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Find articles and information regarding navigating the coronavirus (COVID-19) pandemic here.
At the start of the pandemic, when businesses were shutting down to comply with forced closures and the country was grappling with the spread of COVID-19, small business franchise owners stepped up to support the needs of their local communities. Clarke Williams, proud owner of a Jimmy John’s franchise located in the heart of Washington, D.C., was heartened by the quick response from local officials and vowed to offer his support.
For franchises and other businesses, it's time to dust off your "reduce the risk" hat for a while because insurance rates across the board are going to go up in price. Insurance companies are among the many industries that have had a tough 2020 and the two things that drive rates hit insurers hard this year — claims and capacity. Franchisees and franchisors will have to demonstrate to insurance providers that you are genuinely wanting to have fewer claims and run a tight ship to keep rates manageable.
The best advice that Shake Shack founder Danny Meyer ever received came from his grandfather: “Stop complaining about problems. ‘Problems’ is the definition of business.” Thanks to COVID-19, the definition of “problems” for franchise brands has now been amplified to a previously unimaginable degree.
Franchise business leaders often describe certain industries, such as healthcare, as being “sustainable” during an economic downturn. By “sustainable,” they mean something that possesses staying power. A sustainable business is something that is and remains relevant and necessary.
Business leaders consider healthcare franchises sustainable because there is always a need for good health.
Businesses have started to reopen and having a robust digital presence is the ultimate requirement for business survival. Customers have gotten used to digital communication with brands during the lockdown. That means franchise businesses will have to adjust to the rules of the new digital economy. That’s why you at the Head Office level need to ensure that your franchisees stay visible both off- and online, and that they reconnect with local communities via various marketing channels.
The International Franchise Association (IFA) today launches its first-ever virtual Franchise Action Network (FAN) Annual Meeting.
Franchise business leaders from across the country will meet with their elected representatives virtually for the first time ever during FAN’s 2020 Virtual Advocacy Day, set for July 22.
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