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Important Advice and Tips for You Need to Know During COVID-19

Important Advice and Tips for You Need to Know During COVID-19

Important Advice and Tips for You Need to Know During COVID-19

Are you a restaurant who’s needed to close its doors but legally is allowed to still operate? Then offer your services as a takeaway for the next few weeks. Or create a special promotion to sell vouchers or gift cards. People are going to want to come back out of hiding when this pandemic is over. Cabin fever is already setting in throughout the UK, once people are able to go back out to eat and drink, they will jump at the chance to do so. Vouchers and gift card sales now earn you money now but will only cost you as a business later. If you’re a hotel is there a way you can benefit from offering a ‘staycation’?

Prepare for Recovery

People are going to value restaurants, bars and hotels with a new appreciation once social distancing is over. Get your marketing strategy ready now to prepare for this. You want customers to look forward to visiting you again and spending money. What can you show them now to achieve this?

Those representing the tourism industry in Australia have said their country (and by extension the rest of the world) need to “be ready for recovery”. They have stressed that coronavirus is indeed a blip, and once contained and treated, will be remembered as such.

Tourism Australia hosts an annual conference called ‘Destination Australia’ where threats and trends to the industry are discussed in detail. Taking place today, the 12th March 2020, coronavirus dominated proceedings.

But the conference ended on a hopeful note with the suggestion that the world’s travel and tourism will “bounce back” once the virus is no-more. It’s expected that the industry “will recover as sharply as it fell” as travellers rearrange their trips and make up for lost time.

At Virtual Solutions, we also subscribe to this view. The most difficult part for those of us in the hospitality industry will be to endure the crisis as it happens. But we will come out of it intact. Coronavirus will not hold us back forever.

But while the virus is still prevalent and becomes more so, here are some more tips to help your business get through the pandemic from a financial point of view:

Reorganise Your Expenses

You’ve likely already done your budget for the coming few weeks, but coronavirus may have changed some aspects. Go over your costs again to see what savings can be made. It may surprise you. On the other hand, coronavirus may totally pass you by, but either way, be prepared.

Review Your Staffing Levels

Labour is always a business’s biggest expense and it’s likely to be the thing that’s affected the most by coronavirus. This is something all hotels need to be prepared for. Any rotas that were done before this crisis need to be examined. Where can savings be made and what’s the safest way to move forward?

Holiday Entitlement

This is essentially cash on the table that may be going to waste. Of course, your staff are all entitled to it, but chances are things have changed due to coronavirus. How can this time be used more effectively? Holidays and trips are likely to have been cancelled by some, this is likely to affect your staff too. Don’t wait for them to come to you, be proactive.

Be Ready for Negative Flow

Hopefully, coronavirus won’t impact you, but if it does be prepared to deal with the effects of negative flow. Has your hotel ever faced this before? What would you do if your revenue halved? Consider each eventuality, it could happen, and even if it’s temporary it will still cause concern. What’s your crisis plan?

Reassess Your Vendors

How may be the perfect time to reassess your arrangements with third party suppliers. Do you still need them all? What may be wasted or something you can put on hiatus? At the very least it may be time to renegotiate your contracts. They may be feeling the squeeze too, so getting a favourable deal may be within reach.

Upcoming Training

A health crisis can put a hotel’s training needs in perspective. It may be worth cancelling anything that doesn’t either deliver a prioritised ROI or benefit the present situation. Once this crisis is over then normal service can resume.

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