The outbreak of COVID-19 caused a worldwide shutdown and impact; as a result, industries that
were constantly growing suffered significant losses and were forced to seek solutions and financial
strategies to ensure continuity in the foreseeable future. This investigation focused on the integration
of cash flow monitoring, budget control, risk management, e-marketing, and the risks and
opportunities of investing in a COVID-19-affected market.
The study used an interpretivist methodology and conducted five qualitative interviews with
participants, concentrating on their perspectives, experiences, and motivations to learn more about
the phenomena.
The purpose of this investigation was to determine how finance managers and hospitality business
owners use financial tools and what adjustments have been made to continue operations in a highly
volatile market. Furthermore, the study sought to identify the competitive advantages of financial
strategy in small and medium-sized hospitality businesses.
The findings revealed that using the financial tools discussed in the study helps with business
organisation, planning, and control. Small and medium-sized hospitality businesses can significantly
benefit from financial tools in the same way that large corporations do, but the process requires
knowledge and can be costly at times.
It should be noted that the elements that comprise the financial system have a high degree of control
and planning, which can improve operations and generate more security and opportunities even in
the face of a volatile market.