Go Back To Basics
Over the last three weeks since the lockdown was announced we have seen panic run through the business sector, particularly the small businesses which is that portion of the market in which most franchisees fall. The first reaction of most of the operators has been to look to where they can get additional loans to tide them over the next few months. They are then hoping that things will get back to normal. All that they will have to figure out then is how they will repay these loans.
My opinion is that any business that follows such a strategy has just signed their death knell. You will ask me why am I so bold to make such a statement and my answer is this – the solution to this challenge is not resolved by throwing money at the problem or by cutting costs to fit an old business structure. Rather this predicament which businesses face calls for a revision of your business strategy. It is not the time for smart marketing campaigns or clever television ads. It calls for each business owner to go back to basics and look at their business again.