EIGHT Coping Strategies for Businesses After a Major Event Like the Olympics Fails

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Hosting major events such as the Olympics is a significant undertaking that attracts global attention, provides economic benefits, and leads to infrastructure improvements in the host city. However, if the event does not meet expectations or results in substantial challenges, businesses must adjust and find ways to deal with the aftermath.

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Here are eight strategies that companies can use to navigate a post-event landscape that has not met expectations:

(1) Focusing on Local Markets

After experiencing a surge in international visitors during major events, businesses must focus on the local market. Establishing robust connections with local customers ensures a consistent revenue stream and fosters a sense of community engagement. Implementing and promoting loyalty programs tailored to regional preferences, organising and participating in community events, and offering specialised promotions can significantly contribute to sustaining high customer satisfaction and loyalty levels.

(2) Adapting to Market Changes

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Following a major event like the Olympics, the market landscape undergoes considerable shifts, impacting businesses across various industries. Companies must adopt a proactive and adaptable approach to navigate the evolving market conditions. This may involve reevaluating pricing strategies to remain competitive amidst changing consumer behaviours, exploring innovative business models to leverage emerging opportunities, and making strategic investments in technology to streamline operations, enhance efficiency, and elevate the overall customer experience. By embracing these proactive measures, businesses can effectively thrive in the dynamic post-event market landscape.

(3) Learning from Past Experiences

Analysing the experiences of past host cities is a valuable exercise for gaining insights into the impact of hosting such a major event. By examining these cities’ successes and failures, businesses can gain valuable knowledge that can be used to develop effective strategies for future events. For example, cities like Barcelona and London have effectively utilised the infrastructure and exposure gained from hosting the Olympics to attract tourists and stimulate economic growth in the years following the games.

(4) Leveraging Infrastructure Investments

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The infrastructure specifically designed and built to cater to major events has the potential to create lasting benefits for local businesses. Take sports venues, for instance; they can serve as more than just game arenas by hosting concerts, conferences, and other events, thus maximising their utility. Additionally, the enhanced transportation networks established for these events can not only improve the overall accessibility for customers but also broaden the potential customer base for local businesses. By capitalising on these resources innovatively, companies can extract long-term value from the initial investments made for the event.

(5) Diversifying Revenue Streams

In the aftermath of major events, businesses commonly experience a sudden decrease in demand, presenting a significant challenge. Companies can explore various ways to diversify their revenue streams to counter this. For instance, in the hospitality industry, hotels and restaurants can consider offering specialised packages, collaborating with local attractions, or hosting community events to entice local customers. Similarly, retailers can expand their product offerings, possibly targeting new demographics or introducing exclusive lines to capture a broader market. By diversifying their revenue streams, businesses can adapt to shifting demand and enhance their resilience in post-event challenges.

(6) Managing Financial Strain

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The financial implications of hosting global events, such as the Olympic Games or international summits, can be significant for the host city. The costs associated with infrastructure upgrades, security measures, and event logistics can strain the city’s financial resources. As a result, local authorities may need to raise taxes or reduce public spending in other areas to cover these expenses. This can directly impact local businesses, as higher taxes and reduced public spending can lead to decreased consumer spending and a challenging economic environment.

Businesses should prioritise diligent financial planning and cost management strategies to navigate this situation. This may involve conducting a comprehensive review of existing expenses, identifying areas for potential savings, and establishing a contingency plan to mitigate any financial impacts from the event. Seeking professional financial advice from experienced advisors can provide valuable insights and recommendations tailored to the business’s specific needs.

Additionally, businesses should consider renegotiating contracts with suppliers and service providers to lower costs and improve cash flow. Exploring government support programs, such as grants or subsidies for local businesses affected by the event, can provide a much-needed financial lifeline. By proactively seeking out these opportunities and optimising their financial operations, businesses can better position themselves to weather the economic challenges associated with hosting global events and maintain their competitiveness in the local market.

(7) Collaborating with Other Businesses

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In the wake of an economic downturn following hosting a major event, such as a recession or a pandemic, collaboration becomes even more crucial for businesses. Companies can pool their resources and expertise by forming partnerships with local businesses to create joint marketing campaigns, share best practices, and support one another. This collaborative approach fosters resilience within the local business community and opens up new opportunities for mutual growth and success.

(8) Investing in the Employee

After an event, the period can be stressful for employees as businesses handle economic challenges. Investing in employee well-being through training, support programs, and a positive work environment can boost morale and productivity, ultimately helping businesses thrive in the long run.

Businesses can encounter various challenges in the aftermath of a major event. However, companies can establish a more resilient foundation by strategically diversifying their revenue streams to reduce reliance on a single source of income, leveraging investments in infrastructure such as new facilities or transportation systems, and focusing strongly on local markets to build community support and loyalty.

Additionally, managing financial strain by exploring cost-saving measures and seeking opportunities for sustainable growth, adapting to market changes by staying agile and responsive to consumer trends, and fostering collaboration with other businesses to create mutually beneficial partnerships are crucial strategies for post-Olympic business success.

Furthermore, learning from past experiences to avoid repeating mistakes, capitalising on successful strategies, and investing in employee well-being to maintain productivity and morale are essential considerations for businesses looking to thrive in the post-event landscape.

If you want to do an online degree programme, explore several specialised master’s/bachelor’s/PhD degree programmes that Robert Kennedy College offers through exclusive partnerships with top British universities. You could also get in touch with our team of Education Advisers on WhatsApp, who can have a look at your profile and give you some advice.

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DILO (A day in the life of) a master’s student

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Sometimes, the fear of the unknown is more of a hindrance in achieving your end goal. Once you are past this fear and are well informed, it is just a matter of planning your path. Similar is the plight of students who want to study of online but face the fear of the unknown, such as : What is the best way to study online? Should you do an online programme? How to better manage time when learning online? And so on. 

Through this continuing series of blog posts, some of our past and current students have shared their experiences, thoughts and opinions and given their feedback on handling some of these choices and situations. Hopefully, this will help you to make an informed decision.

This time we have a charismatic, authentic leader and scholar, alumni from University of Cumbria.

An Introduction

Which Uni are you studying with?

University of Cumbria

Which programme did you choose and why?

Master’s of Business Administration – because I believe in understanding enterprise end-to-end including its critical resources – which are – people. The only way to gain such understanding is by studying the general MBA.

The Study Plan

How did you plan to study each module, and what was the reality? For example, how many hours did/do you have to put in each day/or in a week?

The plan was to tackle each module soonest or even before we formally commence with it; it did not always happen that way due to other commitments such as work, family etc; I did on average utilised at least 3.5 to 4.5 hours daily for studying.

What part of the day did/do you find most suitable to study? (e.g. early mornings, lunch break, evenings, weekends?)

There was no preferred time for me; I would read as my brain demanded at any time of the day.

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How much time did you devote to each assignment?

I dedicated an average of 4.5 hours per day to deal with my studies.

Travelling and Communication

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How did travelling impact your ability to study?

Travelling did affect negatively because when you travel the concentration reduces, Therefore, at times I found myself behind my reading/studying schedule.

How were you able to interact with peers and/or professors given the time differences?

The platform we utilise plays a quintessential role because discussions remain on the forum for further peruse if one misses the class; this did eliminate the issues of time differences. On the other hand, my City’s time is in line with UK time so I did not have problem as such

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A typical day as a master’s studentWhat does a typical day as an Online Masters’ student look like for you?

It remains busy typically; I am naturally a busy person juggling amongst gym, work, family and martial arts, so studying only was just another exercise added to the many others I already had. Mind you however, that some people found it odd the way I live. But it is normal to me.

Any advice?Any advice you have for students to better plan their studies.

They need to be relentless, dedicated and create time for their studies. Time is always a scarce resource, insufficient for its demand hence one must really ensure that study time is created and preserved else, they would not make it.

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I hope this blog has answered some of your questions, and provided that motivational boost to your academic plans. You can also chat LIVE on WhatsApp with one of our Education Advisors for more information on all the programmes we offer and the application process.

Challenges Faced by Businesses After the Olympics

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My previous blog discussed the advantages a city can gain from hosting an event like the Olympic Games. The Olympics is a major event that attracts athletes, spectators, and media from around the world. While the event benefits the local economy, its aftermath can present several business challenges.

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In my opinion, here are some of the key issues they face:

(1) Economic Slowdown

During the Olympics, the influx of tourists and increased spending significantly boost local businesses’ revenue. However, once the event comes to an end, there is a noticeable downturn in economic activity. This sudden decline poses a challenge for businesses that have expanded their operations to cater to the temporary surge in demand.

(2) Infrastructure Maintenance

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The hosting of the Olympics often leads to a significant influx of investment in the host city’s infrastructure. This investment primarily focuses on developing state-of-the-art sports venues, expanding and enhancing transportation networks, and creating new public spaces. These large-scale developments are intended to leave a lasting legacy for the city, but these facilities’ ongoing maintenance and repurposing can pose significant financial challenges. As a result, businesses within the city may find themselves subject to increased taxes or fees to cover these expenses, which could impact their overall profitability and financial stability.

(3) Overcapacity and Underutilization

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After the Olympics, a significant number of businesses, particularly those in the hospitality and retail sectors, may face the challenge of managing excess inventory and underutilised facilities. The surge in visitors during the games might lead to a subsequent struggle for hotels, restaurants, and shops to maintain the same level of demand once the event has ended and the crowds have dispersed.

(4) Market Saturation

The substantial influx of international brands and franchises during the Olympics can lead to oversaturation in the market. This heightened competition presents significant challenges for local businesses, especially the smaller ones, as they struggle to differentiate themselves and attract customers amidst the pervasive presence of these well-established entities. The disparity in resources and brand recognition further exacerbates the difficulties these local businesses face, making it increasingly arduous for them to maintain their foothold in the market.

(5) Debt and Financial Strain

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Hosting the Olympic Games entails substantial costs, with many cities taking on significant debt to cover the expenses involved. This financial burden has far-reaching effects on local businesses, leading to higher taxes and reduced public expenditure on critical services. Consequently, small and medium-sized enterprises (SMEs) may suffer from cuts in support programs, further exacerbating the economic strain experienced at the local level.

(6) Environmental Impact

The Olympic Games have the potential to have a substantial environmental footprint, contributing to higher levels of waste, pollution, and resource usage. This can pressure businesses associated with the games to embrace more sustainable methods and decrease their environmental effects. Nonetheless, incorporating these adjustments may result in added expenses and operational obstacles.

(7) Shifts in Consumer Behaviour

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The Olympic Games have a significant impact on consumer behaviour. Both tourists and locals are influenced to adopt new preferences and behaviours. As a result, businesses must proactively adapt to these changes by evolving their product offerings, refining their marketing strategies, and enhancing their customer service approaches. Neglecting to make these adjustments can lead to a decline in the customer base and revenue.

Hosting the Olympics often brings immediate economic advantages and heightened international visibility to the host city. However, once the event concludes, local businesses commonly face numerous challenges. These include the potential decrease in tourism, the need to adapt to changes in demand and management of the post-event economic landscape. By effectively recognising and preparing for these issues, businesses can enhance their ability to manage the post-Olympics period and sustain long-term success.

What are your thoughts on these challenges? Do you think the benefits of hosting the Olympics outweigh the drawbacks?

If you are ready to learn something new, certify what you know, network with professionals globally, or take on a new challenge, consider getting a globally recognised master’s degree. Take a look at our list of online programmes and see if we have anything that aligns with your new career path.

You can also chat LIVE on WhatsApp with one of our Education Advisors for more information on all the programmes we offer, the application process, and the discounts we might offer.