Abstract
This qualitative study was conducted to help combat the adverse effects of the COVID-19 pandemic. The purpose of the study was to offer practical and tactical strategies for navigating the uncertainty and risk prevalent in today’s post-pandemic business environment in the hotel and tourism industry in Cyprus and Greece. Preliminary forecasts indicated that the tourism and hotel sector’s revenues would drop by 20% to 25% compared to 2019, amounting to four or five billion euros in losses. Data were collected from 32 hotel managers in Cyprus and Greece using a four-item web-based interview tool. It was identified that most SMEs encountered a reduction in sales and customer flow and an increase in the unemployment rate due to the COVID-19 pandemic. The managers proposed adopting business strategies and diversifications to generate sales from different sectors of the hotel business to aid in keeping the business afloat in case of a future crisis.
Original language | English |
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Pages (from-to) | 378-399 |
Number of pages | 22 |
Journal | Journal for International Business and Entrepreneurship Development |
Volume | 14 |
Issue number | 3 |
DOIs | |
Publication status | Published - 2022 |
Keywords
- COVID-19
- crisis
- Cyprus
- Greece
- managers
- qualitative study
- small and medium-sized enterprises
- SMEs
- strategic management
- tourism and hotel industry