The coronavirus has taken over the world in recent months, and with its tenure has come many unintended, or unknown, consequents. Disaster relief has sent funds to business owners and franchisees in all industries, and with those changes comes new rules and laws on spending. Entire industries have overhauled how they do business, some exploring new services that have increased their revenue. Others have cut back on how they formerly ran, and now instead work online or offer remote services.
Business as we know it is changing by the day. This is true for all industries and types of franchises, including different sizes of businesses. But through all the clutter and craziness, through all the changes with laws – sometimes multiple adjustments per day – there’s a light at the end of the tunnel: business owners are coming out ahead.
Franchisees are gaining access to education that could have only otherwise been learned through decades of business. The pandemic is a power course in business efficiency, and we’re all along for the ride.
Why the Business World is in Awe
We’ve never seen an event like the COVID-19 pandemic in our lifetime. Business experts and franchise owners alike are awestruck about the changes in financial, retail, and service-base sectors. Essentially, we’re on a ride where no one knows where we’re going. No one knows how it’ll all end up, or even the best way to weather the storm.
We are learning as we go, repeating best practices and avoiding what won’t work or isn’t working. Laws and guidelines, in some cases, are changing by the day. That means fast-paced guidelines for business owners in all industries, and the need to keep up with news sources to remain compliant.
This real-time event can be stressful, yes, but it’s also exhilarating. It’s a chance at swift movements and instant data on how industries are affected. When else would franchise owners gain access to this type of data? Or this type of information free-for-all in franchise ownership?
It’s a chance for all to learn and expand their knowledge set, as well as building future business ventures up for success.
What Franchisees Have Learned
Throughout the pandemic, franchisees have learned several things:
- That adaptable businesses have come out ahead
- Offering ease of use to consumers can make or break your brand
- What industries are essential
- How to help your brand thrive in a time of need
Of course no one plans for something like a pandemic, but in the event of a widespread disaster, we can all learn a thing or two, including franchisees. Business owners have adjusted the way they work, changed up their offerings to the public, and more. Those who have best executed those tasks have come out the furthest ahead.
As a franchisee (or future franchisee), this is a gold mine for data. Look at who did what, how did it affect their success? How did different branches in the same industry fare through their decisions? How do consumers respond to each change? We’re all flying by the seat of our pants in light of COVID-19, and each decision business owners make has a direct affect on their business in months to come.
That isn’t to be looked at in fear, however, but a way to gain advice on how you can best protect your future franchise from anything that takes place. If you can learn from COVID-19, you can potentially protect your brand from anything that’s to come its way.
How to Move Forward with Business Ownership
Franchise owners can implement many changes that have been introduced throughout the pandemic. In order to find the best matches, study your industry and how you can prepare for future growth. This might include things like free delivery, online ordering and drop-off, allowing workers to complete tasks from home, to how you market and reach consumers. Something as seemingly simple as tone on social media can go a long way, and how you present your brand can do wonders for your bottom line.
Follow podcasts, read blogs and emails, and look at in-depth market studies wherever available for expert opinions. The more you learn and open yourself to drawing in as much data as possible, the more you can learn to help your business thrive.
Start protecting your franchise now while you have additional time and access to widespread insight. This invaluable information can protect your brand from any potential situation and arm you for future growth.