The impact of COVID-19 on the hospitality industry is similar to the effect sustained by many other industries. Some establishments survived, some didn't, and everybody learned a lot in the process. Unlike other sectors, though, many professionals in the hospitality industry found ways to benefit from the pandemic. Adaptability and preparedness were key to this accomplishment and key to the following lessons learned post-pandemic. Professionals in any field can learn the value of preparedness, consistency, and adaptability from restaurants that endured during Covid-19.
Many professionals would consider themselves prepared, but when disaster strikes, they're proven wrong. The hospitality industry is all about preparedness, though - being prepared for situations like an influx of customers or low inventory - maybe even both at the same time. The hospitality industry's preparedness served as a model for other sectors, especially in regards to the management of liability. Restaurants that invested in a restaurant insurance program came out on top, while those that didn't invest in coverage ended up paying the price.
In the middle of a pandemic, brand perception may not be at the forefront of any professional's mind. The hospitality industry taught us that it should be, though. Too many companies were shaken by the pandemic to the extent that they abandoned branding and morphed into unrecognizable entities. Even in the midst of disaster, customers want what they know and love. Restaurants understood this and maintained their consistency by offering the same menu items, but by to-go and curbside delivery. This consistency kept customers coming back, even when the delivery method wasn't what they were used to.
Another post-covid success modeled by the restaurant industry is the consistent achievement of profits in spite of challenging circumstances. Many professionals in the field attribute this to an acute focus on their finances. While other sectors struggled to adapt and respond to Covid-19, successful restaurant owners cut costs where they could and make the adjustments necessary to continue giving guests a great experience. Prioritizing profits and guests went hand-in-hand and helped many restaurants stay afloat through the pandemic. Keeping costs low allowed restaurants to continue serving guests and providing the experience they came for.
Perhaps the greatest lesson learned from the hospitality industry is the overall need for adaptability. The unexpected is lurking around the corner, and if you aren't ready to change and respond, it could cost you. Restaurants struck the perfect balance of adaptability and consistency, knowing when to change their approach, and when to stick to the original plan. You might attribute this to great intuition, or you might attribute it to the aforementioned focus on maintaining profits and customer satisfaction.
At RMS Hospitality Group, our expertly crafted policies are written specifically for the hospitality industry. We offer custom tailored solutions to meet any venue's specific needs. For more information, contact our knowledgeable experts today at (888) 359-8390.
At RMS and associated firms, business continues as usual. Our staff is remote-capable and available to handle all partners, brokers, and insureds at the present time.
