Steps and Strategies for Franchises to Survive the COVID-19 Crisis
Needless to say, The COVID-19 pandemic has significantly impacted and disrupted businesses in all sectors. With no certainty and visibility regarding when this pandemic will end, franchises are searching for ways to remain stable in every challenging situation. The present blog sheds light upon some of the strategies and steps to be undertaken to survive the challenging and uncertain times.
- Ask and Look for Relief:
Give your retainer be it a lawyer, an accountant or a marketing firm, a call and see if they can do anything about monthly retainer fees. Will they lessen the monthly amount or tweak the arrangement? You can also call your landlord to see if he can offer some relief to you. Some landlords may not require the rent of first month to be paid, instead they may allow the same payment to be spread across the term of the lease.
- Leverage Technology:
We live in the era of Digitalization. In the times of digitalization coupled with pandemic, the outcome could be the making or breaking of a franchise through the technology. Right, creative and productive usage of the technology can help franchises resume operations sustainably along with driving traffic to boost revenue. For instance, in terms of food franchise, consumers expect restaurants to offer digital offering and payment platforms for convenience and safety. Digital restaurant orders have increased by 63% in March 2020 alone. That’s why, you should make implementing and optimizing a user-friendly online ordering system as your utmost priority. Adapting right technology can help your franchise resume business and function affluently.
- Targeting Loyal Customers:
In order to drive your business and remain visible, you should engage yourself with loyal customers during the pandemic. If you’re running a food franchise, then collecting consumer emails and phone numbers from takeout and delivery orders allows restaurant operators to reconnect with customers and keep them updated on restaurant specials and promotions to help scale up your business.
- Be Creative:
There are always creative ways to make the most and survive in an adverse situation. Understanding crisis and finding an opportunity to meet people’s need in a novel manner is also a creativity of a kind. Think and mull over the point that is there any equivalent in your business than can be offered to customers which can make them more comfortable and willing to spend their money with you. Do consider idea that has worked out in the same industries and try to execute the same with your own if required.
- Scheduling Strategically:
30% of gross revenue is accounted by Labor Costs, which is one of the highest costs for restaurateurs. In order to reduce these costs, you should analyze customer demand and adjust scheduling appropriately for off-peak hours. If you adjust scheduling to save even one hour of staff time, you can save considerably each month.
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