Submit a Nomination.
Submit a Nomination.
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.
At Dale Carnegie, we’re in the business of people. Resilience, agility, creating confidence, dealing with stress and worry – these are all priorities that drive the way we operate. Because of the nature of our business, our focus during this pandemic has been supporting our customers, communities and the public in overcoming the fear and uncertainty.
When times are uncertain, sticking to what you know and what you do best can help provide you with a clear path of action. As a business, perhaps you have a strong social media presence and are finding ways to leverage it. Or maybe you are known for creating innovative products and are looking to make a new product in response to what people need most right now. Whatever “your thing” is, it’s imperative to identify it before you can fully provide value.
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