This article aims at highlighting the significant ways to franchisors for helping franchisees to cope with the economic crisis led by Novel Coronavirus and equip them with skilled franchise advice.
Making your franchise business system thrive amid this situation of unprecedented crisis due to Covid-19 has become a serious challenge for franchisor indeed. With a large section of your customers losing their jobs or earning a deducted salary every month, the demand for your products or services is expected to experience a decline for sure. However, instead of being harsh to your franchisees and saying mean words for a decrease in revenue, what you need to do is support and help them find ways for to come across these difficult times tactfully.
As the worthy choice, you must hire a consultant and get specialised franchise advice on how to assist your franchisees to revive the losses and develop new strategies for increasing their sales amidst the Covid-19 terror.
Increasing communication
One grieving aspect of this Coronavirus-driven economic crisis is the uncertainty it comes along with. Being a supportive franchisor, you can start making regular communication to boost their morale and letting them stay calm. Equipping them with more content such as articles, video posts will help you exhibit responsible leadership and commitment towards promoting franchisee during this pandemic.
Introducing special deals for customers
With most of your customers going through financial strains, it would be a great idea to launch new potential offers for them to boost your sales. Offering economic relief to them during these difficult days would help franchisees to exhibit their sense of empathy towards them, build customer loyalty and nurture relationships. For instance, if one of your most loyal, consistent, and high-valued customer thinks of discontinuing your service to cut down costs and cope up with the pandemic’s adverse effect on personal income, you along with your franchisee can equip them some complimentary service for a stipulated timeframe.
Informing franchisees about potential loan facilities
The authorities assisting small business owners take numerous steps to offer sufficient funds for establishing their businesses, including potential franchisees. With these kind of institutions and administrative bodies introducing more new relief packages for needy business owners, you can advise your franchisees to apply for low-interest loan options along with various other types of governmental assistance.
Continuing to market new franchisees
Though it might not seem to be the right time, but some sort of targeted expenditure will help you strengthen and expand your group for building your future prospects. With the rate of unemployment increasing at a steady rate, a greater number of jobless people are getting interested to gain full-fledged control of their own career by investing a considerable amount of capital and starting something of their own. Marketing your business to new franchisees and assist them on setting up a franchise will help you develop an expanded base of your business and also demonstrate the message to your existing franchisees that you are concerned about future of the franchise system and support consistent growth.
Providing realty assistance
Keeping up with the rental expenses or mortgage payments is one of the crucial challenges the brick-and-mortar franchisees are facing these days. To help them you can guide them with tips and tricks to negotiate the terms with landlords and cut down their expenses for a while.
Adapting to the ‘new normal’
With businesses already started to resume their operations amid the pandemic, the term ‘new normal’ is highly trending these days. Organisations have started to think out-of-the-box and come up with unique ways to serve their customers virtually. For instance, fitness franchisees have introduced on-location and mobile workout packages to their clients. The full-service restaurants have started delighting their customers with take-out and delivery. So, the basic is to think and act creative. Innovation is something you need right now to survive this time of crisis.
Foreseeing the future
As the future is uncertain, we are still not sure of how things will look on the other side and thus, you must offer reassure your franchisees to have patience and look for adaptive strategies. Seeking for expert franchise advice is the best option to take strategic decisions on how to boost your franchisees during this pandemic and work hard for recovering the losses while earning potential gains.
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