Coronavirus: How To Tackle The Economic Crisis In The Hospitality Industry?

Crisis in the hospitality industry is inevitable. Whether the source is natural disaster or man made, sectors of the hospitality industry are at the forefront of critical situations. Problem situations can create serious risks to the hospitality industry’s ability to continue regular operations. They can cause problems with a hotel’s perceived image, ostracize a customer base, and have devastating short- and long-term financial consequences.

Where most organizations fail in managing the crises that beset their businesses is in not being prepared before a tragedy strikes and then trying to blindly navigate a host of problems once the situation has presented itself.

Economic crisis:

The first step is to identify the problem faced by your business. Whether it is a human resources problem or not, or is it related to other factors in the hotel properties. The first step to tackle your crisis is to analyze your problems. Most of the problems that the hospitality industry is facing around the globe is the Economic crisis or we can say the revenue shortage.

Economic crisis has raised for the first time because of the ban on travel and tourism around the world. Now there are not enough funds to run a hotel properly. Millions of people have lost their jobs due to shortage of revenue. Now it’s becoming a huge problem around the world. 

Here is a step wise guide to tackle the economic crisis in the hospitality industry:

  • Identify the crisis: First you need to look deeper in your business to see what is causing the crisis. What are the internal factors that are increasing the problem? Is there any way you can reduce the problem by some change in the hotel management and strategy or in what way the problem is affecting your business. For the hospitality industry, the economic crisis has made many people close their businesses because there was not enough money to pay salary or utility bills etc. with no other source of income, millions of people are forced to leave their jobs.

 

  • What can you do to tackle the economic crisis?: It is time to look deeper in your hotel to see what you can do to prevent your business from collapsing. There are many ways in which you can tackle this crisis. One of the most crucial is adoption of modern technology like UKeySmart that will not only save you major costs but also helps in maintaining social hygiene.

 

  • Update your system: Labor cost is a significant proportion of a hotel’s expenses. Since it takes 50% of the hotel’s revenue on average, it is obvious to begin at this place for savings. But solutions require creative thought and careful balancing. Now technologies like UKeysmart are helping hotels in reducing costs by providing contact less services to their hotels. Today, there is no need for a front desk when check in and check out is done completely through the mobile phones.
  • Adopt Smart Technology: It’s time to upgrade the traditional system of hotels with smart digital technology. Technologies that provide contact less services to the guests. Contact less services are the need of the hour as people are concerned about their hygienic environment and the staff they meet. UKeySmart is a specially designed app for the hospitality industry that provides contact less services. These services include online booking, digital keys and even the room controllers. Everything in one place in your hand.
  • Reduce Energy Consumption: It is said that you can’t measure what you do not track. So the first tip would be to track the energy consumption in your hotels.

There are certain companies like UKeySmart that are helping hotels in reducing their energy consumption. Some of the ways it is helping are:

  • Digital controllers for Lights.
  • Mobile controllers for AC and TV in the rooms. 
  • Smart digital unlock, eliminating the usage of key cards.

Stay Safe, Stay Updated with UKeySmart!

One thought on “Coronavirus: How To Tackle The Economic Crisis In The Hospitality Industry?

  1. Avatar
    Marty says:

    I’m really enjoying the design and layout of your site.
    It’s a very easy on the eyes which makes it much more pleasant for me to come here
    and visit more often. Did you hire out a designer
    to create your theme? Outstanding work!

Leave a Reply

Your email address will not be published. Required fields are marked *