As we navigate through COVID-19, the entire world is undergoing challenges for revenue survival. Like many industries, Hospitality is the one which had a hardest hit so it’s time to overcome it and stay proactive rather than reactive in the market, because it’s totally unpredictable that what’s going to come next.
Earlier everyone has successfully survived even after navigating through the global economic crisis caused in the year 2008, as 9/11 and SARS took place.
But this time, COVID-19 pandemic has brought some uninvited unique set of business challenges. And, on the hospitality business front, the impact is indelible which shown impact on both operational and financial front.
It’s the testing time for resiliency & business continuity
The global pandemic has induced the large-scale lockdown, without leaving any scale business behind and for which owners plunge to mobilize their entire workflow and processes, so as to ensure the clients get uninterrupted support in every aspect.
But here, in the hotel industry front none were prepared to encounter and tackle such a giant crisis.
According to the data unveiled by the STR hospitality data firm, the occupancy rates slashed down at a lower place of 30% across Europe in the month of March; another report illustrate that the occupancy figures sadly declined by half, bringing down the prices.
Everyone in hotel industry much accept it as it’s the recession end of the day and the predictions show the hit may show up with a verge of $12.5 trillion global loss—almost like 5% of the entire world’s gross domestic product.
Stay Undeterred. Never GIVE UP
Pandemics like COVID are unforeseeable so following the pack and getting lockdown is quite common, but how many of us knew that few hotels were still open during the pandemic.
So, rather than being afraid to cut the ribbon assuming expensive outcomes, it’s ideal to navigate the crisis by accelerating the digital transformation and focus on newer ways to connect. Alike remote working, it becomes an ideal move for you to switch to cloud-based hotel accounting software and bookkeeping solutions, so as to handle your finances and gain insights for better financial performance.