Prachi Sharma, 3rd podium
Today’s article is a feature from Economic Footprints, The Economic Transcript’s event conducted in order to enhance case solving, critical thinking and crisis management approach amongst participants. Prachi Sharma won the 3rd podium in this year’s event! Go ahead and give it a read !
Dear Colleagues,
In these extremely challenging times, where the whole world is facing the difficulties of the Covid-19 Pandemic, I would like to share my heartfelt gratitude to our esteemed Board of Directors, Lenders, Investors and Employees.
Every company’s financial health is the key to the survival to their business. Analysing and controlling the finances leads to strong business plans and better strategic implementation of decisions. It is very important for us to firstly identify our financial priorities. We have to establish funds for immediate obligations like repayment of borrowings, salaries of employees, fixed costs, etc. The three main issues to be tackled here are embracing new technologies, enhanced data analytics and changing demands and expectations of customers.
Patrick Dixon once said, “ Business strategy is the battleplan for a better future.” . Similarly, we need to formulate a battleplan to fight this pandemic in order to move forward. We have to invest our money into the right place. After looking at our condition wisely, I have come up with few key business strategies and marketing activities that we need to keep in mind. They are as follows:
- Allocating our resources righteously to develop and set up a website that works as a business development manager.
- Engaging whole heartedly into social media. Make accounts on all networking sites and analyse their growth.
- Innovating new technologies at our hotels to ensure customer as well as staff safety. For eg- touch-free receptions, Artificial Intelligence and Virtual Reality.
- Actively building relationships with other like-minded tourism businesses to increase revenue. For example- Partnership with Airline companies to give cheap flights which can reduce the cost of the tour package.
- Measuring and reviewing marketing effectiveness on a regular basis to ensure that we are achieving a positive return on investment.
Now, we have decided the strategies and techniques, but it is very important that we execute it correctly. A good execution plan covers milestones and tasks for our business to achieve as well as identify what resources are required to make that happen.
We need to prepare task lists for each task and assign the job correctly to all employees. I will soon be sending out a list for task heads who will ensure that tasks are completed with due diligence by the given deadlines. Since, we are already suffering deep losses, it is important that we work as a team to overcome this challenge.
Pivoting work from home is a new challenge for all of us. One of the most impressive things we have done is systematic and ongoing transition of employees to work from home. This has been a considerably heroic effort in procuring new equipment, increasing network capacity and deploying new services all while keeping operations running to meet the current needs.
I know that it is indeed a very tough time for all of us. I could be more proud of the whole team’s efforts during these unprecedented times. The Corona pandemic impacts all of us. Our employees are working round the clock relentlessly. GreatHope Travel has been growing more and more since the past few years. We cannot let one downfall impact us in anyway. Employee safety has also been implemented recently. If any employee suffers from Coronavirus, he/she will be given a leave for 21 days until they are perfectly healthy to work from home again. An employee’s health insurance is also protected and we are not requiring them to take their accrued Paid Time Off in order to access these leave options. We also realise that employee stress and anxiety is heightened during this time. Balancing the strains of normal life during the crisis has been difficult for us all. Consistent, frequent and transparent communications to our staff remain vital.
Thus, I would be obliged if our lenders, investors and employees have faith in themselves and do not fall down. We need to keep working hard to achieve greater success. I must agree that all of you inspire me in so many ways. Your dedication, selflessness and resilience is so impressive. It has been indeed remarkable to witness how we all are coming together and supporting each other.
Thank You and Stay Safe !
