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What Franchisors should Prioritise to Sustain in the Current Crisis?
Depending on the business model, if it permits franchisors some flexibility, they need to think about incorporating agile working practices.
Fremont, CA: The coronavirus pandemic has affected every aspect of people’s lives as well as businesses. In this unusual situation, business owners find it quite challenging to keep their businesses on their feet. Many businesses have closed shops while others are deep in debt. Given the uncertainty of the situation, it has become essential for business owners to look for unique ways to keep their business alive and stable during the pandemic.
Let us discuss what franchisors must prioritize during the current crisis:
Maintain Healthy Relationships with Franchisees
When coping with the difficult and stressful times, it can be incredibly challenging to maintain business relationships with franchisees that are looking up to the franchisors for support and guidance. However, it is vital to understand that they are also going through the same uncertain face.
According to the franchising code of conduct, franchisors are obliged to disclose relevant facts to every franchisee. When a franchisee sends a written request, franchisors are bound to send them a copy of an updated disclosure document. This should include earnings information and financial details.
Take Care of Employees
Depending on the business model, if it permits franchisors some amount of flexibility, they need to think about incorporating agile working practices. Your franchisees can also have doubts about leaves. Franchisors need to look back at the job keeper payment scheme announcement and decide where the business stands on the scale and guide franchisees according to that.
Focus on Customers
If franchisors think the customer base is deteriorating, they can still focus on the ones that survive. There are always people who want certain products or services and are ready to pay for them. However, it is important to focus on the existing customers and providing them better service.