As the lockdown is gradually being lifted, businesses and organizations in the tourism, leisure and culture sector are entering the critical yet complex period of economic recovery. Do you have all the keys in hand to get through this turbulent period?
To cope with this new reality and weather the ups and downs, organizations must review their activities and processes in an effort to implement the best solutions.
The sector can get a new boost even if it’s likely to experience a great deal of uncertainties in the coming months. Some businesses will be more affected than others but those that can adapt will come out stronger and better equipped. It’s an opportunity to get back up on the right foot and ensure a sustainable future.
Seizing opportunities to restart your business or limit losses
Well before this crisis, organizations were already dealing with a number of issues, including demographic changes, the influence of technology and an increased focus on a healthy environment for clients.
The pandemic is forcing the sector to speed up its transformation. Certain trends, such as teleworking and buying local, have become vital. Businesses must transform and adapt, taking into account these emerging needs.
They must also endure new constraints due to the context and fluctuations brought about by the virus. Clients’ habits have changed and how they will behave post-crisis is still unclear.
Assessing your business’ position and implementing effective solutions quicker
An in-depth analysis of your business’ environment and position will help you make more informed decisions. You have several options:
- Go for it: Seize this opportunity to increase your activities and boost growth;
- Hibernate: Keep your expenses as low as possible and delay reopening;
- Focus on what’s essential: Reduce your activities to a minimum and focus on what you do best until the economy recovers;
- Diversify: Seize this opportunity to develop a new offer and solicit another clientele;
- Merge: Team up with a partner or business with a complementary service offer and limit costs;
- Close or sell: This may be the best solution while you can still get back the maximum value for your business given the context;
- Make an acquisition: This could be an opportunity to invest in a field or business to which you can contribute added value;
- Transform and reinvent yourself: You may realize that you have everything you need to innovate and modernize your organization.
If you want to take action but don’t know where to start, our team of experts can help you avoid some unpleasant surprises.
We’ve put together more than 20 support programs and others will be announced in the days and weeks to come for various industries. It can be daunting to navigate through so many different offers and programs. So, let our experts help you optimize your organization’s capacity to get financing.
If you want to secure a future for your business, you must not only persevere but also demonstrate agility and creativity. It won’t be easy but there’s hope for new beginnings.
28 May 2020 | Written by :