Improve the performance of your franchise with the following tips:
1. Study consumer trends People don’t stop spending money when times are bad, but they do remain true to their trusted brands and are unlikely to experiment with brands they’re unsure of. There has never been a more important time to go the extra mile and focus on providing excellent customer service and ensure your brand has “share of voice” among your competitors than right now.
2. Recession-proof your business Ensure your suppliers remain fiscally secure to avoid breaks in the supply chain that can impact on your business.
3. Step-up marketing activities Be vigilant and look for opportunities in the market, increase local area marketing tactics to attract fall-out from other businesses and remember a marketing plan is only as good as the business plan behind it.
4. Conduct due diligence wisely Considering the current financial market chaos, a business opportunity that provides proven structures, systems and an established brand is a better option.
5. Follow the system Franchising is a success because of tried and tested practices and systems and franchisees should follow the business model they have invested in.
6. Build a strong business plan The Franchising Survey 2008 highlighted multiple-unit franchises as the most successful and frequently used strategy. Put together a strong business plan and identify key steps to achieve it.
7. Positive attitude Franchising has weathered economic downturns in the past; a positive mental outlook will do more for your business than any government-funded stimulus package.