Effective risk management is essential for success in the dynamic development of the hotel and restaurant business. Amid increasing competition and market instability, there is a need to develop innovative risk management strategies. The purpose of the study is to develop and test methods for assessing and minimising risks aimed at strengthening and sustainable development of enterprises in the hotel and restaurant business. Using abstract-logical analysis and a systematic approach, the study classifies enterprises depending on the level of risk. The results of this study demonstrate a comprehensive understanding of innovative management methods in the hotel and restaurant industry. The findings indicate that enterprises from the initial cluster are less vulnerable to risks, confirming the effectiveness of cluster analysis in assessing risks in the hotel and restaurant sector. In conditions of economic and political instability, systematic analysis and risk management became important. Internal risk management strategies, including innovative methods, were successfully used to reduce potential threats to the hotel and restaurant business, considering the specifics of this industry. The development and support of a dynamic information system became a key element, facilitating effective risk management and enhancing the competitiveness of enterprises. The mentioned enterprises, remaining within the lowest level of risk, confirmed the importance of using cluster analysis for identifying and managing risks in the hotel and restaurant sector. This study introduces innovative approaches to risk management in the hotel and restaurant sphere, providing specific strategies that can be used by companies to increase resilience and adapt to market competition challenges