They do say every cloud has a silver lining, as long as you look for it! The same could apply to COVID – while it may have knocked your franchise business around, there is always a positive side.
For example, it might be that COVID has provided a great opportunity to reset and reinvent your business, and in turn serve your customers even better.
Here are some ideas for a positive post-lockdown recovery.
- Re-assess demand – customer demand and spending patterns are changing, so it’s important to see how this affects your industry and adapt accordingly. For example, you may need to strengthen your online presence and service.
- Adjust your marketing strategy – staying aware of your target market’s needs enables you to refine your marketing message.
- Invest in existing customer relationships – while it’s always important to find new customers, building on current relationships helps improve loyalty and retention.
- Strengthen your weak areas – COVID has no doubt exposed the weaknesses of many businesses, whether these are cashflow, accounts reporting, customer service or marketing. Use this time to assess your weak areas and make improvements for the new future.
- Redo your budget – you may need to negotiate better deals from suppliers and/or reduce your spending.
- Invest in your staff – it’s important to bring your employees along with you and prepare them for the changes through staff training and support.
What is your business doing to recover from lockdowns? Can you add to this list?