If you’re in the business of hospitality, you know that your company is open for a fair amount of risk even during the best of years. Simple changes in the weather or tourist trends can significantly impact the amount of revenue that you’ll have for any given year. Add in the coronavirus pandemic, and suddenly you have even more liability on your hands since a lot of people across the United States are doing little to no traveling at the moment.
Luckily, there are some options to help you keep your hospitality business above water during these more difficult times due to the pandemic.
Look Into A Hospitality Management Service
Hospitality management services are companies that excel in taking a look at your business and then making suggestions for areas of improvement. Most of these services have years of experience in working with hotels, resorts, and restaurants, so they’ll be able to provide you with advice in the areas where your company is struggling the most. Some hospitality management services, like Prospera, even offer multiple areas where they’ll take a look at the complex facets of your business.
Some areas where these hospitality management service businesses will help you and your company include:
Claim up to $26,000 per W2 Employee
- Billions of dollars in funding available
- Funds are available to U.S. Businesses NOW
- This is not a loan. These tax credits do not need to be repaid
- Food & beverage management
- Accounting & finance
- Human resources
- Digital Marketing
Some of them will even help you and your hospitality company save money through taking a look at what green initiatives you have in place. They’ll help you cut down on the amount of waste that your company has, which can save you money in the long run.
Run An Advertising Campaign
This might seem like a counter-intuitive notion since your company has less money coming in the door at the moment due to the coronavirus. However, running an ad campaign, either in print or digitally, will help you stay at the forefront of your potential customer’s minds. Some customers may be big risk-takers and are willing to travel right now; others may wait until they feel like conditions are safer again.
Either way, studies have shown that “going dark” and doing no advertising during times of economic turmoil will make it harder for companies to recover in the long run. They’ll have to work harder than other companies who continued to advertise to have potential customers connect with their brand again. They’ll end up losing more money in the long run because people won’t come to them again once they’re willing to go out and spend money.
Update Your Cleaning Policies
If you do decide to run an ad campaign, you should tell your customers how safe your facility is at the moment due to you updating your cleaning policies to be compliant with what is necessary because of the coronavirus pandemic.
Even if you had stringent cleaning policies before, you’ll want to reassure your customers that you are making their health a top-priority moving forward. This will help customers have more faith in your business and it will make customersmore loyal to you.