With the world economy suffering from COVID-19 shutdowns, it is normal to think about what’s going to happen next. Will the economy return to the pre-COVID state? Which sectors will be the first ones to bounce back, and which will take longer? How will the new situation impact ordinary people? How should we go about preparing for the new normal? Have these questions been bothering you too?
Here is what financial experts have to say:
Stay at Home Needs to be Revised
While medical experts have been stressing upon the need to stay at home to prevent the spread of the virus, we cannot deny the impact it has had on employment. We are currently witnessing one of the highest unemployment figures we have seen in recent times. Investing and lending strategies will also need to be revised to cope with the coming times.
The stay-at-home mandate has forced shut several businesses like hotels, salons, gyms, restaurants, retail, etc. The financing experts say we need to reset the economy. Perhaps, even look at returning to work as soon as possible.
Hotels Will Have to Change Their Operations
Some sectors, like the hospitality industry, will have to transform their operations to prevent disease transmission. Hotels will have to follow a strict cleaning and disinfecting set of guidelines. Moreover, they will also have to ensure social distancing norms are followed by their guests and staff.
Hotel owners can join the California Lodging Investment Conference (CLIC). It is an annual hospitality conference where they can network with industry leaders and learn from them during these tough times.
Advice for Individuals and Small Business Owners
Small businesses will have to bear the brunt of the current crisis. However, understanding the available government assistance programs and utilizing them to their benefits can provide some relief. Transferring your liabilities to the government will help in preparing for the new normal.
It is crucial to understand that this will end, and the economy will bounce back sooner or later. During these tough times, maintaining your financial well-being is important to remain stress-free. Stay updated on the latest news and trends in the hospitality industry with the California Lodging Investment Conference. Want to learn more about this networking and informational event? Contact us today!