Budget & Finance

  • 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.

Plan Checklist

  1. Assess options for accounts payable
  2. Establish remote and cloud-based accounting processes

Respond Checklist

  1. Create a cash flow budget
  2. Establish strategy for accounts receivable
  3. Map and access available relief funds
  4. Seek financial advice from trusted sources

Resources

Budget & Finance

Plan

Revenue Growth: Creating new revenue strategies

Budget & Finance

Plan

Monitoring financial performance: Using financial ratios

Budget & Finance

Plan

Financing sources: Being prepared for financial conversations

Budget & Finance

Plan

Financial process improvement: Accounting and bookkeeping in the cloud

Budget & Finance

Respond

Monitoring financial performance

Budget & Finance

Respond

Cash flow management: Assessing cash flow

Budget & Finance

Respond

Cash flow management: Managing accounts receivable

Budget & Finance

Respond

Cash flow management: Managing accounts payable

Budget & Finance

Respond

Cash flow management: Managing costs

Budget & Finance

Respond

Financing sources: Accessing relief funds

Budget & Finance

Respond

Financing sources: Finding new financing sources

Budget & Finance

Respond

Financial management advice