Franchise Business Sustainability during the Covid-19 Pandemic: 7 Tips

Businesses badly impacted by Covid-19 need to focus on sustainability.

Here are 7 effective tips.

1. Take Care of Your Franchise Employees

Since the coronavirus spreads easily, it is important to protect your employees. Follow International Franchise Association (IFA) guidelines to protect employees by imposing sound protocols.

2. Reduce Expenses

Next to taking care of employees, your franchise business should focus on optimizing operations and reducing all avoidable expenses. If you are outsourcing some of your work and paying them on a monthly basis such as a marketing firm or an accountant or lawyer, see what help they can extend.

If your store is rented, then you must contact the owner and discuss terms which will allow you to operate even when returns are lower than usual.

3. Clear your Stock

If you have perishable goods in stock like food, confectioneries, vegetables, etc, you may sell it at a discounted price and clear the stock.

4. Seek Franchisor Assistance

The next move is to request assistance from your franchisor. Your franchisor may decide to waive off your royalty fees for a month or two or until the business is back to normal again.

5. Manage Your Customer Base

Even when customer demand goes downward, some of your customers are still likely to be with you and expect your service.

Try to help them with covid-19 specific assistance like home delivery.

6. Check if Your Government can Financially Help

In many countries, governments are helping franchises that have been hit very badly by the pandemic. Avail governmental assistance if available.

7. Spread Positivity

It is important to reassure both customers and employees by communicating positive messages. Pull out all stops to keep their morale up.