I have never been prouder to be part of franchising than I am now. Since the Coronavirus hit, we have seen our industry rally. The motto “in business for yourself, but not by yourself” rings true. We have been standing together, sharing best practices, and encouraging each other to keep going.
Most franchise systems are facing severe financial impacts as a result of the continued spread of COVID-19 and the numerous government-mandated shutdowns that have been ordered by state and local officials in response. Even if your franchised operations are considered essential and able to remain open during the shut-down, franchisees may have exposures, in addition to a loss of revenue, which may further impact franchisors. Below is a list of possible exposures franchise systems should be thinking about and preparing an action plan to minimize the risk of loss.
At Childrens Lighthouse Early Learning Schools℠, our best practices and leadership insights work in tandem because we know that every decision made today will impact our business tomorrow. With that in mind, our team holds itself to a certain standard when determining the proper course of action for any situation – especially a crisis situation. In such scenarios, our decision making relies on four simple steps:
The emergence and rapid rise of COVID-19 has impacted brands across every segment, and franchisors must prepare for disruption or change in their business model while also deciding how to best protect and inform their franchise owners during these unprecedented times. So how can a franchisor best lead – and, more importantly, serve – their team during this time? Here are just a few of the steps that PuroClean has implemented since the beginning of the coronavirus outbreak, helping keep our owners safe and set up for success as essential businesses.
First and foremost, we appreciate you taking the time to read this as we understand this can be a very difficult time within your teams and local communities. As with any challenging time, new opportunities can be created. We hope to provide constructive thoughts from brand leaders highlighting their own best practices in technology and communication to help the broader business community.
Young Rembrandts CEO and founder highlights brand’s response to COVID-19
As an entrepreneur and a mother, I’ve learned to expect the unexpected. While a global pandemic was far from the typical roadblock, we’ve built a team at Young Rembrandts that is willing to adapt and move quickly in a crisis situation. As a childhood art education program, we were concerned about the impact COVID-19 might have on our franchise owners and the business.
Hi Franchise Fam!
First off, I hope everyone is safe and healthy. I know this is an incredible challenging time.
I wanted to share a few thoughts from the insurance side of these crazy COVID-19 times: