How to prepare your franchise
Pause, Panic or Prepare?
Not only are we dealing with an unprecedented health crisis, but we are also experiencing economic uncertainty as a result of businesses having to shut up shop during this period. There are many questions that business leaders and owners are asking about. Questions linked to the short, medium and long term prospects for their businesses. Each is dealing with the situation in their own way.
At times like this businesses have 3 real choices: PAUSE, PANIC or PREPARE. This article is about encouraging you to consider how to prepare your franchise.
Many business will take a pragmatic view of things and just hit the pause button. They will take time to assess the current daily stream of information. Things that are fed to them by the government, media and colleagues, and then decide how to manage their own situation. Being calm in a crisis is good, but standing still for too long may be detrimental to long term prospects . What currently applies now will undoubtedly not apply when we emerge from this nightmare. So if they stay on pause for the duration what position will they be in to meet the new demands the new business landscape will require?
In any crisis it is easy to panic. In fact it is human nature to do so, and unfortunately we have already seen many examples of this. People have been laid off or made redundant. These business owners only see the dark tunnel ahead and are not looking far enough into the distance to see that chink of light ahead. In the short term that will save costs and possibly calm their own nerves. However, is this a false sense of security? It certainly is. Similar to those who hit pause, those who panic will not be in a position to meet the new demands of the future quickly enough when needed and will find it difficult to deliver the goods and services their customers will require. Whilst some businesses will get through many will not. Those that do will find it a long hard struggle to get back to anything near normality.
HOW TO PREPARE YOUR FRANCHISE
Those that take the advice from Dad’s Army’s Corporal Jones “Don’t panic!” are the ones who will prepare. Now is the time to focus on that chink of light and to anticipate what the landscape will look like when we leave the tunnel. The smart businesses are asking questions like these:
- What will be the demand for my products and services?
- Do I have the staff to cope?
- How quickly can I hit the ground running?
- Will my current business model suit the new landscape?
- What changes should I be putting in place now to meet that future challenge?
- A business plan is a good idea, and now is a great time to be revisiting that
Preparation now will mean these businesses are in pole position to meet the new challenges and hit the ground running.
When this crisis ends we will see increased demand for goods and services. Your business needs to be ready to meet that challenge. So take the time while you have it to determine and secure the future of your business. As a result you’ll set yourself up to succeed not to fail.
Speak to Kevin Thomas today for further guidance on how to prepare your franchise.