How to Adapt through Covid-19: A Hospitality Property Checklist | Ep. #251

There’s no denying that the pandemic has wreaked havoc on the hospitality property industry. This has left many of us feeling overwhelmed and fearful, not sure how to adapt through Covid-19.I have a checklist that will help.What we can say for certain, as history has proven, is that we’re a resilient industry, and that market volatility is something we must accept. With this in mind, preparing as best as you can for unexpected events can go a long way in helping weather unwanted economic events or sudden downturns.I have gathered some functional tips and put together a 17 part checklist to help you adapt through Covid-19 and adjust to a ‘new normal’.How to Adapt through Covid-19 Checklist Be prepared to alter your business planSeasonal fluctuations are nothing new to the hospitality property industry and having a quiet season or even a shutdown for a short time is normal. With this downturn, you might want to consider other ways that you can leverage any opportunities in order to make up shortfalls in the future. Where could you make up revenue? Research, to see if there are events, promotions or incentives you could take advantage of once the market begins to pick up again.Talk to your accountantYour planned 2020/21 budget is no doubt out the window. Use the knowledge and experience of your accountant or advisor to help you get a true and clear picture of your current financial situation, and projected performance. At times of uncertainty or volatility, it’s so important to understand where your business is financially. Get a clear understanding of any support that may be or if other agencies such as tax and business liabilities are offering some leniency.Operate efficientlyKeeping a close eye on expenditure and operational efficiency puts you in the best position to react to and manage economic downturns. When you have complete visibility over your business, you can see exactly where costs can be reduced or efficiencies tightened. Review & adjust your standard operating proceduresEvaluate the processes around guest check-in, check-out and on-site service. Do you need to modify your lobby environment that ensures social distancing rules are observed? Do you need to source contactless payment machines? Do you need to adjust the cleaning procedures around shared facilities such as spas, pools, or gym facilities?What other measures need to be put in place to ensure the safety of your guests and your staff in all areas of your property? Factor in these changes so that you’re already prepared to safely and confidently welcome guests when you can.Continue listening or reading and I’ll share additional ways you can adapt through Covid-19…⇒ TO READ OR LISTEN TO THIS EPISODE ON KEYSTONE HOSPITALITY PROPERTY DEVELOPMENT:https://keystonehpd.com/how-to-adapt-through-covid-19-a-hospitality-property-checklist-251Get Your INNsider Tipshttps://keystonehpd.com/INNsider-TipsJoin one of your private groupshttps://keystonehpd.com/private-groupsSay hi on socialFacebook: https://www.facebook.com/KeystoneHPDTwitter: https://twitter.com/KeystoneHPDLinkedIn: https://www.linkedin.com/company/keystone-hospitality-developmentListen to The Hospitality Property School PODCAST herehttps://keystonehpd.com/hospitality-property-school-podcasts/YouTubehttps://youtu.be/s472mKVLUxYA Division of Keystone Hospitality Property Development