Cents For Sense Blog | What Can Tourism Management Learn from the Collapse of Thomas Cook? | Talkmarkets - Page 2

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What Can Tourism Management Learn from the Collapse of Thomas Cook?

Date: Thursday, March 26, 2020 6:08 PM EDT

How to prepare against the risks and challenges

There are a number of things airlines can do to prepare and prevent the risks mentioned above. First and foremost, there should be some form of insurance applied to the business. The right level of Gallagher insurance can help to financially protect an airline from the risks it faces. In fact, it could make the difference between an airline shutting down and being able to weather the economic storm.

Making sure you have a strong digital presence is also important. All of the successful travel operators and hospitality businesses today can be found online. Consumers should be able to browse, book and contact you about holiday offers through your website. You’ll also need to ensure you’re providing competitive pricing.

There are a lot of risks and challenges presented within the travel and hospitality sector. While the majority of the time the sector is strong, with millions of passengers choosing to travel each year, if something happens, it doesn’t always take long for big airlines to collapse. This is why planning ahead and preparing for the risks and challenges is crucial.

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