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'Knee-jerk reaction' not a good response to financial difficulties
Hoteliers should take a calm and considered approach to any monetary difficulties brought about by the economic downturn.
That is according to PricewaterhouseCoopers (PwC), which has suggested that any price cuts should be done selectively and not just with short term problems taken into consideration.
Robert Milburn, UK hospitality and leisure leader at PwC, said hoteliers should not forget about the long term future of their business and be aware that price reductions can be hard to step away from.
He explained that the best approach to the looming recession would be one which is "measured and considered".
Mr Milburn said: "Those cost reductions will stick and price cuts can also stick if you're not careful. It's not all doom and gloom. The industry has never been in better shape operationally.
"There are certainly opportunities to be grasped for those who have the appetite and while, inevitably, there will be the tendency to focus on today, don't forget about tomorrow."
