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.
The COVID-19 pandemic has been and continues to be an incredibly challenging time for all businesses, including those in the retail and service franchise networks. It has called upon entire organizations, from CEOs to location owners, to look ahead, come together and remain strong.
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.
Sola Salon Studios, like so many other franchise brands, is navigating uncharted waters right now. From when we began feeling the initial impact of this pandemic only a month ago to now, things have shifted drastically and they continue to evolve on a daily basis.
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.
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:
International Franchise Association
1900 K Street, NW, Suite 700
Washington, DC 20006
www.franchise.org
Contact Us - info@franchise.org