New revenue streams: ‘There are no silver bullets’

Cutting costs is the easy part of extending the cash burn runway. The hard part is finding ways to replace all the zeroes in the revenue column. Obviously, in a COVID-19 reality, that’s going to be an uphill battle. “There are no silver bullets. Revenue generation is one room, one dollar or euro or yen at a time,” says Chad Sorensen, managing director and chief operating officer, CHMWarnick, Beverly, Massachusetts. “Operators are going to have to make sure they thoroughly understand their specific market and can identify what demand exists now that didn’t previously.” Getty Images Contributed by Mary Scoviak…
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