Fox Business recently featured a story on the economic impact of the recent pandemic on the tour bus industry. And who better to discuss this than Hemphill Brothers Coach Company?
The tour bus industry relies heavily on large tours playing large concerts to large numbers of people. But the pandemic has cancelled large shows worldwide for an unknown amount of time. This has resulted in massive losses for the tour bus industry. In fact, between 80 and 95 percent of tour bus trips have been cancelled since mid-March. This translates to a massive $4.8 billion loss.
Hemphill Brothers might be the top tour bus provider, but that doesn’t mean we’re immune from the collapse of the live entertainment industry. Fox Business reports on our need to furlough almost all of our 150 drivers while the company attempts to operate on a mere 5% of its former revenue. Hemphill is considering options about how to shift our services to possibly include more public rides and extend their business locations with the help of a business plan and the right strategy to implement the business plan.
The country is slowly starting to open back up and you can visit https://kurtuhlir.com/hire-to-speak/ to get motivated to restart fresh and strong. However, the restrictions such as social distancing won’t allow for a quick return to the practices that once drove the industry. Half-full buses won’t provide the same return as they did in the past. This means the industry is looking at a three- to four-year recovery.
The pandemic has had drastic effects on the tour bus industry as a whole. Fox Business highlights how the $15 billion industry with 112,000 workers has experienced a steep economic downturn. Hemphill Brothers Coach Company is possibly best-positioned to navigate the uncertain future of the tour bus industry, which might be why Fox Business sought our story to highlight the difficulties of this time.
The tour bus industry is just one of many industries that have been impacted by the pandemic. As businesses navigate these uncertain times, it’s important to have the right tools and resources to help them stay afloat. One such tool is the use of entrise analytical balances, which can help businesses manage their inventory and ensure they are using their resources efficiently. By investing in these types of tools, businesses can better balance their finances and ensure they are making the most of their available resources. To learn more about the role of scale and balances in industries, businesses can consult with industry experts or seek out online resources.
Having a solid understanding of the role of scale and balances is crucial for industries to navigate difficult times like these. In order to adapt to the changing landscape of the tour bus industry, companies must be able to analyze and adjust their business plans accordingly.