Fifteen Ways Franchises Became Stronger During a Pandemic
There is not a business that wasn’t affected or touched in some way by the global pandemic. Fifteen franchises made adjustments that improved business and shared what they learned through their successes.
- Open new concepts at lower costs– Stay competitive over the competition.
- Identify vulnerabilities and fix them – Continue to innovate.
- Diversity Revenue Streams– Maintain diverse revenue streams.
- Renew relationships with franchisees– Leverage unique talent.
- React to customers’ changing needs– Prioritize the customer.
- Find opportunity where others couldn’t– Look for affordable opportunity.
- Accept what you can’t change– Focus only on things within your control.
- Embrace new ways of working– Be flexible, it pays off.
- Go after a new pool of talent– Resilience and profitability are synonymous.
- Open new lines of communication– More robust and frequent communication to ignite unity.
- Bring your community together– Anticipate the needs of franchisees and customers.
- Restart your entrepreneurial thinking– Retool, reinvent and get creative.
- Trust your experience-Find the silver lining in crisis.
- Prioritize you team’s well-being– Maintain a growth mindset.
- Stop reacting and start proactively building– Step back and think about the purpose.
Read the full article here: https://www.entrepreneur.com/slideshow/359975