{"id":4924,"date":"2020-07-17T10:19:58","date_gmt":"2020-07-17T10:19:58","guid":{"rendered":"https:\/\/www.thegoldenmoon.com\/blog\/?p=4924"},"modified":"2020-07-21T06:44:27","modified_gmt":"2020-07-21T06:44:27","slug":"covid-20-surviving-global-business-pandemic","status":"publish","type":"post","link":"https:\/\/www.thegoldenmoon.com\/blog\/covid-20-surviving-global-business-pandemic\/","title":{"rendered":"#COVID-20: Surviving Global Business Pandemic"},"content":{"rendered":"<p>[vc_row][vc_column][vc_single_image image=&#8221;4977&#8243; img_size=&#8221;large&#8221; alignment=&#8221;center&#8221; css=&#8221;.vc_custom_1595251271940{margin-top: -250px !important;}&#8221;]<div class=\"text-block\" ><div class=\"simple-text size-4\"><p><span style=\"color: #4f5b65;\">Travel returns. After a period of being without income, suffering huge losses, plus having to incur extra expenses to comply with the new health and safety demands, playing by the post-corona rules does not favour your pocket. Those of us in hospitality who have managed to survive thus far are emerging into a previously established world just to find out that nothing works the same anymore:<\/span><\/p>\n<ul>\n<li><span style=\"color: #4f5b65;\"><strong>Hotel prices are being noticeably dictated by the price level of the shared accommodation market.<\/strong> Home-sharing, a business that was prohibited due to coronavirus restrictions suffered tremendous losses and wants its money back. Many of the businesses didn\u2019t survive the pandemic; those who did are prepared to go a long way in the price war. It is not necessary to elaborate on the effect this price war will have on hotel pricing.<\/span><\/li>\n<li><span style=\"color: #4f5b65;\"><strong>Post-Corona guests are not the same anymore.<\/strong> After months of not being able to work, not earning an income, many of them are facing financial crisis. Depleted savings and lost jobs have put the need to feed families above the want to travel in their list of priorities. No one can predict how long it will take for things to go back to \u2018normal\u2019. This means that for many in the hospitality industry the problem is far from over and many businesses still may not survive.<\/span><\/li>\n<li><span style=\"color: #4f5b65;\"><strong>There is a good chance that the entire perception of \u2018normal\u2019 will change<\/strong>. The world shows disturbing signs that climate change, racial unrests, and coronavirus will hardly be the last of the shakeups.<\/span><\/li>\n<\/ul>\n<p><a id=\"hotel\"><\/a><span style=\"color: #4f5b65;\"><strong><span style=\"color: #a01a1f;\">The near future might appear much less predictable in what was once thought to be an unshakable short-term let industry<\/span>.<\/strong> Simply hoping for the opposite will not be wise \u2013 we need to wake up and face facts. A rule of thumb for business: if anything can go wrong it definitely will.<\/span><\/p>\n<p><span style=\"color: #4f5b65;\">Those who wish to survive must be willing to adapt to new changes. In other words, if the old ways do not work, new ones need to be found \u2013 and this truth applies now more than ever with regard to securing YOUR profit.<\/span><\/p>\n<p><span style=\"color: #4f5b65;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4864\" src=\"https:\/\/www.thegoldenmoon.com\/blog\/wp-content\/uploads\/2020\/07\/Untitled-design-6-300x150.jpg\" alt=\"\" width=\"1064\" height=\"532\" srcset=\"https:\/\/www.thegoldenmoon.com\/blog\/wp-content\/uploads\/2020\/07\/Untitled-design-6-300x150.jpg 300w, https:\/\/www.thegoldenmoon.com\/blog\/wp-content\/uploads\/2020\/07\/Untitled-design-6-768x384.jpg 768w, https:\/\/www.thegoldenmoon.com\/blog\/wp-content\/uploads\/2020\/07\/Untitled-design-6.jpg 1024w\" sizes=\"auto, (max-width: 1064px) 100vw, 1064px\" \/><\/span><\/p>\n<p><span style=\"color: #4f5b65;\">Focusing on this should have been done a long time ago, before the coronavirus, but the rental industry got too comfortable with how things were. Are there any hoteliers who can remember the last time they created a listing of their hotel rooms on a new booking platform? Who needed it? Or when last did a hotelier listen until the end when a new supplier had an offer for your hotel. Who cared? Well, now is time to care.<\/span><\/p>\n<p><a id=\"booking\"><\/a><span style=\"color: #4f5b65;\">In the time when the global pandemic gets replaced by a business pandemic it is hardly time for outlandish financial decisions; it is however time to look at the more evident ways of cutting costs. Your chances of survival can be increased if you look into the following:<\/span><\/p>\n<ol>\n<li><span style=\"color: #4f5b65;\">Save on the service fee of online booking platforms<\/span><\/li>\n<li><span style=\"color: #4f5b65;\">Save on the advertising of your hotel<\/span><\/li>\n<li><span style=\"color: #4f5b65;\">Offer more competitive prices<\/span><\/li>\n<li><span style=\"color: #4f5b65;\">Get fully booked<\/span><\/li>\n<li><span style=\"color: #4f5b65;\">Sell more through the hotel\u2019s website<\/span><\/li>\n<li><span style=\"color: #4f5b65;\">Charge higher than your usual prices wherever possible<\/span><\/li>\n<\/ol>\n<p><span style=\"color: #4f5b65;\">Finding ways to save on online <strong><span style=\"color: #a01a1f;\">Booking Fees<\/span><\/strong> might save a hotel up to 15% of its budget. Online <strong><span style=\"color: #a01a1f;\">Advertising Budgets<\/span><\/strong> might differ depending on short-letter\u2019s size and turnover, nevertheless it remains a major single-spend that accounts for up to 80% of all marketing spend.<\/span><\/p>\n<p><span style=\"color: #4f5b65;\">In a time where a guest is a scarce resource, missing out on bookings is an unaffordable crime. The only way to get them is to take them from your competitors. This is where <strong><span style=\"color: #a01a1f;\">Competitive Pricing<\/span><\/strong> comes into a play. If you are flexible in your pricing it could aid you in attracting much-needed guests.<\/span><\/p>\n<p><span style=\"color: #4f5b65;\">You can see that there are few more in the list, but these three:<\/span><\/p>\n<ul>\n<li><span style=\"color: #4f5b65;\">Booking Fees<\/span><\/li>\n<li><span style=\"color: #4f5b65;\">Advertising Budget and<\/span><\/li>\n<li><span style=\"color: #4f5b65;\">Price Flexibility<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #4f5b65;\">are the First Steps in attracting a considerable amount of saving. This will enable hotels to carry their losses for longer; which means surviving longer. The key question remains: where you can get these free from? And this is a very \u2018life and death\u201d question indeed.<\/span><\/p>\n<p><span style=\"color: #4f5b65;\">Where and how to get these three work for you. Find out it out in our next article: <a href=\"https:\/\/www.thegoldenmoon.com\/blog\/winning-the-post-corona-understanding-the-challenge\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong><span style=\"color: #a01a1f;\">\u201cWinning the Post-Corona: Understanding the Challenge\u201d<\/span><\/strong><\/a>.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/www.thegoldenmoon.com\/blog\/subscribe\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4952\" src=\"https:\/\/www.thegoldenmoon.com\/blog\/wp-content\/uploads\/2020\/07\/fthdf-300x63.jpg\" alt=\"\" width=\"1048\" height=\"220\" srcset=\"https:\/\/www.thegoldenmoon.com\/blog\/wp-content\/uploads\/2020\/07\/fthdf-300x63.jpg 300w, https:\/\/www.thegoldenmoon.com\/blog\/wp-content\/uploads\/2020\/07\/fthdf-768x162.jpg 768w, https:\/\/www.thegoldenmoon.com\/blog\/wp-content\/uploads\/2020\/07\/fthdf.jpg 853w\" sizes=\"auto, (max-width: 1048px) 100vw, 1048px\" \/><\/a><\/p>\n<\/div><\/div>[\/vc_column][\/vc_row][vc_row][vc_column][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_single_image image=&#8221;4977&#8243; img_size=&#8221;large&#8221; alignment=&#8221;center&#8221; css=&#8221;.vc_custom_1595251271940{margin-top: -250px !important;}&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][\/vc_column][\/vc_row]<\/p>\n","protected":false},"author":3,"featured_media":4977,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[179,132,180,93],"class_list":["post-4924","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-worldoftravel","tag-covid20","tag-generationgm","tag-hostsunited","tag-thegoldenmoon-com"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>#COVID-20: Surviving 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