CONCEPTUAL PRINCIPLES OF MANAGEMENT OF SUSTAINABLE ECONOMIC DEVELOPMENT OF HOTEL AND RESTAURANT BUSINESS ENTERPRISES

Abstract

The general trend toward sustainable development requires enterprises across all sectors of the economy to adhere to relevant principles and implement qualitative transformations in order to meet new requirements. This has been interpreted as sustainable economic development (SED), which is examined in relation to the hotel and restaurant business (HRB). The purpose of the study is to systematize the conceptual foundations of managing the sustainable economic development of HRB enterprises. Attention is focused on the impact of the transition toward sustainability on enterprises. The necessity of considering the sustainable economic development of an enterprise, its compliance with ESG principles and environmental imperatives, as well as its relationship with achieving business economic resilience, is substantiated. Both the internal and external aspects of the enterprise’s sustainable economic development are taken into account. The sector-specific features of sustainable development in HRB enterprises are considered, occurring under conditions of paradigm shifts throughout the hospitality industry. The economic problem of ensuring the sustainable economic development of an enterprise is substantiated, which, together with the complexity of the transition to sustainability, requires appropriate management. The essence, level, and purpose of managing the sustainable economic development of an enterprise are defined, encompassing the entire life cycle of the enterprise. Various enterprise transformations necessary for the transition to sustainability are outlined, determining the tasks and directions of SED management. Special principles for managing the sustainable economic development of an enterprise are formulated, covering all management functions and types of management, and connected with the acquisition of new strategic competencies, the creation of business processes and practices, and the implementation of various innovations. Attention is focused on the necessity of using the opportunities provided by digitalization to ensure and manage the sustainable economic development of an enterprise. Several types of enterprise transition strategies toward sustainability are identified according to the nature of behavior within the industry. Elements (strategic vision, change framework, and “roadmap”) and approaches (cost-based, resource-based, project-based, etc.) for ensuring the management of sustainable economic development are distinguished. Attention is also focused on the need to improve the quality of analytical support for the management process of sustainable economic development in HRB enterprises, as well as on directions for improving the management process itself.