The most obvious impact on the tourism industry is the effect on the bottom line, and the risk that severe limitations on travel as well as the climate of anxiety around travel could persist well into the recovery phase.
On top of the impact of simply having fewer guests and customers accessing your services, the adjustments and interventions required to weather the COVID-19 crisis will also have financial implications going forward.
While this may be one of the most destabilizing and concerning impacts for your business, it is something that the whole global tourism industry, including your competitors and the organizations across the value chain will need to take into account.
There are many financial and budgetary measures your business can try that will not only help it survive and recover from this crisis, but will help to build enduring resilience in your business, strengthening your organizational capacity and insulating you against future crises.
Assess options for accounts payable
Establish remote and cloud-based accounting processes
Tourism HR Canada is a pan-Canadian organization with a mandate aimed at building a world-leading tourism workforce. Tourism HR Canada facilitates, coordinates and enables human resource development activities which support a globally competitive and sustainable industry and foster the development of a dynamic and resilient workforce.