How can we fight the economic downturn from COVID-19?

In the past few weeks the world has been flipped upside down and economies are been brought to their knees due to the Coronavirus pandemic.

These are worrying times for many, health and economical wise, as we enter unchartered territories.

The travel and tourism industry in particular, has already started feeling the severe effects of a downturn, with many cancellations for the coming season, and the crude reality of job loses raising its ugly head in most countries.

Panic is starting to set in amongst business owners, and we should take this time to reflect and prepare for the future. 

So can what we do from a business perspective?

I too am worried, I provide training and coaching programmes for the Hospitality industry, so their business prosperity is a key factor for my own business goals.

We know that we are facing a quiet season, we also know that we expect a huge drop in our sales budgets, and that 2020 will not be a very profitable year for many.

I met a new client last week that has signed up for our 4 month coaching programme, and I asked him straight: Are you not worried about the revenue loss of COVID-19?

His response surprised me, while he is concern about the loss of revenue for his business, he wants to invest this quiet period into the professional development of his team. Allowing them to learn new skills, that will serve them, and the business, for many years to come.

He also stated this is a time to diversify and look for new challenges, for example, instead of letting go some of his staff, we are going to implement new projects that will allow them to stay employed, like creating a herb & vegetable garden and Polly-tunnels that the Hotel can then use to provide fresh, home-grown produce for it’s customers.

This is a really forward way of thinking and planning, utilising this quiet business period to upskill ourselves and our employees. To look at different ways of changing our behaviour now, so that when business booms again, we have established the right systems and processes that will allow us run more profitable businesses.

Developing your staff’s skills to achieve behavioural transformation and implement an Environmental Management System at your business takes time and a detailed plan. Well now one thing we have is free time in our hands.

An environmental management system will not only reduce your business Carbon Footprint, but it will also reduce your business running costs, by reducing your utility bills, which is a key factor to economic survival in a declining market. 

What can you do to help minimise the economic downturn of your local area?

While the recommendation from the Irish government is to cancel large gatherings and the closure of schools and colleges, this does not mean we all need to sit at home for days on end.

Taking the necessary hygiene recommendations, we should be able to go about in a regular manner. If you are healthy, think about your local businesses, help them stay open, so that when tourism grows again, your community can benefit from the arrival of visitors again.

National tourism has never been more important than now

Consider changing your annual international holiday to support hotels and restaurant in Ireland. You will avoid the use of airports and planes, and have the opportunity to explore the hidden gems at our own doorstep.

Shop in the smaller local shops, multinationals have more resources to fight this downturn than small business owners.

Go out for a meal at your local hotel, or restaurant or pub, be conscious that every penny you spend in your local economy, will stay in your local economy, and you will be helping staff maintaining their jobs, and business owner staying in business during these tough times.

We know for sure the world is going to experience a dramatic slow-down, but the world is not ending yet, and those that use this time to diversify and upskill, will be in a much better position than others when the world starts turning again.

If you work in Hospitality and find yourself unemployed or in self-isolation, upskill yourself with this totally FREE training course that will help you learn how to become a Green Leader at your workplace CLICK HERE

Stay safe everyone

Raquel