When COVID-19 surfaces, it affects our personal and professional lives. Slowly but surely, it also altered every other aspect of our lives the way we knew it. Every business big and small began to feel the heat as they saw their sales dipping. Lockdown measures, social distancing norms and a general fear about venturing outdoors and interacting with people began affecting businesses severely.
Investing in the franchise space is considered to carry a lower risk compared to standard businesses. However, even many of the former suffered significant losses. While things are opening up a bit now, nothing has gone back to normal yet and businesses big and small continue to be impacted by the onslaught of the pandemic.
Things to Keep In View
While many franchisors have found ways to deal with this challenging situation, it helps to have some tips on how to weather the storm better. Here is some information that will help.
As a franchisor, you need to think of how to keep your business afloat and that involves thinking of how to ensure that your franchisees’ businesses stay stable too.
It’s crucial to put your head down, take stock of the situation and figure your next move.
Think about how your personal family and your family of franchisees is also safe.
Consider the different ways in which the pandemic has affected your business and what you can do about it.
Taking decisive and quick action to maintain your normal course of business. It’s crucial to continue adhering to your protocols and systems to keep your stores operating safely. This will help you keep people working, while being a bright spot for your loyal customers.
Find out ways of getting involved in our communities in various new ways.
Communication is key in running a franchise network.
You would have to monitor the situation as it evolves and maintain communication with your franchisees. It is key to keeping your system calm, while staying focused continuing to thrive while being safe.
Take the support of your team and reach out personally to your franchisees to offer them support.
Use all the resources you have to manage various aspects of operations.
Look for financial and operational options that would serve you and your franchisees better in the current climate.
Surviving the pandemic and thriving in a landscape where so many other businesses are downing their shutters is all about adaptability and dynamism.
You might find that some of your franchisees are unable to stay afloat despite their best efforts and your support. In this case, work hard to bring aboard new franchisees and find ways in which you can keep your brand in the limelight.
Make efforts to find franchisees that are the perfect cultural fit for your company and brand. Make sure they have the financial ability to hold their own for some time while the pandemic fades away and things get back to normal.
Adapt to the situation without any compromise on your commitment to building a solid franchise system.
Looking for the best franchisees, is all about redefining aspects of the mutual investigation processes, especially when it comes to the processes’ final steps involving signing of the new franchise agreements.
Discuss the situation with your core team and make decisions on how to remain steady and continue the growth and momentum. Balance that with vetting potential franchisees properly to ensure your brand is expanding with exceptional people.
Adapt and establish a virtual process that still allows the franchise prospects to meet your entire team, tour various franchise locations, and spend the time they need with your executive team to finalise their decision to take the next step. It will also help them extend an invitation to join your family.
Technology, training, support, communication, innovative service or product options and a robust and experienced team that has the ability to think out of the box; these are some of the things needed to survive the pandemic and create a stronger brand.
If you want any more information about setting up a franchise, contact the experts at The Franchise Institute. You can call us on 1300 855 435 or fill-in this contact us form, and one of our experts will contact you as soon as we can.
Thanks for reading, The Franchise Institute Team 1300 855 435