There’s no question about it at this point: coronavirus will reshape the way we all do business. It doesn’t matter what industry you’re a part of. There’s a significant chance that this pandemic will creep its way into one or more aspects of your operation if it hasn’t already.
One industry that has seen the most drastic changes is hospitality. Many hotels and similar businesses today are teetering on the brink of survival. Their struggles lie in coping with social distancing restrictions, travel bans, and a looming uncertainty for the future that has made their customers wary.
If you find yourself in a similar situation, then this article is a good place to make sense of it all. Here, we’ll discuss what the coronavirus pandemic has brought upon the industry, as well as what it means for the future of your business.
How coronavirus has altered the landscape
To gain better control over the current situation, it’s important that we first understand what exactly we’re dealing with. Here are the different ways the coronavirus has affected the hospitality industry:
It has made normal operations impossible
The words ‘shelter in place’ first come to mind, and this is what many of your customers are being required to do. This essentially means that most of your clientele will not be allowed to come to your business at all.
It has discouraged people from making travel plans
Perhaps the biggest effect this pandemic has had is that is has made people wary about the future. The advanced bookings and reservations that used to sustain your business have now suddenly stopped coming in.
It has made hotel maintenance challenging
The lack of people in your rooms doesn’t mean that you can forego properly managing your facilities. Cleaning costs, repairs, and regular maintenance all represent expenses that are difficult to afford but required nonetheless.
What these mean for the future
The painful truth is that the future doesn’t look great for most of us.
There is some support from the government, but the stimulus packages they send are helpful only up to a certain degree. What little marketing strategies you might have will hardly make up for the overwhelming vacancy rates that you’re facing. Soon enough, the resources you have saved up for an occasion like this will dry up completely.
Given these harsh realities, what should be your next steps? It’s difficult to say with any certainty. The truth is that not all businesses will make it through this. Only those that can find ways to continue on for the meantime will be the ones left once the dust has finally settled. It’s survival of the fittest in the business world, and we don’t mean this to be good or bad. It is simply what we can expect to happen.
Now, this doesn’t mean that all hope is lost. This global pandemic was a result of the world’s inability to prepare itself for such a threat. We can only hope that once this crisis ends—and it will—we all would have learned to be more vigilant.
If you’d like to read more about coronavirus and its effects on the hospitality industry, feel free to browse our site. We publish news and information for the benefit of hoteliers and similar business owners around the UK.