12 min
8 Ways Hotels Can Manage Cashflow During COVID Crisis Hospitality techtalk
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- Business
00:55 Hack number one - Chase chase and chase again those accounts receivables, create processes and implement them for follow-up. Not only for those that are beyond the due date but also those that are close to due date.
01:50 Hack number two - The joy of giving. Hotels are largely expected to refund guests, even on previously non-refundable rates. That seems to be the accepted norm both in the brand and the independent trade. But there are alternatives. Why not offer them a gift card instead of a refund?Especially if that gift card is bundled with a value-added service that is cheap for you as a hotelier to trade as a concession. Birthdays and anniversaries are not on furlough. They are still happening. But we can't get out to the shops to buy things for our loved ones. Then why not as a hotelier or restaurant owner or as a wedding planner, offer packages for sale on your website or through non-digital means. There's a very strong social aspect here as well. Buying a gift card for a hotel is a way of paying it forward and investing and supporting your local community.
05:39 Hack number three - Get creative with your marketing. Make yourselves irresistible. Your digital presence right now is so important.
06:30 Hack number four - If you have multiple properties leverage that in any revenue generation activities and initiatives. If you don't have multiple properties, we are a community, we need to work together. So talk to your traditional competitors and see if they're in on this.
07:48 Hack number five - Your number one priority has to be to turn off all non-essential services. Take a long hard look at what you can do without. Before you turn off entire services, can you break it down? Are there elements of services that can be paused or cancelled?
08:20 Hack number six - Ask for leasing options and spread your payments. It's time to really consider, perhaps non-traditional methods of acquisition.
09:02 Hack number seven - Tap into government grants. Governments throughout the world have created many different types of support packages. Please check and check again as the measures are changing or time-limited or updated on a regular basis.
09:51 Hack number eight - Work with staff to reduce employment costs. Avoid laying them off because when we come out of this you'll undoubtedly need those experienced workers to help you steer the ship in these troubled times.
00:55 Hack number one - Chase chase and chase again those accounts receivables, create processes and implement them for follow-up. Not only for those that are beyond the due date but also those that are close to due date.
01:50 Hack number two - The joy of giving. Hotels are largely expected to refund guests, even on previously non-refundable rates. That seems to be the accepted norm both in the brand and the independent trade. But there are alternatives. Why not offer them a gift card instead of a refund?Especially if that gift card is bundled with a value-added service that is cheap for you as a hotelier to trade as a concession. Birthdays and anniversaries are not on furlough. They are still happening. But we can't get out to the shops to buy things for our loved ones. Then why not as a hotelier or restaurant owner or as a wedding planner, offer packages for sale on your website or through non-digital means. There's a very strong social aspect here as well. Buying a gift card for a hotel is a way of paying it forward and investing and supporting your local community.
05:39 Hack number three - Get creative with your marketing. Make yourselves irresistible. Your digital presence right now is so important.
06:30 Hack number four - If you have multiple properties leverage that in any revenue generation activities and initiatives. If you don't have multiple properties, we are a community, we need to work together. So talk to your traditional competitors and see if they're in on this.
07:48 Hack number five - Your number one priority has to be to turn off all non-essential services. Take a long hard look at what you can do without. Before you turn off entire services, can you break it down? Are there elements of services that can be paused or cancelled?
08:20 Hack number six - Ask for leasing options and spread your payments. It's time to really consider, perhaps non-traditional methods of acquisition.
09:02 Hack number seven - Tap into government grants. Governments throughout the world have created many different types of support packages. Please check and check again as the measures are changing or time-limited or updated on a regular basis.
09:51 Hack number eight - Work with staff to reduce employment costs. Avoid laying them off because when we come out of this you'll undoubtedly need those experienced workers to help you steer the ship in these troubled times.
12 min