It doesn’t look like a rush of travellers are going to be returning soon. Should you be sitting in the corner waiting for the influx? No, and I am going to tell you some things you should be doing in the meantime to prepare.
There is no denying that the hospitality property industry is taking a major hit.
Due to the COVID-19 outbreak, properties from all over the world are experiencing low occupancy rates or closing their doors until further notice.
Either way, they are all experiencing a difficult time.
While we are living in uncertain and unprecedented times and the immediate forecast for the hospitality businesses is not looking great, the only thing left to do is to be aware of the current situation and to look ahead.
Not a day goes by that we don’t hear information on coronavirus and its negative impact on travel and hospitality businesses but this is not new to the industry.
The hospitality property industry had to deal with many different crises and viruses in the past.
For example, the SARS virus in 2003. There was a 50% decline in bookings, but the travel industry managed to register immense growth in just a couple of short years.
The truth is the COVID-19 pandemic shall pass. So, instead of curling up in a corner, we should continue to plan for the future, as well as take steps to reduce long-term damage from the virus and drive faster recovery.
Here are 9 tips to help hospitality properties overcome the difficulties that COVID-19 brings.
Make yourself aware of forms of relief
In most countries of the world, governments are offering assistance and financial support during the pandemic, governments defer payments, cut taxes, launch business support grant funds, make low-interest working capital loans available to businesses, etc. Check to see what is available for you.
Focus on your customer relations and long-term goodwill. Have a liberal cancellation policy for current bookings and if requested offer the customer a future stay voucher. It this not of interest, I would recommend a full refund with no strings attached.
It would be a good idea to create a relationship with every customer that does cancel a reservation. With every cancellation confirmation include a bounce-back offer for a future stay.
Continue reading and I will tell you what else you can do during this slowdown…
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