As the world reverberates from the effects of the global shake-up, most companies will use 2010 to pick themselves up, dust themselves off and start all over again – building what is hoped to be a leaner, meaner and wiser outlook to business success. Some of the things to help you survive 2010 include:
Trimming the Fat
Gone are the days of unlimited budgets, fancy perks and extravagant spending. Hard times have meant re-assessing priorities, introducing new methods and cost-cutting operations both for franchisors and franchisees.
Forging a new path
What worked before the recession may not work now; consumers have also changed and you need to be ahead of the game – finding out what your customers want, new ways to attract new customers and getting ready for the upswing.
Re-commit to your franchisees
For most franchisors the recent recession put the sustainability of their franchise under the spotlight. For the first time they experienced the pressures of even their top franchisees not performing well – the lesson to be learnt is greater support for franchisees and a greater responsibility to making future franchisees successful.
Make Marketing more relevant
With consumers having their fingers badly burnt by rampant consumerism, be prepared for a consumer base that is not only more frugal but that is wary of being taken for a ride. Your marketing approach must be meaningful, relevant and honest without unnecessary hype. The new consumer is looking for value for money, an ethical operator and one who goes the extra mile.