- Dea Kotobelli
How Covid-19 has reshaped the Hospitality Industry
Updated: Mar 13, 2021
We are living in quite challenging times where uncertainty, anguish and disbelief are becoming our closest companions. Our world has made a 180 degrees turn, towards a reality that is quite far from our standard, daily landscape. The economy is suffering, the people are struggling and every market is being demolished in a way or another.
Unfortunately the hospitality industry has been one of the most affected areas of work in the past year. However, challenges lead to opportunities. This new standard of life has indeed shuttered economic growth and has had quite a negative financial impact, but if we dare to look at the glass being half full, we can also consider this also as a reflection time to come up with some much needed resolutions.
This is the moment where the key players should focus on being very up to date with the most recent changes that Covid-19 is constantly bringing. They must draw relevant and personalised economic forecasts regarding their working capital or liquidity to see whether "a possible survival" requires external funding or not and assess these opportunities. Moreover, minimising expenditures and the liabilities for which your current assets are not enough, should also be incorporated in their Covid proof plans. Lastly, another very crucial approach is to include as many minds as possible to find the most adequate solutions for the melioration of the business climate.
Also, it would be quite beneficial for most companies to focus on the evaluation of their business and further on, the betterment of their teams, working structure as well as internal and external processes. For example focusing on more innovative means of delivering or drawing important operating plans.
Through online courses, an opportunity could be given not only to the big guys, but also the workers, that are in constant fear of losing their jobs. This could lead to a stronger and more up-skilled CV for each one, which will aid their career and personal development in the long run.
We are living in the 21st century and facing a global pandemic that has locked our planet indoors. Hence, the world is cooperating fully on a virtual framework. Being part of the cyber reality is crucial nowadays, if you want to stay pertinent, connected and somehow significant. Thus, it is the moment to invest in building a strong online presence. Social media can help every company create and keep a proactive customer relationship, even from a 1.5 meters distance. The service industry needs to be actively engaged in every channel in order to remain united with the market, suppliers and partners and able to retain its customers keep on building meaningful relationships with them.
To conclude, we must be prepared and ready to defy every challenge that this disturbing period might bring upon us and that will be done only through constant research, innovation and willingness for quick solutions. Where there's a will, there's a way, thus, let's build the path to recovery!